Highlights of Dexter’s November 2023 Report

• New Westminster’s average price is the lowest in the region

• Interest rates are coming down… soon.

• 2023 will have the lowest annual number of new listings since 2002

• West Vancouver House Price Index down 3.7% month-over-month

• BC NDP quickly pass a number of bills to boost supply and curb speculation 

The numbers don’t paint a pretty picture. Month-over-month decline in sales, below the 10-year average, and low absorption rates mean fewer new listings are being bought. But there is an optimistic tone to the real estate market and one that will likely see the tilt towards more activity come after the Bank of Canada rate announcement on December 6th. The end of the rate increases has come and the tone to quicker and sooner rate decreases is upon us. The announcement by Canada’s Central Bank is more about tone than actual change in rates and judging by the commentary in markets and by economists, it's time to start the move downward. 

December is always one of the slowest months for sales. The holiday season and the hangover after always impacts buyers and sellers. It’s more about decorating homes for the occasions than staging them for buyers. We’ve passed the high point in total listings, and the march to the end of the year will see less and less to choose from. But we’re still 13.4 percent higher than last year at this time. Whether January produces enough new listings to continue the price declines we’ve already seen in the last few months remains to be seen. But as we’ve said, buyers, your time is now. 

November felt more like the 12 Housing Announcements for Christmas with provincial and federal governments putting forward policy after policy on how to create affordability and build more homes. From programs to help buyers save, to density in neighbourhoods and around transit to eliminating short-term rentals in many regions across British Columbia. Nary a stone was left unturned when it came to putting policy forward in November. Will it work? That’s the big question. Will it produce 130,000 homes over the next 10 years in British Columbia and reduce prices by 14% as claimed by the BC NDP? Without modelling, it’s just a wish and one that the NDP has made for Christmas with the numerous bills passed in the legislature at the end of November. 

Below 2,000 we continue to go as there were 1,702 properties of all types sold in Greater Vancouver in November after seeing 1,996 sales in October. A similar trend to last year through the fall, although this year’s numbers have been higher. There were 1,625 sales in Greater Vancouver in November 2022 – so it is not all bad in the market especially when we look at 2018 when there were 1,633 sales in November. Total sales for 2023 in Greater Vancouver will likely finish just over 26,000 – down from the 29,227 in 2022. Although this would still be higher than the total sales for the years of 2018 and 2019 at 25,051 and 25,679 respectively. But alas, sales in November were 35% below the 10-year average, compared to 31% below the 10-year average in October.

There is optimism in the real estate market. Perhaps the lack of rate increases by the Bank of Canada through the fall gave some buyers and sellers reason to break free of the stalemate. There’s a noticeable uptick in activity for some listings and it’s resulting in sales for some longer-standing listings. 

With current sales, we are in a balanced market with 6 months supply of homes overall in Greater Vancouver while some areas are experiencing less inventory and positioned more in a seller’s market based on total inventory. North Vancouver and Port Moody are sitting with 3 3-month supply, while Burnaby North and South, New Westminster and Port Coquitlam were left with 4 4-month supply. Coquitlam has seen quick growth in inventory in the last 2 months, going from 599 active listings in August to 778 at the end of October. This growth is mainly in the condo and townhouse sectors but still sits with 4 4-month supply. 

There were 3,440 new listings in November after 4,752 new listings in October, compared with 5,557 new listings in September, and slightly higher than the number of new listings in November last year at 3,141. By the end of 2023 though, there will likely be 51,500 total new listings for the year which would be the lowest annual new listing count going back to 2002.

The number of new listings in November had declined to 3% above the 10-year average, compared with October with the count being 5% above the 10-year average and September with 6% above the 10-year average. We are seeing more new listings in comparison to sales levels which is helping keep active listing counts higher than the last two years, meaning more opportunity for buyers and with a slower pace of sales, the opportunity to negotiate and have time for due diligence.  

There were 10,931 active listings at month end in Greater Vancouver compared with 11,599 active listings at the end of November and 11,382 active listings at the end of September. With absorption rates much lower than is typical for November, listings are staying on the market longer and the traditional decline in active listings we are seeing in the later part of the year has been much slower. While all areas saw a decline in active listings overall, in some areas there was an increase in condo inventory month-over-month. The detached market overall remains in buyer’s market territory with 8 months supply of inventory but during the month of November the absorption rate was the highest at 52% compared to townhomes and condos, in part to lesser growth in new listings. Townhomes and condos sit just above 5 months supply of listings, bordering on a balanced market after being in seller’s market territory for some time.

Here’s a summary of the numbers:

Greater Vancouver: Month-over-month, the house price index is down 1% and only up 4.9% year-over-year. Total Units Sold in November were 1,702, down from 1,996 (15%) in October 2023, down from 1,926 (12%) in September 2023, up from 1,625 (5%) in November 2022, down from 3,492 (51%) in November 2021, down from 3,131 (46%) in November 2020, down from 2,546 (33%) in November 2019; Active Listings were at 10,931 at month end compared to 9,633 at that time last year and 11,599 at the end of October; New Listings in November were down 28% compared to October 2023, down 38% compared to September 2023, up 10% compared to November 2022, down 15% compared to November 2021, down 17% compared to November 2020 and up 12% compared to November 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions – detached homes at 8 months supply, a buyer’s market) and sales to listings ratio of 49% compared to 42% in October 2023, 52% in November 2022 and 87% in November 2021. 

Vancouver Westside: The detached home price index was up 0.9% last month, and up 9.8% over last year – the highest in the region. Total Units Sold in November were 315, down from 352 (10%) in October 2023, down from 338 (7%) in September 2023, up from 306 (%3) in November 2022, down from 647 (51%) in November 2021, down from 470 (33%) in November 2020, down from 406 (22%) in November 2019. Detached and townhouses sales were up year-over-year while condo sales were flat compared to last year. Active Listings were at 2,432 at month end compared to 2,300 at that time last year and 2,629 at the end of October – detached active listings down year-over-year – an anomaly in the market. New Listings in November were down 32% compared to October 2023, down 41% compared to September 2023, down 10% compared to November 2022, down 22% compared to November 2021, down 16% compared to November 2020 and up 19% compared to November 2019. Month’s supply of total residential listings is up to 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 47% compared to 35% in October 2023, 41% in November 2022 and 75% in November 2021.

Vancouver East Side: The house price index was up 8.9% over last year – a trend for Vancouver overall that will continue as the supply of detached homes declines due to densification. Total Units Sold in November were 175, down from 231 (24%) in October 2023, down from 192 (9%) in September 2023, up from 167 (5%) in November 2022, down from 385 (54%) in November 2021, down from 364 (52%) in November 2020, down from 310 (43%) in November 2019; Active Listings were at 1,238 at month end compared to 1,045 at that time last year and 1,265 at the end of October (townhouse active listing counts were up compared to October); New Listings in November were down 28% compared to October 2023, down 35% compared to September 2023, up 23% compared to November 2022 (townhouses were up 46%), down 19% compared to November 2021, down 14% compared to November 2020 and up 20% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 43% compared to 41% in October 2023, 50% in November 2022 and 76% in November 2021.

North Vancouver: One of the few seller’s markets for inventory in Metro Vancouver. Total Units Sold in November were 157, down from 194 (19%) in October 2023, down from 169 (7%) in September 2023, up from 149 (5%) in November 2022, down from 247 (36%) in November 2021, down from 264 (40%) in November 2020, down from 217 (28%) in November 2019; Active Listings were at 560 at month end compared to 529 at that time last year and 621 at the end of October; New Listings in November were down 28% compared to October 2023, down 44% compared to September 2023, up 3% compared to November 2022, down 7% compared to November 2021, down 20% compared to November 2020 and up 17% compared to November 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 52% in October 2023, 57% in November 2022 and 87% in November 2021.

West Vancouver: West Vancouver saw the house price index drop by 3.7% last month, strangely driven by a 3.8% decline in the condo house price index. Detached sales in November were 33 compared to 16 in November 2022, with the overall average price jumping to the highest figure since May 2022. Total Units Sold in November were 48, down from 53 (9%) in October 2023, down from 53 (9%) in September 2023, up from 28 (71%) in November 2022, down from 81 (41%) in November 2021, down from 90 (47%) in November 2020, down from 66 (27%) in November 2019; Active Listings were at 593 at month end compared to 561 at that time last year and 609 at the end of October; New Listings in November were down 16% compared to October 2023, down 44% compared to September 2023, up 25% compared to November 2022, up 22% compared to November 2021, down 25% compared to November 2020 and up 21% compared to November 2019. Month’s supply of total residential listings is up to 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 34% compared to 32% in October 2023, 25% in November 2022 and 70% in November 2021.

Richmond: Strength in the detached market saw the house price index rise 0.3% last month. Total Units Sold in November were 179, down from 217 (17%) in October 2023, down from 256 (30%) in September 2023, down from 210 (15%) in November 2022 (detached sales were up year-over-year), down from 481 (63%) in November 2021, down from 335 (47%) in November 2020, down from 273 (34%) in November 2019; Active Listings were at 1,258 at month end compared to 1,108 at that time last year and 1,268 at the end of October (condo active listings were up month-over-month); New Listings in November were down 16% compared to October 2023, down 32% compared to September 2023, up 36% compared to November 2022, down 21% compared to November 2021, down 23% compared to November 2020 and up 5% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 44% compared to 45% in October 2023, 70% in November 2022 and 94% in November 2021.

Burnaby East: Total Units Sold in November were 13, down from 21 (38%) in October 2023, down from 18 (28%) in September 2023, down from 14 (7%) in November 2022, down from 33 (61%) in November 2021, down from 37 (65%) in November 2020, down from 33 (61%) in November 2019; Active Listings were at 93 at month end compared to 88 at that time last year and 105 at the end of October (condo active listing count up month-over-month and year-over-year); New Listings in November were down 37% compared to October 2023, down 39% compared to September 2023, down 19% compared to November 2022, down 23% compared to November 2021, down 21% compared to November 2020 and down 19% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 43% (detached at 86%) compared to 44% in October 2023, 38% in November 2022 and 85% in November 2021. The house price index was down 2.2% last month only up 4.6% since last year.

Burnaby North: Total Units Sold in November were 119, down from 137 (13%) in October 2023, up from 113 (5%) in September 2023, up from 92 (29%) in November 2022, down from 185 (36%) in November 2021, down from 156 (24%) in November 2020, down from 137 (13%) in November 2019; Active Listings were at 549 at month end compared to 416 at that time last year and 598 at the end of October; New Listings in November were down 36% compared to October 2023, down 39% compared to September 2023, up 16% compared to November 2022, down 15% compared to November 2021, down 24% compared to November 2020 and up 42% compared to November 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 64% (90% for townhomes) compared to 47% in October 2023, 57% in November 2022 and 84% in November 2021. The house price index was down 1.8% year-over-year.

Burnaby South: Total Units Sold in November were 83, down from 120 (31%) in October 2023, down from 126 (34%) in September 2023, down from 118 (30%) in November 2022, down from 225 (63%) in November 2021, down from 159 (48%) in November 2020, down from 167 (50%) in November 2019; Active Listings were at 487 at month end compared to 425 at that time last year and 515 at the end of October; New Listings in November were down 27% compared to October 2023, down 40% compared to September 2023, down 5% compared to November 2022, down 26% compared to November 2021, down 19% compared to November 2020 and down 5% compared to November 2019. Month’s supply of total residential listings is up to 6 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 53% in October 2023, 68% in November 2022 and 100% in November 2021. The house price index was down 1.4% year-over-year.

New Westminster: With an average price of $775,593, New Westminster continues to offer the best value in the region. And the house price index at $828,200 is only $7,400 above the Sunshine Coast. Total Units Sold in November were 65, down from 81 (20%) in October 2023, down from 72 (10%) in September 2023, the same as 65 in November 2022, down from 177 (63%) in November 2021, down from 137 (53%) in November 2020, down from 123 (47%) in November 2019; Active Listings were at 302 at month end compared to 292 at that time last year and 305 at the end of October; New Listings in November were down 14% compared to October 2023, down 24% compared to September 2023, up 2% compared to November 2022, down 27% compared to November 2021, down 22% compared to November 2020 and up 35% compared to November 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 53% in October 2023, 51% in November 2022 and 99% in November 2021.

Coquitlam: The house price index is only up 2.7% year-over-year, more inventory is helping keep prices in check. Total Units Sold in November were 159, down from 167 (5%) in October 2023, down from 170 (%) 6in September 2023, up from 134 (19%) in November 2022, down from 289 (45%) in November 2021, down from 260 (39%) in November 2020, down from 210 (24%) in November 2019; Active Listings were at 721 at month end compared to 582 at that time last year and 778 at the end of October; New Listings in November were down 29% compared to October 2023, down 35% compared to September 2023, up 17% compared to November 2022, down 10% compared to November 2021, down 23% compared to November 2020 and up 34% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (detached in a buyer’s market and townhomes and condos a seller’s market) and sales to listings ratio of 55% compared to 41% in October 2023, 54% in November 2022 and 89% in November 2021.

Port Moody: This is an inventory starved market, hopefully proposed development along St.Johns Steet will help. Even with low inventory, the house price index is down 1.2% from last month. Total Units Sold in November were 40, down from 51 (12%) in October 2023, down from 44 (9%) in September 2023, up from 33 (21%) in November 2022 – condo sales were up 72% year-over-year, down from 61 (34%) in November 2021, down from 67 (40%) in November 2020, down from 43 (7%) in November 2019; Active Listings were at 166 at month end compared to 194 at that time last year and 170 at the end of October; New Listings in November were up 1% compared to October 2023, down 17% compared to September 2023, up 2% compared to November 2022, up 18% compared to November 2021, up 1% compared to November 2020 and up 79% compared to November 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 60% in October 2023, 38% in November 2022 and 84% in November 2021.

Port Coquitlam: Another one of the few municipalities with seller’s market conditions. Total Units Sold in November were 55, up from 54 (2%) in October 2023, down from 65 (15%) in September 2023, up from 39 (13%) in November 2022 – townhouse sales were up 142% year-over-year, down from 127 (57%) in November 2021, down from 102 (56%) in November 2020, down from 90 (39%) in November 2019; Active Listings were at 183 at month end compared to 183 at that time last year and 201 at the end of October; New Listings in November were down 21% compared to October 2023, down 35% compared to September 2023, down 1% compared to November 2022, down 21% compared to November 2021, down 24% compared to November 2020 and down 27% compared to November 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 61% (113% for townhouses) compared to 47% in October 2023, 43% in November 2022 and 111% in November 2021. The house price index is down 0.7% from last month but up 6.2% from last year. 

Pitt Meadows: Total Units Sold in November were 21, the same as 21 in October 2023, down from 24 (12%) in September 2023, down from 22 (4%) in November 2022, down from 32 (34%) in November 2021, down from 46 (54%) in November 2020, down from 24 (12%) in November 2019; Active Listings were at 83 at month end compared to 82 at that time last year and 91 at the end of October; New Listings in November were down 17% compared to October 2023, down 28% compared to September 2023, up 39% compared to November 2022, down 11% compared to November 2021, up 3% compared to November 2020 and up 105% compared to November 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 53% compared to 44% in October 2023, 78% in November 2022 and 72% in November 2021. The house price index was down 0.8% last month but up 5.7% since last year. 

Maple Ridge: Total Units Sold in November were 103, down from 110 (6%) in October 2023, down from 108 (5%) in September 2023, up from 94 (10%) in November 2022, down from 198 (48%) in November 2021, down from 176 (41%) in November 2020, down from 169 (39%) in November 2019; Active Listings were at 718 at month end compared to 543 at that time last year and 774 at the end of October; New Listings in November were down 39% compared to October 2023, down 44% compared to September 2023, up 4% compared to November 2022, down 8% compared to November 2021, down 2% compared to November 2020 and down 6% compared to November 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 51% compared to 33% in October 2023, 49% in November 2022 and 90% in November 2021. The house price index was down 1.7% last month but up 4.3% since last year.

Ladner: Total Units Sold in November were 21, down from 24 (12%) in October 2023, down from 26 (19%) in September 2023, up from 16 (31%) in November 2022, down from 41 (49%) in November 2021, down from 47 (55%) in November 2020, down from 42 (50%) in November 2019; Active Listings were at 104 at month end compared to 83 at that time last year and 119 at the end of October; New Listings in November were down 41% compared to October 2023, down 60% compared to September 2023, up 13% compared to November 2022, down 35% compared to November 2021, down 32% compared to November 2020 and down 49% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 81% (100% for townhomes and condos) compared to 55% in October 2023, 70% in November 2022 and 103% in November 2021. The house price index was down 2.0% last month, but up 6.4% since last year.

Tsawwassen: Total Units Sold in November were 20, down from 27 (26%) in October 2023, down from 42 (52%) in September 2023, down from 31 (35%) in November 2022, down from 52 (61%) in November 2021, down from 55 (64%) in November 2020, down from 36 (44%) in November 2019; Active Listings were at 180 at month end compared to 150 at that time last year and 188 at the end of October; New Listings in November were down 40% compared to October 2023, down 39% compared to September 2023, up 50% compared to November 2022, down 8% compared to November 2021, down 42% compared to November 2020 and up 2% compared to November 2019. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 44% compared to 36% in October 2023, 103% in November 2022 and 106% in November 2021. Tsawwassen showed a 0.9% increase in the house price index last month, up 6.3% since last year.

Fraser Valley: Sales in November were down 8.1% from October but up 6.2% from November 2022. New listings were down 19.9% from October but up 19.2% from November 2022. While the average price was unchanged month-over-month, it is up 10.4% from November 2022. Active listings were down 5% from last month but up 17% from November 2022. “As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Dexter’s October 2023 Report

• Economists now predict interest rates will fall by 2.5%

• Median home prices are down this year in virtually every Metro market

• Priciest detached markets lead the sales curve in Metro Vancouver

• Province mandates 2-4 housing units on every detached house lot

• Buyer’s market conditions now dominate suburban housing markets

Sometimes you just wonder about the short memories of Metro Vancouver home buyers and sellers. How many times have people been moaning about a tick-up in mortgage rates, about a perceived lack of homes, about too many investors and the lack of affordability. About world events hurtling us to a recession.

Plenty, so it sounds as familiar today as it did in say 2000, or in the misty past of four weeks ago when headlines and pundits were all about a housing shortage, soaring interest rates and rising home prices. 

Yet, if one looks at the Metro Vancouver market this October of 2023, it is the most welcoming environment in years for both buyers and sellers.  But many appear blinded by the brilliance of what is in plain sight. Is it time for a reality check?

Housing shortage?  The Canadian Press headline this week is “Housing supply outpacing demand in Vancouver market.” This is because there are now 11,599 homes for sale in Greater Vancouver, up 12.6% from a year ago and above the 10-year average. The Fraser Valley has another 6,580 active listings, 17% higher than in October 2022. That is a total of more than 18,000 residential properties for sale, yet total October sales in the entire region were less than 3,000. Message: there is a terrific selection of homes for sale right across the Lower Mainland.

Soaring interest rates? The Bank of Canada did not increase interest rates at the October setting and now there is growing belief that rates will be coming down, perhaps as early in Q2 2024.  Economists, including those at Desjardins. “We’re not going back to zero. But I could see rates falling to about 2.5% in terms of the Bank of Canada’s policy rate,” Desjardins told Bloomberg News. Among the reasons is that many people who took out mortgages during the 2020-21 boom will renewing next year and the Bank of Canada is feeling the pressure. 

Rising home prices? The median price of a detached house over the first 10 months of this year is down in nearly every market except Vancouver, West Vancouver and Surrey. The median – when half the prices are above and half below the line – provides a clear trendline. For clarity the Real Estate Board of Greater Vancouver uses median prices to show year-over-year and month-over-month trends in its internal sales and listing reports. This shows that, since October 2022, detached house prices are down $126,500 in both Burnaby and South Delta; down $168,000 in Port Moody, $50,000 lower in Richmond and down $100,000 in North Vancouver. 

For buyers this is great time to be shopping for a home, with lower prices, a huge selection and stable and soon to be falling mortgage rates. Buyers are very price sensitive  and there is a feeling of being able to negotiate and having the upper hand on sellers. While some areas may appear to be in a seller’s market, buyers don’t believe it and are trying to get the deals they have long been hoping for. This will continue into 2024 until the first interest rate declines start. Buyers, your time is now.

Sellers, especially those in top-tier markets of Vancouver and West Vancouver, or with prime listings anywhere, are attracting traffic and there have been some multiple offers.  In many markets, including North Vancouver, Burnaby South, Port Moody, New Westminster and Ladner, the sales-to-new-listing ratio is higher than 50% and competing bids are not unheard of in the current market.

There is also a wild card in the housing mix now. The B.C. Housing Ministry has confirmed that every detached housing lot in the province (except Vancouver, which has a similar density plan) will now be allowed to add three to four new housing units. But it is up to the discretion of the host municipality whether these new units are rentals or strata units, or a combination of both. (Most members of the Union of B.C. Municipalities appear to be leaning towards rentals.) Investors should ascertain what type of housing will be allowed under the local upzoning, but the new rules will certainly increase the demand for single-detached properties and land assemblies right across the province.

One thing is likely certain: five, 10 or even one year from now, many will be looking back to the autumn of 2023 and saying, ”I should have bought then.”     

Regional Reports for Metro Vancouver October 2023 

Greater Vancouver: Total residential sales just missed the 2,000 mark, reaching 1,996 in October, which was up 4% from a month earlier and also up 4% from October of 2022. We are seeing a balanced market with total listings of 11,599, up from 10,305 a year ago. The sales-to-new-listing ratio is running at 42%, down from 47% in October 2022 but reflective of a solid market. By property type, the sales ratio to total active listings is 12.9 per cent for detached houses, 20.9 per cent for attached, and 21.5 per cent for apartments. The benchmark price for all residential properties is currently $1,196,500, a 4.4% increase over October 2022 and a 0.6% decrease compared to September 2023. The benchmark price for a detached home is $2,001,400.This is a 5.8% increase from October 2022 and a 0.8% decrease compared to September 2023. The benchmark price of an apartment home is $770,200, up 6.4% from October 2022. The townhouse benchmark price is $1,100,500, up 6% from last October. All strata prices were up 0.2% compared to September 2023.

Vancouver Westside: It is the higher end of the housing ladder that is holding firm on the Westside. Despite a median price of $3.36 million more detached houses – 71 – sold in October than in a month or a year earlier and were the second highest of any Greater Vancouver market. The sales-to-listing ratio for detached houses, at 45% was the highest for any sector on the Westside. At the same time, when the most expensive new condo tower – Curv - began pre-selling in the West End, 100 condos sold despite starting prices at more than $2,000 per square foot.  Even with total condo sales down from September, October condo transactions averaged 8 per day at a median price of $844,800. Two-bedroom condos are the tougher sale in this current market. This is flagged as a buyer’s market due to a higher supply, but with a 35% sales ratio despite an increase in active listings to 2,629 properties.

Vancouver East Side: Townhouse and duplex sales almost doubled in October compared to September, with the benchmark townhouse price up 10% year-over-year to $1,118,500. Detached house sales, at 78, were the highest in Greater Vancouver with a median price of $2,045,000. Total units sold in October were 231 up 20% from both September 2023 and October 2022. The supply of total residential listings is down to 5-month’s supply and the sales-to -listings ratio of 41% compares to 31% in September 2023 and 44% in October 2022. This is technically a balanced market, but it feels like a seller’s advantage at times.

North Vancouver: With total transactions of 194, October marked the highest monthly sales since June 2023 and slightly higher (up 0.5%) from October 2022. Condos led the sales pace, with 98 transactions at median of $826,500, while 59 detached house sold at a median of $2,050,000 – a price $50,000 lower than a year ago. Active listings were at 621 at month end compared to 614 at that time last year and 627 at the end of September, but new listings in October were down 22% compared to September. This is a seller’s market with total residential listings down to a 3 month’s supply and sales to listings ratio of 52% compared to 35% in September 2023.

West Vancouver:  Evan at a median price of $3,650,000, detached house sales led the West Vancouver market, with 27 sales, tied with the same month a year earlier, though condos posted the strongest uptake, with 60% of the new listings selling at a median of $1,320,000, by far the highest price of any B.C. market. Total active listings were 609 at month end compared to 589 at that time last year and 626 at the end of September , though new listings in October were down 33% compared to September 2023. This is a buyer’s market, despite the premium prices, with an 11-month supply of listings and a sales ratio of 32%, highest for an October in two years.

Richmond: This is a buyer’s market due to the healthy six-month supply of 1,268 active listings, but sellers are still attracting buyers, as total monthly transactions are steady at 217,  the benchmark price 5.6% higher than in October 2022 and the sales-to-listing ratio is running at 45%, up from 43% in September 2023. A glitch is in the condo market, especially in new projects, where an October sales downturn is related both to higher lending rates and new  provincial legislation banning many short-term rentals. Still, benchmark condo prices remain 10% higher than a year ago, at $736,400. Benchmark detached house prices, at $2,155,600, have not budged in six months.

Burnaby East: This is the only balanced market in Burnaby, with 21 total sales in October and active listings at 105 at month end, resulting in a 5-month supply of listings and new listings selling at ratio of 45%. Benchmark prices are also balanced, with the composite up 1% from September 2023 at $1,192,600, the highest in Burnaby.

Burnaby North: A seller’s market in October saw total sales jump 21% from a month earlier to 137 transactions as new listings dropped 4% and the sales-to-listing ratio firmed at 47%, nearly equal to October 2023. With a total 4-month supply of active listings and benchmark prices up across all sectors, sellers are excited. Higher demand is expected for detached houses as the provincial zoning for two to four new housing units on detached lots rolls out. The Burnaby mayor fears speculation will drive house prices – already up 7.2% from a year ago in North Burnaby to $2,070,000 – even higher. 

Burnaby South: With the highest benchmark detached house prices in Burnaby, at $2,199,700 in October, and total sales at 120, nearly even with a year ago, this is a seller’s market. There were just 515 active listings at months end and new listings were down 19% from September. With a just a 4-month supply and the sales ratio at healthy 53%, this is could be the hottest Burnaby market this autumn. 

New Westminster: Detached house buyers are apparently discovering that New Westminster prices, now benchmarked at $1,550,700, are about $200K to $500K lower than in neighbouring Burnaby or Coquitlam and just 3.2% higher than a year ago. The higher detached sales in October– at 16 nearly double that in October 2022 – could also reflect investors looking to assemble lots because the Royal City is keen on the new provincial higher-density regulations. Note that the townhouse benchmark price is $963,700, so adding 2 strata units to a detached lot should prove profitable. All in all, this is a seller’s market with a tight 4-month supply of total listings and a sales-to-listing ratio at 53%.

Coquitlam: Total sales in October were down 2%, to 170 transactions, from September 2023 and new listings dipped 8% month-over-month in an active but balanced Coquitlam market. Prices are firm, with detached benchmarks virtually unchanged in three months at $1,796,500. It is ditto for townhouses, at $1,062,000; and condo apartments, where the $723,300 benchmark was up just 1% from six months ago. Total residential listings are up to 5 month’s supply and the sales-to-listings ratio of 41% compares to 38% in September 2023 and 58% in October 2022. 

Port Moody: With the highest home benchmark price in the TriCities, at $1,139,900 in October, this is a seller’s market with a strong overall sales-to-listing ratio of 60% and just a 3-month supply of listings. Total sales in October, at 51, were up 16% from September 2023 and 16% higher than a year earlier. Supply of new homes will begin to increase in 2024 as two large single-family and multi-family projects start to take shape.

Port Coquitlam: While total transactions dipped down 17% from September to 54 sales in October, this small city remains a seller’s market, with a total sales-to-listing ratio of 47% . With a benchmark price of $954,500 and condo apartments at $631,000, these are the lowest in the TriCities, which keeps Port Coquitlam popular with buyers, who now have more than 200 active listings to choose from.  

Pitt Meadows: With a benchmark home price of $925,800, Pitt Meadows has been an affordable market that has attracted a lot of development in the past three years. However, this will be a challenge soon as the city plans to boost community amenity contributions (CACs) for new housing, as most larger centres already have. The proposed increases, to be decided Nov. 7, 2023, are: single-family houses, from $4,500 to $5,200; Townhouses up $600 to $4,600; and condo apartments up $500 to $3,500 per unit. The CACs are on top of development cost charges from the city and Metro Vancouver. This is a seller’s market, with just 91 active listings and a sales ratio of 44% in both October and September.  There were only 6 condo listings and 20 townhouses listings as of the end of October. 

Maple Ridge: Total sales in October were 110 up from 108 in September 2023 and up from 99 in October 2022. This is now a buyer’s market with a steady 7-month supply of total listings, 747, at month’s end and a sales ratio of 33%. The detached house price index has tracked down 2.1% over the past three months to $1,280,100 and townhouse benchmarks are unchanged since August at $771,300, with condo prices dipping to $531,600, the lowest in Greater Vancouver.

Ladner: Talk about a balanced market: Ladner’s 24 total sales in October were the same as in October 2022 and the sales-to-listing ratio was 50%. Active listings were at 119 at month end compared to 117 at the end of September. The composite benchmark home price is $1,116,200, nearly unchanged (down 1.8%) from three months ago. We have long wondered how Ladner has missed the boat on developing its downtown waterfront, which could be a terrific residential and retail opportunity.

Tsawwassen: Western Investor, a popular real estate publication, has named South Delta, primarily Tsawwassen, as one of the top 5 towns for real estate investing in 2024, citing the go-ahead for the giant Roberts Bank port and the new Massey Tunnel project. However, October sales, at just 27, were down 36% from a month earlier and 4% lower than a year ago, so the hype may be premature. This is a buyer’s market right now, with a 7-month supply of listings (188), a sale-to-listing ratio of 36% and the benchmark home price unchanged from a year ago at $1,128,900. It could be the time to get in early. 

Surrey: The average detached house price in Surrey increased 9.5% year-over-year to $1,690,000 in October and shot up 9.8% to just over $2 million in South Surrey-White Rock, and total detached sales increased 12.4% from October 2022 to 145 transactions. Detached sales in the city are outperforming the strata sector, as the lower-priced products are more sensitive to interest rates. “What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates,” said Narinder Bains, chair of the Fraser Valley Real Estate Board. “We anticipate the trend will continue until we start to see some downward movement in the [Bank of Canada] rate.”

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

The waiting game in the Metro Vancouver housing market continues but more sellers are joining in and some are becoming impatient. One month a trend does not make. But we certainly saw more listings come on the market in Metro Vancouver in September – more so in the first half. As September moved on through the second half of September, fewer listings came on than in the first half and perhaps this was a cloud burst of new listings and not a constant shower. Much like the rain in September that came in fits and starts, while we have more inventory, it’s still far short of what’s needed.

The wild card is the direction of interest rates and, to an extent, that of the provincial economy. In any case, the pot on the table is getting larger as September saw 5,564 new listings pushed into play, the highest number since May 2023 and nearly 30% higher than in September 2022. Meanwhile, 1,926 properties were sold this September, almost as low as September of 2022, with just 1,701 transactions last year.  Today, with 11,382 active listings in Greater Vancouver and another 6,532 in the Fraser Valley – and the sales-to-listing ratio falling – we believe some sellers will tire of waiting. The question is just how many.

We can expect some asking prices to come down, especially in the detached-house sector. Arguably this has already happened.

Let’s look at the environment through a potential detached house seller’s lens. The unpopular Bank of Canada shouldn’t raise interest rates again at its October sitting. I doubt even the Governor of the BOC knows for sure what to do. Let’s hope they don’t fall for the increase in jobs reported today in Canada and base a rate increase on that number. The B.C. Finance Minister just released an economic outlook that forecasts provincial GDP growth shrinking to 0.4 percent next year. Consumer confidence is fragile.  If the rate does increase, even by a modest 0.25 percent as it did in August, it would further drag down detached house sales that are already lagging. In September, the sales-to-active listing ratio for detached houses in Greater Vancouver fell to 12.6%, signalling a buyer’s market. The benchmark detached house price fell 0.1% from a month earlier and it hasn’t budged in three months.
 
Those eager to sell a detached house may decide to drop their asking price now because the demand for homes benchmarked at more than $2 million will shrink even further. On the bellwether Westside of Vancouver, for example, the average sale price of a detached house was $403,000 lower in September than in January 2023. This doesn’t mean prices fell by that much, but that the composition of sales was such that more homes for less money sold than in January. With the cost of borrowing, lower price points are more attractive.

Some owners have taken measures to hang onto their houses: 33.3% of Canadian mortgage holders now have amortization periods that exceed 30 years, some surpassing 40 years. A handful can’t hang on.

Buyers, therefore, should continue to search through the expanded listings of detached houses and prepare to be aggressive when making offers. There could be some true bargains out there as owners and investors grapple with higher mortgage rates and flatline prices. Right now, in most detached markets, buyers have the advantage. 

For wily investors with deep pockets, the new blanket zoning of Vancouver residential lots for up to six housing units, including strata corporations, could also represent an opportunity. Warning: the city expects to allow only about 150 such applications annually.

However, those hoping that a surge in new home supply, as being pushed by both the province and the federal government, will lead to lower home costs could be disappointed.

In October Metro Vancouver, which represents 21 municipalities, plans to increase development cost charges (DCCs) on new residential construction to pay for water and sewage upgrades. The increases would occur every January over the next three years beginning in 2025. For the City of Vancouver and parts of Burnaby, DCCs on a single-detached home would increase 240 percent from $10,027 to $34,133. Townhomes will also see a significant increase – up 256 percent to $30,861 by 2027. New condo apartment fees will increase 235 percent, to $20,906, during the same period. Depending on the sub-region location, the proposed combined total DCCs rate increases to $24,106 per single-family lot, $22,182 per townhouse unit, and $14,657 per apartment unit. These charges would only apply to market housing, the kind most people want.

Summary of the regional numbers for September 2023

Greater Vancouver: The composite residential benchmark price hit $1,203,300 in September, which was a 0.4% decrease compared to the $1,208,400 in August, which was a decrease from the $1,210,700 benchmark in July. By property type, the benchmark price is now $2,017,100 for single-detached homes, $1,098,400 for townhouses, and $768,500 for condominiums, with all three representing decreases between 0.1% and 0.5% from August. All sectors are seeing sales increases of between 5.3% and 5.8% when compared to September 2022. Total units sold in September were 1,926, down from 2,296 (16%) in August, down 21% from July 2023 and down 35% in June 2023, but up from 13% compared to September 2022, but 18% lower than in pre-pandemic September 2019. Active Listings were at 11,382 at month-end compared to 10,424 at that time last year and 10,082 at the end of August. New Listings in September were up 38% compared to August 2023. The inventory of total residential listings is up to 6 month’s supply (balanced market conditions) and a sales-to-new-listings ratio of 35% compared to 57% in August 2023 and 39% in September 2022. The sales-to-active listings, though is 13%.
 
Vancouver Westside: This is considered the premier housing market in B.C., if not in Canada, but September held some surprises. With 1,155 new listings, the sales ratio is 29%, the lowest level since January 2023, and the number of active listings, at 3,225 at month’s end, was the highest since July of 2021. With just 338 sales in September, the sales ratio to active listings was just 13%, which is in a buyer’s market. The benchmark detached house price in September was $3,553,600, up 1% from a month earlier and 8% higher than a year ago. Townhouses are benchmarked at $1,457,900, down 2.7% from August 2023, while condos are benchmarked at $1,331,600, nearly unchanged for the past two months. This is a buyer’s market in all sectors with a 7-month supply and low absorption. The Westside is prime for purchase with the largest selection in almost two years.
 
Vancouver East Side: Detached house benchmark prices are up 10% from six months ago but have flatlined recently, up just 1% since the second quarter and down 0.8% from August to $1,898,100. More detached houses sold (68) on the East Side in September than in any other market except Richmond (74). With Vancouver’s recent density changes for single-family lots, we expect East Side detached sales to increase. Total home sales in September were 192, down 23% from August and lower than in June and July 2023. Active Listings were at 1,157 at month-end compared to 1,088 at that time last year and 1,013 at the end of August. The supply of total residential listings is up to 6 months and sales to listings ratio of 31% compared to 66% in August 2023 and 40% in September 2022. This is a balanced market leaning towards a buyer’s advantage.
 
North Vancouver: There is some evidence that condo apartment sales are waning but certainly not in North Vancouver, where they represent half of all sales in September. The 84 condo sales followed 85 transactions in August, compared with 57 in September 2022. The benchmark condo price has paused, however, at $811,900, over the past three months. This may reflect a surge in condo listings, with 213 added in September, nearly double that of a month before. The result is the sales-to-listing ratio fell to 39%, down from 74% a month earlier, and opening a buyer opportunity. North Vancouver's total residential property sales in September were 169 up from 160 in August, and up 33% compared to September 2022. Total new listings were up 86% compared to August 2023 and 111% higher than in September 202. Aside from condos, this is considered a seller’s market, with a tight supply continuing in the townhouse and detached house sector.
 
West Vancouver: The provincial government is pushing West Vancouver to bring more than 1,400 new housing units to the market and wants 60% of them to be rentals, half at below-market rents. Patience will be needed. Only 2,885 homes have been built in the exclusive community over the past 10 years and half of these were detached houses that now sell at a median price of $3 million. Condo apartments benchmarked at $1,331,600 in September and the 3 townhouses that sold this month were priced at more than $1.4 million each. Some reprieve for those seeking affordable housing is that West Vancouver is now a buyer’s market with a 12-month supply of total listings (626) and a sales-to-listing ratio at a low 21% in September.
 
Richmond: More detached houses sold – 74 – in Richmond than in any other Greater Vancouver market in September, perhaps partially due to price increases pausing over the past three months at a benchmark of $2,179,100. There was also a greater selection as 179 new listings were added, up from 150 a month earlier. The sales-to-new-listing ratio for detached houses is 41% and it averages 43% for strata units. Though total residential sales in September were the lowest in three months, at 256, Richmond is considered a balanced market with a 5-month supply, and the benchmark price has held steady since the second quarter at $1,184,700.
 
Burnaby East: Total sales reached just 18 transactions in September, the lowest level since May and most benchmark prices have followed suit with detached houses down nearly 6% over the past three months to $1,861600 and condo prices down 0.5% to $796,200. Townhouse benchmarks, though, are up 7% in the same period to $913,900, reflecting the low inventory. Total residential listings are up to 5 month’s supply and sales to listings ratio of 37% compared to 82% in August 2023 and 63% in September 2022 in this balanced market.

Burnaby North: The home of the Amazing Brentwood and related high-rise towers has a strong condo sector, but prices have stabilized recently, with the condo benchmark September price at $746,000, virtually unchanged (- 1%) from three months ago. Detached houses are trading at $2,048,900, down 0.1% from August 2023. Total sales in September were 113, down compared to August and 34% below June of this year. Active listings were 561 at month-end compared to 431 at that time last year and 495 at the end of August, due to an 8% rise in new listings month-over-month in September. This is a balanced, market with a 5-month supply of listings and sales-to-listing ratio of 37%.
 
Burnaby South: The most expensive Burnaby sub-market, the benchmark detached house price in September dipped 2.3% from August to $2,197,100 in September, reflecting an overall 5% sales decline, month-over-month. The benchmark was down 1% from August but remains 6% higher than a year ago. With total sales of 126 in September and active listings reaching 518 after a 31% surge in new listings in September from August, this is seller’s market. There is just 4-months’ worth of inventory and the sales-to-listing ratio is a strong 45%.
 
New Westminster: Total sales have been tracking down since June and settled at 72 in September, still up from 67 transactions in September 2022. Townhouse benchmark prices increased 1.3% from August, to $971,900, with condo apartment prices up 0.4% to $661,900. Detached-house benchmarks dropped 3.1% from August to $1,538,000 but remain up 3.4% from a year ago.

A total of 72 properties sold in September and active listings slipped down slightly to 298 at month end, despite an 11% increase in new listings compared to a month earlier. This remains a seller’s marker with just a 4-month supply of inventory and a sales-to-listing ratio at a healthy 42%.
 
Coquitlam: Coquitlam is becoming one of the better markets in Metro, with September new listings up 49% from August 2023 and sales up 19% from a year earlier, with 170 transactions in September.

The sales-to-listing ratio is running at 38%, but this is considered a seller’s market due to a tight 4-month supply of listings, which totalled 697 at month’s end. The benchmark price has held steady for three months at $1,112,900 and the detached-house benchmark is also stable, up 2.3% from a year ago at $1,789,300 as of September.
 
Port Moody: Port Moody finally has new strata projects underway, welcome because the total inventory of listings in September was 185, down from 187 a year ago, while sales totalled 43 units. New listings increased 30% from August, however, and the sales-to-listing ratio is 43% in this seller’s market. Even with just a 4-month supply of inventory, the benchmark composite home price in September was down about 1% from three months earlier, at $1,125,600, but still the highest in the Tri-Cities market.
 
Port Coquitlam: With a composite benchmark of $958,600, Port Coquitlam is one of the more affordable sub-markets in Metro and prices have been slowly declining over the past three months, as in most areas. Detached house benchmarks were down 2.1% from August at $1,408,000.  Total residential sales in September were down 4% from a month earlier at 65 transactions in this seller’s market.

There is a mere 3-month supply of listings – a total of 191 – and the sales-to-listing ratio of 47% is among the strongest in the region.
 
Pitt Meadows: With just two dozen sales in September, typical for Pitt Meadows, this is still considered a seller’s market because of the lack of listings – just 86 – and a sales success ratio of 45%.

The composite benchmark price is $958,600, down 0.2% over the past three months, but still 4.4% higher than in September 2022.
 
Maple Ridge: With 108 total sales in September, transactions have been tracking down for a year, dropping 10% from August, 24% compared to July and down 5% from September 2022. Prices have held firm, however, with the composite benchmark still 4% higher than a year ago at $999,600 and the detached house benchmark 5% higher on the year at $1,297,200. This is a balanced market leaning towards a buyer’s advantage, with a sales ratio of 31% and a 6-month supply of total listings.
 
Ladner: Total units sold in September were 26, up from 24 in August, the same as July 2023, and up from 20 in September 2022. A quiet market, with the composite benchmark price at $1,178,700, unchanged from August and up 7.8% from a year earlier. The action was in a 91% surge in new listings from August, bringing the total inventory to 117, but still only a 5-month supply in this mostly seller’s market, where the sales-to-listing ratio is running at 40%.
 
Tsawwassen: Plans are afoot to transform the aging Tsawwassen Town Centre Mall into a mixed-use development with hundreds of new strata homes. South Delta in general is on the cusp of growth with the approval of the Roberts Bank superport and work starting next year on the Massey Tunnel replacement. This could by why housing sales in September, at 42, were up 50% from August and 100% higher than in September of 2022, the biggest year-over-year increase in Metro Vancouver.

The benchmark detached house price jumped 3% from August to $1,594,500 and strata prices also edged up. New listings in September were up 37% compared to August 2023 and the sales-to-listings ratio hit 57% compared to 52% in August in this strong seller’s market.
 
Surrey: Detached house sales in Surrey in September were up 36% from a year earlier, but have been declining recently, dropping 3% from August 2023 to 170 transactions, while the benchmark price dipped 0.2% month-over-month to $1,671,900. Townhouse sales also reached 170 in September, but the benchmark price, at $883,500, was up 0.2% from August and 6% higher than a year earlier, based on 139 sales in September, down 27% from a month earlier, the benchmark condo price is $539,500, down 1% from August but 4% higher than year earlier. This reflects what is happening across the Fraser Valley. “With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, chair of the Fraser Valley Real Estate Board.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Aug Dexter Report

• Bank of Canada holds prime rate at 5% but keeps door open to further hikes

• Median price of a West Side detached house up $1 million in past year

• Total new listings have been falling, month-over-month, since May

• East Vancouver is leading all markets in detached house sales 

• South Delta detached houses are moving to a buyer’s market 

It is a sad commentary on the Greater Vancouver housing market when buy and sell decisions hinge more on minuscule interest rate moves than on the pragmatic needs of consumers.  But that is what is happening. Two more consecutive Bank of Canada rate hikes in June and July – at 0.25% each – were enough to drive August housing sales down to the lowest level in six months and stall a rally in new listings, which fell 16% from a month earlier.

The Bank of Canada held the prime rate at 5% at its September 6 setting, but any confidence was dashed as the Bank warned that it would not hesitate to jack rates higher if the economy – and the housing market – began to heat up again.

The best advice for buyers is simply to take today’s higher lending rates into the equation and do the best to negate them. It is clear the Bank of Canada is failing, failing to admit it overshot on rate increases over the past year and trying to maintain the illusion it knows what it is doing.

Those considering purchasing a home between now and the next Bank of Canada scheduled rate hike announcement on October 25th should secure a pre-approved 120-day mortgage and talk to a mortgage professional about the best rate and term. 

However, buyers and sellers should not be blinded by interest rate fluctuations. It is likely, considering the economic damage already done, and political pressure, that Bank of Canada rates will not increase again this year. Instead, buyers should concentrate on property values and sellers on matching their price to the market.

Buyers cannot ignore the investment dynamics this year. In the past six months, as both sales and listings fell, prices have continued to increase. The August 2023 benchmark price, at $1,208,400, is $65,000 higher than in March of this year. The benchmark detached house price was up $156,000 to $2,018,500 in the same period and the typical condo apartment price increased by nearly $40,000 while townhouse benchmark prices have risen 5% since March to $1,103,900. But August benchmark prices across Greater Vancouver were down 0.2% from July 2023 and strata prices have barely budged in three months. 

A key reason for a lack of new listings is universally higher prices that have frozen sellers in place and lower rates they currently have on mortgages. A look at the 20 Greater Vancouver markets shows that the August benchmark price varies very little from Bowen Island ($1.41 million) to the Westside of Vancouver ($1.34 million) or from East Burnaby ($1.19 million) to Ladner ($1.17 million). The potential of pocketing a healthy dividend when moving within the region is diminished, persuading many potential sellers to stay put. 

It currently feels like a market waiting for an excuse to buy mixed with a reluctance to sell.

Growing pent up buyer demand may be the best way to explain the status of the market. But without any increase in listings, it makes it difficult for that pent up demand to release. And there’s little to suggest we’ll see any increase in supply. 

Banks are working with homeowners to keep mortgages funded – one option is allowing 30-year amortizations - and many with lower rate mortgages are unwilling to dive into the high interest rate pool and make a move. Expect that when the mortgage climate changes to more favourable buyer conditions, sales levels will increase in a significant way. The number of new listings in August was 6% below the 10-year average and has been falling, month-over-month, since May. This has kept it a seller’s market with only a 4-month supply of listings available – even with the low sales levels. This is going to keep the overall inventory of listings at two thirds the level they should be to get to balance or to favour buyers.

The bottom line is that September, often a bellwether month for sales, could ring in a traditional market rally, especially with no further increase in lending rates. This is the time for buyers and sellers to take advantage of the upturn.

If you are considering a sale, it is better to list now before fall competition increases. For those looking to buy, the current price stability offers a short-time opportunity.

Regional market data for August 2023

Greater Vancouver: There were a total of 2,296 sales in August, down 6% from July and 23% fewer than in June 2023, but up 21% from August of 2022. Active listings were 10,082 at the end of August, compared to 10,099 at that time last year and 10,301 at the end of July. New listings in August were down 16% compared to July 2023, but up 19% compared to August 2022. Despite a rally over the past six months, overall prices have stabilized. The composite home price in August, at $1,208,400, was up just 2.5% from August 2022, though 27.6% higher than in August of 2020. With a tight supply and a sales-to-listing ratio of 57% in August, Greater Vancouver remains in a seller’s market. 

Fraser Valley: The Fraser Valley Real Estate Board recorded 1,273 sales in August 2023, a decrease of 6.9% compared to July. Sales were up 25.2% compared to August 2022. New listings dropped to 2,622 in August, down 8.2% from July, but 28.2% above August 2022. Active listings have been rising since last December and grew again in August by 1.5%, from July, to 6,291, just 7% off the 10-year average. The overall benchmark home price in August was $978,066 and all sector prices were nearly unchanged (down 0.6%) from July 2023 but up slightly from August 2022. The biggest year-over-year price move was condo apartments, up 2.5% from August 2022, to $553,500.

Vancouver Westside: There was a price shocker in this trendsetting market in August. Only 141 detached houses were listed for sale and 69 of them sold for a median price of $4,070,000, almost exactly $1 million more when compared to August 2022. We believe this is an unprecedented one-year median price increase anywhere at any time in Canada. To say detached demand is high is an understatement. Strata action was more muted, with townhouse and condo apartment sales and median prices nearly level with July 2023. Condo medians, at $820,875, were nearly the same as in August 2022.

Total August sales were 433, down 1% from July 2023, and up 18% from August 2022. New listings in August were down 20% compared to July 2023, but up 13% compared to August 2022. The inventory of total residential listings is steady at 5-month supply, creating a balanced market with an August sales-to-listings ratio of 53%. 

Vancouver East Side: More detached houses sold on the East Side in August than in any other market in Greater Vancouver. The 80 detached transactions were also much higher than in August 22, when 57 houses sold. Prices are the key. At a benchmark of $1,913,500, East Vancouver detached prices are $1.6 million less than on the neighbouring Westside and about $100,000 below the Greater Vancouver benchmark. Some of the sales impetus could be from investors trying to assemble East Vancouver detached lots in anticipation of the higher-density zoning expected this fall, which would allow up to six housing units on detached lots. Total August sales reached 250, down from 286 (13%) in July 2023, but up from 196 in August 2022. Active listings were at 1,013 at month end, though new listings in August were down 25% compared to July 2023. This is a seller’s market with a tight supply and a sales-to-listing ratio at 66%, the highest since August 2021.

North Vancouver: The strata market is strong in North Vancouver, with a sales-to-new listing ratio of 74% and sales up sharply from both a month and a year earlier, even as sales of detached houses fell. There were 85 condo apartment sales in August, at a benchmark price of $817,400, up 0.4% from July 2023. There were 38 townhouse sales, at a benchmark of $1,312,100, but this price was down nearly 3% from a month earlier. Detached house prices, benchmarked at $2,268,000, have not budged in three months, but remain 2.4% higher than a year ago. The supply of total residential listings is steady at a tight 3-month supply, confirming this as a seller’s market. 

West Vancouver: August sales were up month-over-month driven by the detached segment – not hearing that very often these days, especially in West Vancouver. It was the highest detached absorption rate since April for the community. Total sales were 57 in August and detached transactions accounted for 34 sales, at a benchmark price of $3,273,900, a price up 10% from six months ago, but still 2.4% below August 2022.

New listings in August were down 20% compared to July 2023 and down 3% compared to August 2022. This is a buyer’s market, with a 10-month supply of listings and a 39% sales-to-listing ratio. 

Richmond: Richmond prices have flatlined over the past three months, though they remain about 4% higher than a year ago, with the benchmark price at $1,187,900.

Listings are down, as are new home starts. As of August 1, only 273 new condos had started, for example, down from 378 at the same time last year, and total listings were down to 1,162 at month’s end, about 200 units lower than a month earlier. We estimate there is only a 4-month supply in this seller’s market, with a sales-to-listing ratio at 64%, up from 54% a month earlier.

Burnaby East: This is a seller’s market but with few sellers and even fewer buyers, with just 31 sales in August from a total inventory of 83 homes for sale. There is only a 3-month supply on the market and the sales ratio is running at 82%, the highest in at least two years. The benchmark home price in August was $1,195,100, down 0.7% from a month earlier, but up nearly 7% from August 2022.

Burnaby North: Total sales in August reached 139, down 13% from July 2023 but up 16% from August of last year. We may see an increase in sales of detached houses right across Burnaby this year as the City prepares to allow laneway homes on detached lots. The laneway houses can be up to 1,500 square feet but they are also restricted to long-term rentals. The benchmark price of a Burnaby North detached house is $2,047,100, up 10% from six months ago but unchanged from July 2023. New listings in August were down 11% compared to July 2023, but up 36% compared to August 2022. Total residential listings reflect a 4-month supply, and the sales-to-listings ratio is 54% in this seller’s market,

Burnaby South: While total sales are up from last year, they have been tracking down for three months, with the 133 transactions in August down 24% since June and 4% below July 2023. Prices dipped 0.3% from July to a composite benchmark of $1,138,100. New listings in August were down 10% compared to July 2023, but up 26% compared to August 2022. Residential listings are steady at 3 month’s supply, but the detached market is flirting with a buyer’s market. The overall sales-to-listings ratio is 62% compared to 59% in July 2023, and 73% in August 2022.   

New Westminster: The Royal City was recently named the most livable city in the Lower Mainland and Number 3 in B.C., but after a surge in July sales, it posted one of the biggest declines in month-over-month sales in August. Total August sales, at 87, were down 27% from July 2023 but up from 77 transactions a year earlier. New listings dropped 16% from July, but total active listings are steady at 299 units. This includes a welcome increase in townhouse listings, which are now at a 5-month supply. Prices are holding firm, with townhomes benchmarked at $959,600, up 3% from a year ago; condo apartments also up 3% at $659,200; and detached houses at $1,587,300, unchanged from July 2023 but 9% higher than a year earlier. New West remains a seller’s market with a sales-to-listing ratio of 56%.

Coquitlam: With the imminent start of the massive Fraser Mills development and other condo projects, Coquitlam will be seeing higher starts by next year, but new supply so far in 2023 has plunged. Only 795 new homes have started, compared to 1,923 in the first seven months of 2022. Meanwhile, new listings in August were down 28% compared to a month earlier and total active listings, at 599, are down from 636 in July 2023. All sector prices are unchanged from July 2023, with the benchmark price up a mere 1.2% from a year earlier. With just a 3-month supply of listings and a sales ratio of 69%, this is a seller’s market despite the flatline prices. 

Port Moody: Another strata/rental project in Port Moody has stalled at the design approval stage in a city that has had challenges getting new projects to market. The latest is a proposed six-storey, 60-unit project on St. John’s with 30 strata condos. New listings in August were down 31% from both July 2023 and August 2022 and there are only 167 active listings, lowest in a year. Still, with recent approvals, 306 new apartments have started so far in 2023, compared to just 5 a year ago, so there is progress on supply. Total sales in August were down 31% from July with 58 transactions. Condo benchmark prices are steady at $729,600 and detached houses at $2,076,500, are down 2.8% from August 2022, one of the few year-over-year declines in detached values. This is a balanced market with a total sales-to-listing ratio at 75%, compared to 43% a year ago and a healthy 6-month supply of detached listings. 

Port Coquitlam: A total of 60 properties sold in August, down 5% from July and off 11% from August 2002. New listings are tracking down and total active listings at the end of August were 169, compared to 172 a month earlier. With a sales-to-listing ratio of 60%, this is a healthy seller’s market and worth a look at by buyers. The benchmark home price was unchanged from July at $971,400, the lowest price in the Tri-Cities.

Pitt Meadows: Aside from Squamish and the Sunshine Coast, Pitt Meadows posted the biggest month-over-month detached house price drop in August, with the benchmark price down 2.8% from July 2023, to $1,317,800. Total units sold in August were 23, down 4% from July 2023 but up 35% from August 2022 so the detached price slide is a bit of a puzzle. The supply of total residential listings is steady at 3 month’s supply, while the sales-to-listings ratio of 60% confirms this as a seller’s market. 

Maple Ridge: Total sales in August were 119, down 17% from July 2023, but up from 113 transactions in August 2022, New listings in August were down 4% compared to July 2023 and up 17% compared to August 2022. The total supply of residential listings is up to 5-month supply (balanced market conditions), with a sales-to-listings ratio of 43% compared to 50% in July 2023. The benchmark price, at $1,005,700 has held steady (up 1.5%) since August of last year.

Ladner: While detached house listings are now at 6-month supply and in a balanced market condition, the strata sector is a different story with a shortage of both townhouses and condo apartments. Total new listings August were down 43% compared to July 2023. Despite the shortfall, prices are stable: the townhouse benchmark in August was $988,000, unchanged from July, while the condo benchmark was up 2%, month-over-month, to $731,900. Detached prices were unchanged from July, at $1,446,000, up 2% from a year ago. This is a seller’s market with a sales-to-listing ratio of 73% and a tight inventory. 

Tsawwassen: Detached houses are now in a buyer’s market with a 9-month supply and August benchmark prices are down 3% from a year ago to $1,547,800. Opportunity awaits detached buyers here. Townhomes are maintaining sales levels while there were more condo sales than new listings in August. There were just 28 sales in all during August, down 15% from July 2023. Active Listings were at 162 at month end compared to 179 at that time last year and 161 at the end of July. With a 6 month supply of total residential listings and sales success ratio of 52%, this is a balanced market.

Surrey: B.C.’s second-biggest city posted mixed results in August, with detached sales and prices flatlining from a month earlier and sales of strata units falling from July 2023. Detached sales reached 175, unchanged from a month earlier, while the benchmark price was down 0.5% month-over-month to $1,675,900. Townhouse sales fell 13%, month-to-month, to 189 transactions and the benchmark price was down 1.3% to $881,600. Condo apartment sales were down 7.6% from July at 207 units and the benchmark price was off 1% to $548,200. 

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of July Dexter Report

• Home prices are virtually unchanged in the past year.

• Total sales in Greater Vancouver are up nearly 30% from July 2022

• Wily buyers take advantage of a summer sales slump

• There are now 16,400 properties for sale across Metro Vancouver

• Vancouver density plan invites higher taxes for owners

On July 25 the City of Vancouver recommended a massive rezoning of single-family neighbourhoods to create more of what is known as the “missing middle” housing. The province wants to make such ideological-driven rezoning mandatory in every city in British Columbia with legislation promised to come this fall.

The Vancouver concept would allow four to six homes to be built on most RS-zoned lots, or 60 percent of the city’s buildable land, according to the ‘senior green building planner’ for Vancouver. It also restricts the size of any new detached house. The policy, though, has forgotten the major player in the plan: detached house owners, many of whom want no part of it.

The City of Victoria passed a similar rezoning plan in January of this year. Seven months later not a single application has come forward from a detached house owner willing to turn their private land into a multi-unit rental complex.

Many detached house owners are not willing to risk their financial future and peace of mind by jumping on board a plan that they fear, rightly, will transform their quiet communities and expose them to the federal capital gains tax that could grab up to 50% of their real estate equity for investment properties.

Consider this. The average price of a Vancouver Westside detached house in July was nearly $4.3 million. If sold as a paid-for private residence, the capital gains tax would be zero. But, if the owner divided the house into four rentals and lived in one unit and then sold the property for the same price, the owner would be responsible for capital gains tax as the owner of the income-producing property.

As well, under Vancouver’s missing middle plan, the detached house owner could only produce a “below-market rental unit” or a secure rental unit (which means forever); or pay a “set-rate bonus payment” for the increased density as a market rental. There is no definition of what the bonus payment would be, but currently, in the Cambie area, it averages $135 per square foot for the extra space in a new development.

The house owner would also be subject to the GST on any new construction; would be required to build any new homes under Vancouver’s expensive and confusing “passive house” energy regulations; and would be subject to higher property taxes and utility costs yet would only be allowed to increase rents by 2% per year under provincial regulations. Private detached house owners are somehow, miraculously, expected to deliver what seasoned developers, city planners and other bureaucrats cannot: low-cost rentals in Vancouver.

The City of Vancouver will present its missing middle plan to public hearings in September. Expect a lot of discussion. 

Prices are not skyrocketing. 

There is a lot of media noise being tossed around about “skyrocketing” Greater Vancouver home prices. While true the Benchmark Price is up about 10% from January to July 2023, to $1,210,700, prices are just 0.5% higher compared to a year ago and in a dozen Greater Vancouver communities – including Burnaby North, Coquitlam, Tsawwassen and West Vancouver – composite prices are lower now than in July 2022. On the bellwether Westside of Vancouver, the July benchmark detached house price, at $3,458,000, was up just 1% from a year ago.

The benchmark condo price this July is $771,600, up 2.7% from last year, but condo prices in East Vancouver, Burnaby North and Burnaby East, arguably the most active condo markets in Greater Vancouver, are up less than 1% from July of last year, which should help convince more buyers to take advantage of the summer slowdown to get into the Greater Vancouver market now.

After peaking in May, sales have declined month by month since buyers have now faced two straight increases in the Bank of Canada rate. Greater Vancouver's total sales in July, at 2,455, were down from 2,988 in June to the lowest level since March. In the Fraser Valley, July sales fell nearly 30% from June 2023 and benchmark prices are up an average of 1% from a year ago. But even with the decline in sales transactions, buyers still want to buy, and many sellers are not desperate to sell.

As the summer continues, there will be more opportunities than we’ve seen over the last four months for buyers. With many people away or taking a break from the market, it’s the prime time to be a buyer. Inventories have increased, giving more options, especially in some areas.

The increase in the Bank of Canada rate and fixed rates bumping up over the last month or so have pulled some buyers from the market. Those with 60 to 90-day rate holds are trying to buy before those rate holds expire while others are content to wait out the increases in borrowing costs. With travel and the many local events returning occupying many people’s time, real estate is losing some of the attention it normally would get. Of course, the lack of resale inventory continues to challenge the market and while we wouldn’t expect to see it increase during the summer months, the number of new listings dropped while absorption rates remained close to the levels we’ve seen this year, and in some areas increased. July saw 4,757 new listings after June produced 5,466 new listings after there were 5,776 new listings in May. Year over year, new listings were higher with 4,067 new listings produced last July which is helping would-be buyers in the market.

Don’t expect the higher interest rates to result in more listings. Sales of residential land to developers have fallen 80% in the past year, largely due to rising financing costs, which will stunt delivery of new strata homes into next year, at least. As well, the Financial Consumer Agency of Canada and the Federal Government have issued guidelines for Canadian banks to help homeowners facing significant increases in mortgage costs. Measures such as waiving penalties to break mortgages and increasing amortization periods to lower payments are on the table. 

Banks do not want to own homes, so don’t expect increased rates to lead to a major rise in mortgage foreclosures or distressed sales. 

Instead, serious buyers should be ignoring summer temptations and shopping through the 10,301 active listings now on the market. Buyers can take advantage of a shallow slump and good selection to secure a property now.

Regional numbers for July 2023 

Greater Vancouver: Total transactions reached 2,455 in July 2023, a 28.9% increase from the 1,904 sales recorded in July 2022. This was 15.6% below the 10-year seasonal average and the lowest level in five months. Total inventory at month end, 10,a301 properties, has moved to a 4-month supply, with detached up to 6 months and into balanced market territory. Townhouses and condos are still at a 3-month supply, though price is key for buyers right now. Looking at year-over-year, sales-to-listings ratios are up while condos remained the same. Overall, the 52% absorption in July is showing strength considering the increase in fixed and variable-rate mortgages. The Benchmark Price for all residential properties is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.

Fraser Valley: July new listings, at 2,855, were down 16.6% compared to June 2023 but 19.7% higher than July 2022 levels, and virtually on par with the 10-year average. Active listings climbed by 4.3% over June, bringing the total inventory for sale to 6,199 properties. Sales totalled 1,368 in July, a decrease of 29.3% from June 2023, but still 37.8% above July 2022. Benchmark detached and townhouse prices were down about 2% from a year ago, with detached at $1,543,300, townhouses at $850,300 , while condo apartment prices increased 0.8% year-to-year at $555,500.

Vancouver Westside: Total sales in July, at 438, were down 17% from a month earlier and 19% higher than July 2022. Despite a 10% surge in benchmark detached house prices since January, prices are up just 1% from a year ago at $3,458,000. Competition is fierce for anything under $3 million. In Kitsilano earlier this week there were only 8 detached homes listed below $3 million, and just 4 in Point Grey, with multiple offers being seen. Active listings were 2,366 at month end compared to 2,453 at that time last year and 2,249 at the end of June. New listings in July were down 7% compared to June 2023. Condo apartments dominated July sales with 325 transactions, and benchmarked at $866,300, up 4% from a year ago. The supply of total residential listings is up to 5-month supply and sales to listings ratio is 43% in this balanced market.

Vancouver East Side: The East Side story in July included a 12% dip in sales from a month earlier and a 21% decline from May 2023, with 286 transactions. Detached house prices flatlined from June 2023, at $1,897,200, but are up 3.7% from a year ago. Condo prices are just 0.5% higher than in July 2022, at $717,700. Active Listings were at 1,082 at month end compared to 1,191 at that time last year and 1,082 at the end of June. New listings in July were down 18% compared to June 2023. This is a seller’s market with just a 4-month supply and sales-to-listing ratio of 57%. 

North Vancouver: North Van remains a strong seller’s market, especially in the condo sector, which has only a 2-month supply of inventory and a 68% sales-to-listing ratio. The benchmark condo price is $814,400, which has not moved much (up 2%) in a year, despite the robust sales. A total of 185 properties sold in July and sales have tracking down since May. Active listings were at 530 at month end compared to 573 at that time last year and 553 at the end of June; New Listings in July were down 21% compared to June 2023.

West Vancouver: Total sales were 47 in July as the summer siesta affected even the most prestigious market in Metro. This is a buyer’s market with more than 600 active listings and sales ratio in the mid-20% range and a 13-month supply of properties for sale. The Benchmark Price is a north of $2.6 million and the typical detached house sold in July for $3,241,000, down 4.2% from a year earlier.

Richmond: Richmond should be benefitting from Canada’s immigration surge but there is a disconnect in Ottawa: there is a foreign homebuyer ban for two year and no one in charge apparently realized that 500,000 newcomers may need a place to live. There is little relief in sight: when the federal cabinet was shuffled the former immigration minister became the new housing minister. Richmond, the most multi-ethnic enclave in B.C., has seen housing sales drop 26% over the past two months to 294 in July and new listings were down 15% from a month earlier. This remains a seller’s market, though, with just a 3-month supply, a sales ratio of 53% and the Benchmark Price up 2.6% year-over-year to $1,118,300.

Burnaby East: Sales in July, at 47, were lower than even three years ago and new listings dropped sharply 39% from June 2023. Still, with a sales-to-listing ratio of 64% from a limited supply, this qualifies as a seller’s market. Condos are the market maker here, as in most of Burnaby, but the benchmark condo price is frozen, rising just 0.7% over the last 12 months to $803,700 in July.

Burnaby North: Total sales in July were 160, down from 170 in June 2023, but, up from 29% compared to July 2022. Active Listings were at 481 at month-end compared to 475 at that time last year and 440 at the end of June. A seller’s market with a 3-month supply and a sales ratio of 55%, detached houses are the only sector posting year-over-year price gains, with detached prices up 2.4% to just over $2 million. Townhouse prices, by comparison, are down 2.7% year-over-year and condo benchmarks have flatlined at $747,000. The sales ratio is 55% but this more a reflection of supply than demand.

Burnaby South: Total sales wilted 40% over the past two months and July was far from hot with transactions at 139, lower even than in July of 2019 but up 10% from July 2022. The Benchmark Price inched up 1.1% from June 2023 to $1,135,000. There is a tight supply of 457 properties for sale and the sales ratio is running at 59%, the lowest July pace in three years.

New Westminster: The secret is out as buyers have found that the Royal City is one of the best-priced markets in Metro Vancouver. Detached sales, at 119, are up from June 2023 and up 127% year-over-year with a 97% absorption rate. The condo market saw a growth in new listing in July compared to June but, like townhomes, remain in a seller’s market with 2-month supply. The Benchmark Price in New Westminster is $846,400, up 2% from a year ago.

Coquitlam: Sales in July, at 223, were down 16% from a month earlier and 21% from May, but up 57% year-over-year in this seller’s market. The big mover is townhouses, with sales up 157% year-over-year and active listings down from June. The townhouse benchmark is $1,061,900, down nearly 2% from a year ago and it dropped a further 1% in July compared to a month earlier. Detached house prices are holding firm at $1,795,400, as is the overall sales-to-listing ratio of 55%,

Port Moody: Two big residential developments have apparently been approved, including the three-tower Westport Village on the former Andres Wine site, which has been in 18 years in planning. It will supply hundreds of new housing units, eventually, to a market with just a 2-month supply of listings. With total sales of 85 in July, down from one and two months earlier, and a sales ratio of 77%, this is a strong seller’s market. The Benchmark Price is down 6.5% from a year ago at $1,121,500.

Port Coquitlam: Buyers scrambling for more affordability can’t find enough supply in the lowest-priced TriCities market where the Benchmark Price in July was $975,800. Condos are down to a one-month supply. The lack of inventory, just 172 total active listings, has stunted sales, which dropped to 73 in July, the lowest level for that month in at least four years, despite a sales-to-listing-ration of 60%.

Pitt Meadows: The sales-to-listing ratio was 52% in this seller’s market where buyers are chasing too-few listings. With new listings falling, there were only 74 properties on the market at the end of July after 24 sales in the month. Despite a price rally this year, the benchmark detached house price is just 2.4% higher than a year earlier, at $1,355,900. Townhouse prices are down 1.8%, year-over-year, to $836,6000.

Maple Ridge: Total sales have been tracking down since May, but reached 143 transactions in July, up 32% from July 2022. At $739,600, Maple Ridge has the lowest priced townhouses in Metro Vancouver. The benchmark detached house is down 2.4% from a year ago, at $1,307,400. With 622 active listings and a sales success ratio of 50%, this is a seller’s market with stable pricing.

Ladner: There were 22 fresh townhome listings in July compared to just 7 in June 2023, as the benchmark price increased 4.1% from a year earlier to $987,500.
Detached sales suffered from higher lending rates, though as sales dropped to 14 from 23 transactions in June 2023 even as the benchmark price jumped 16% so far this year to $1,50,2000. Prices are still slightly below a year earlier. There are 102 total active listings and a sales ratio of 45% in this seller’s market.

Tsawwassen: Buyers aren’t the problem in Tsawwassen, with an overall sales ratio of 58% and condominium absorption up to 69% from 63% in June. The problem is supply with new listings dropping 9% from June 2023, and just 161 active listings available. The Benchmark Price is down about 2% across the board compared to a year earlier, to $1,222,000, with detached houses at $1,550,600, despite price increase since February. This is considered a balanced market.

Surrey: Detached house sales fell 34% in July from a year earlier but were up 30% from June in a perplexing rally considering recent interest rate hikes. Detached prices, however, have barely moved, up 1.1% from July 2022 to $1,683,300. Townhouse and condo sales are down double-digits from a year ago, at, respectively, $893,000 and $555,000 in July. The Fraser Valley Real Estate chairman summed up the Valley market well: “Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains “We’re seeing less traffic as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of the Dexter Mid-Year 2023 Report

• Overall housing sales were 194% higher in June compared to January

• Composite home benchmark price is up 8% from the start of the year

• Record high prices are being seen in suburban markets

• Investors pile in as condo prices are nearing record highs

• Vancouver’s benchmark home price is now higher than New York City

• Fraser Valley housing sales are up 51.1% from June 2022

The first six months of 2023 proved a thrill ride for Metro Vancouver home buyers and sellers, who switched reins at least three times and still managed to post a surprising pace of real estate transactions, with June sales up 194% from January 2023.

As sales and prices increased, 5,466 new listings joined the action. There were 9,990 properties for sale as June ended, the highest increase month-over-month since earlier in 2022. It was still not enough to satisfy June demand as nearly 3,000 homes were sold. We are still seeing multiple offers at a pace indicative of a true seller’s market. Despite back-to-back months of higher listings, the low inventory keeps buyers competing in most markets, even detached houses in some areas.

In June, the Bank of Canada threw up another interest rate hike to slow the market, but buyers rode right over it. June’s 2,988 total home sales surpassed June 2022 and both sales and prices blew past projections.

“The market continues to outperform expectations across all segments,” said Andrew Lis, REBGV’s director of economics and data analytics. 

As they say, what a ride.

Condominium buyers, some of them investors, snapped up 1,573 apartments in June to lead the property trifecta: that was more sales than all the detached and townhome sales combined in the month. As Lis noted, “The benchmark price of a condo apartment is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s 10-year seasonal average.”

Data from the Canadian Housing Statistics Program (CHSP) shows that 45.6% of Vancouver condos are owned by investors who hold at least three condo apartments. In some Fraser Valley markets, it is even higher. 

The surprise, though, is not that so many people own multiple condos, but that more don’t. You don’t need to be a statistician to figure out why buyers are drawn to condominiums.  In Greater Vancouver, the benchmark price of a condo apartment increased by $47,000 during the first six months of this year, to $767,000. In Abbotsford, which led the province with multiple owners accounting for nearly 70% of the condo investment market, the average apartment price in June was $16,000 higher than in January 2023.

With the highest rental rates in the country – a one-bedroom condo rents in Metro Vancouver for an average of $2,700 a month and can easily top $3,000 – investors with enough equity can achieve positive cash flow as they watch the condo appreciate. Thanks to new provincial regulations, virtually all condos are now rental allowable units since the province outlawed strata rental restrictions, except for a strata still being able to have an age restriction of 55-plus.  Even in those, an older tenant can still be welcomed.

Condominiums of course remain the most affordable option as first-time buyers deal with higher mortgage rates and a mortgage stress test rate of 5.25%. The detached-house benchmark is now $1,991,300 and is rising by nearly 2% per month. Scarce townhouses sold in June at a benchmark of $1,098,000, up 9% compared to the first of the year.

The Bank of Canada’s nine interest rate hikes were meant to stall housing sales, and they certainly did. In June 2023, the latest rate hike helped drive detached house sales down 19% from a month earlier, but the median price had already increased about $180,000 compared to January.

To add fuel to the inflationary fire, retail spending in B.C. is now running at a near-record high of $8.9 billion a month. 

This all points to another Bank of Canada rate hike on July 12. While inflation hit a low in the recent report in June, today’s jobs number for Canada gives the Bank of Canada fuel to increase their rate. They really shouldn’t, but quite possibly will. Further adding costs to Canadians at a time when it can least be afforded. Can this market withstand a 5% or 5.50% prime rate and a mortgage rate above 7%? We are about to find out as this fast-paced real estate year heads into the second half.

Regional market numbers: 

Greater Vancouver: There was only a three-month supply of total listings on the market in June and a benchmark price of $1,203,000, which was up 8.5% from the start of the year. (As a reality check, the comparable benchmark price in New York City is US$829,000, or $1.12 million Canadian.) Townhomes continue to be the least available home in the market, and that will continue to be that theme for years to come. In the first quarter of this year, only 112 new townhouses started construction.  It is not a priority of city planners and there is no creativity to densify with townhouses, be it a strata or the rare freehold row homes. With the price of land so high in Vancouver, the cost of construction at record levels and municipal development fees increasing, developers are forced to build to the maximum density allowed to reach any relative level of affordability. Active listings flirted with 10,000 during the month but finished at 9,990. June’s overall sales-to-listing ratio was 55%, down from 59% in May but still showed strength considering the bump up in fixed and variable rates.
 
Fraser Valley: June housing sales rocketed past all projections, soaring 51.1% from June 2022 to 1,953 transactions, which was also up 13% from May 2023. But new listings were down 3% from May and off 2.8% from a year earlier." Prices continue to trend upward, with lack of supply and high demand for housing,” noted Narinder Bains, chair of the Fraser Valley Real Estate Board. While prices were down marginally from June 2022, they continue to increase this year. The June detached house benchmark was $1,526,600, up 2.3% from May; townhouse prices increased the same amount to $845,400; and the condo apartment benchmark was up 1.8% month-over-month at $552,200.

Vancouver Westside: Just 75 detached houses sold in June, down from 109 in May but up from 71 in June 2022, while the benchmark price was $3,418,700, 9.9% higher than in January and 2.4% above May 2023, but down 3.2% from June 2022. Townhomes and condos are still in seller’s market conditions. There were only 130 new listings for townhomes in May and 62 of them sold, for a 48% sales success ratio at a benchmark price of $1,497,000, a record price that is 2.7% higher than in June 2022 and nearly $180,000 higher than in January 2023. Condos dominated sales, with 390 transactions, a sales-to-listing ratio of 50% and a benchmark price of $856,000, also a record high, and up nearly 7% from the start of the year.

Vancouver East: The June benchmark price of a detached house in Vancouver East, at $1,879,700 was 31% higher than pre-pandemic 2019 and 9.6% higher than in January 2023. That is an increase of more than $180,000 in six months. The detached sales ratio is running at 43%, signaling a moderate seller’s market. Townhomes are deep into a seller’s market, with a sales-to-listing ratio of 61% and a benchmark price up nearly 8% from six months earlier, at $1,108,900. Good news for buyers is that townhome prices have remained nearly unchanged from three months ago. The June benchmark condo price, however, set a record in June of $856,000, up 1.2% from a year ago and 7% higher than in January 2023. In the first half, 696 condos were sold in Vancouver East, compared to 1,058 in the same period last year. Currently, the sales-to-listing ratio is 58% in this seller’s arena.

North Vancouver: With just a 2-month supply of total listings, and a sales-to-listing ratio of 68%, this is a strong seller’s market. New listings were down in all property types compared to May while the benchmark home price is the second highest in the region, at $1,409,100, a price up 8.6% from six months ago, though still 2% below June 2022. 

West Vancouver: If they can handle the prices, buyers are in control of West Vancouver’s detached-house sector, where the median price in June was $3,418,000, up more than $500,000 from a month earlier, though sales dipped to 28 transactions, down from 41 in May 2023. There is a 15-month supply of houses, with sales at the lowest level in five months. Townhome listings are disappearing: 5 new listings in June and 6 sales. The June benchmark condo price was $1,339,700, a record high, even with a relatively low sales ratio of 37%.

Richmond: With a lack of listings and a sales ratio of 57% across the board, Richmond is a seller’s market that is testing a new record high for prices. The benchmark price in June was $1,185,500, nearly matched with June of 2022 and 9% higher than in January 2023. In June, 95 detached houses sold at a benchmark of $2,182,000, up 10% from six months ago. Condo sales reached 192 units, even a month earlier, but the benchmark price was down 1% ,month-to-month at $739,800.

Burnaby East: A severe shortage of listings combined with a 73% sales-to-listing ratio is driving all prices higher. June detached house sales doubled from May 2023 even as benchmark prices hit a record high of $1,912,200 – and that was still the lowest detached price in Burnaby for the month. Mark this a seller’s market on steroids with the composite home price up 9% from the first of the year, and the strata market averaging an 83% sales success ratio with just a 2-month supply of listings.

Burnaby North: Despite the Amazing Brentwood, Gilmore and Lougheed building booms over the past few years, there is still a shortage of strata homes for sale. Townhomes, for instance, are seeing a 93% sales-to-listing ratio and June benchmark townhouse price was $903,500, up 6.7% from January 2023. Condo apartments sold at a benchmark of $753,800, the highest price on record. Still strata prices are far below detached houses, which reached $2,039,400 in June, up 2.9% from a month earlier. 

Burnaby South: This is also a seller’s market, with just a 3-month supply of listings based on current sales level. The overall sales-to-listing ratio is a robust 61%, led by condos, where 70% of new listings sold in June at a benchmark price of $812,100. A crack in the seller’s advantage is the detached house sector, with a more modest 39% sales success ratio, but the detached benchmark is $2,213,200, up 9.5% so far this year.

New Westminster: Multiple bids are now common in New Westminster, with both detached and townhomes selling for more than the list price. Not a surprise with just a 2-month supply of total listings and a total of only 40 new non-rental housing starts so far this year in the entire municipality. The benchmark townhome price in June was $945,100, up 7.2% from January 2023, while condos are selling at a record benchmark of $653,400. Detached houses were also at a record high in June of $1,570,600, up 11.6% (yes, more than $158,000) from benchmark at the start of 2023.

Coquitlam: One must wonder if supply is the answer to affordability when one looks at Coquitlam, which has been characterized by construction cranes for years. There was only a 2-month supply of strata homes on the June market and prices skyrocketed. The condo benchmark is now at an all-time high of $737,500 and is rising by 1.3% per month this year, with a sales ratio of 70%. The overall sales-to-listing ratio is 61%, which is eating into the tight supply. Detached-house benchmarks hit a record high of $1,787,000 in June and there is just a 3-month supply of houses listed. 

Port Moody: 100% of the condos listed for sale sold in June, to give an idea of the tight supply in a market blessed with SkyTrain service but cursed with a low housing starts for years. Big new strata projects are in play but still two years away from completion. June total sales were higher than in June 2021, which was the former market peak. Townhomes are selling at just over $1 million, and the benchmark condo apartment price is $728,000, 7.2% higher than in January. June saw 21 detached houses sell at a benchmark of $2,035,000, up 1.4% from May 2023 but 7% below June 2022. 

Port Coquitlam: There is a 2-month supply overall with a 65% absorption rate, but only a 1-month supply of townhomes and condos with sales ratios of 78% and 73%, respectively. The June benchmark home price, at $967,900 is up 9.2% from the first of the year, and down just 1.3% from June 2022. This is a tight seller’s market.

Pitt Meadows: This market was very popular during the COVID period and has come back into fashion this year. In June, the detached sales-to-listing ratio was 100% and the benchmark price for a detached house has soared 13.8% so far this year – the highest increase in Metro Vancouver – to $1,319,000. There were only 12 active townhouse listings and 14 condo active listings at month end.

Maple Ridge: With the composite home price rising 9.4% since January to reach $997,900, the overall market has just a 3-month supply with strata listings down to only a 2-month inventory. New listings are taking up a sales ratio of 56% in this seller’s market.

Ladner: Ladner saw the first price drop in the townhome benchmark price when it dipped a mere 0.2% from May to June’s $971,700, a price up 13.5% from January to mark the highest six-month townhouse price rise in the Metro region. There were just 11 active townhome listings at the end of June, and just 7 total condo listings. Meanwhile, the detached house benchmark was $1,422,900, up 10% from January and 14.2% higher than at the end of the first quarter. This is a seller’s market with price momentum and a sales-to-listing ratio of 62%.

Tsawwassen: This is a more balanced market in the detached-house sector, with about a 5-month supply of listings. The benchmark detached price in June was $1,596,700, up 10.8% since January at sales-to-listing ratio of 62%. Townhouse benchmarks are at $999,600, up 10.3% compared to January, and the condo benchmark in June was $690,700, 7% higher than when this year started. Strata listings are at a 3-month supply, based on current sales.

Download June Sales and Listings Statistics All Regional
Download June Sales and Listings Statistics Houses Townhouses Condos
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Government Regulations & Dates City of Vancouver Empty Homes Tax:

• The City of Vancouver Empty Homes Tax is 3% for any homes deemed empty in 2023.

• Declaration Due Date is February 2.

• All homeowners must complete a declaration and confirm exemptions, if applicable.

• Clauses required in CPS to protect the buyer.

• More information: City of Vancouver Empty Homes Tax

B.C. Speculation and Vacancy Tax:

• The BC Speculation and Vacancy Tax is 0.5% for Canadian Citizens or Permanent Residents and 2% for foreign owners and satellite families.

• Declaration Due Date is March 31.

• All owners on title must complete a declaration, even if they are spouses.

• Areas covered include the Capital Regional District (Victoria and surrounding areas), Metro Vancouver Regional District (including Lions Bay and Squamish), Langley, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, and Lantzville (use the link to confirm areas).

• No clauses needed in CPS to protect the buyer.

• More information: B.C. Speculation and Vacancy Tax

Canadian Underused Housing Tax:

• Starting in 2023 for the 2022 tax year, there is an annual 1% tax on the taxable value of a vacant or underused residential property that is directly or indirectly owned by a non-resident non-Canadian.

• CRA filing is required by April 30th.

• Excluded Owners (Canadian Citizens and permanent residents of Canada) do not have to file, but some exceptions may trigger a requirement to file.

• This tax applies to all of Canada.

• No clauses needed in CPS to protect the buyer.

• More information: Canadian Underused Housing Tax

B.C. 3-Day Home Buyer Rescission Period:

• Effective January 3, 2023.

• Affects residential properties other than leasehold, auction, court order, presale.

• Provides a buyer with a 3-day rescission period starting the day after acceptance, excluding Saturdays, Sundays, and holidays.

• If a buyer rescinds, they are required to pay the seller a 0.25% penalty, which can be paid from any deposits held in the brokerage trust account or pursued by the seller if no deposits were given.

• The rescission period cannot be waived.

• The Contract of Purchase and Sale must contain the exact rescission amount based on the purchase price, the contact for sending rescission notice, the final acceptance date, and the last date rescission can happen.

• Rescission can be done using the required form by registered mail, fax, or email with a read receipt.

• More information: B.C. 3-Day Home Buyer Rescission Period

B.C. Foreign Buyer Tax:

• The tax is 20% for foreign nationals, foreign corporations, or taxable trustees.

• Applies to the Capital Regional District (Victoria, Saanich, and surrounding areas, Gulf Islands), Fraser Valley Regional District (through to Hope), Metro Vancouver (to Lions Bay), Central Okanagan, and District of Nanaimo.

• Contact the provincial government for clarification at 1-888-841-0090 or attenq@gov.bc.ca

Canada 2-Year Foreign Buyer Ban:

• Starting January 1, 2023, non-Canadian citizens and non-permanent residents are prohibited from purchasing residential property in Canada for two years, whether directly or indirectly (meaning buyers not on the contract but acting as a beneficial owner are also prohibited).

• Agreements signed before January 1, 2023, are not subject to the prohibition.

• The ban applies to properties in either a "census agglomeration" or a "census metropolitan area," with certain exemptions such as Whistler. You can refer to the following link for more information: link

• The prohibition applies to residential properties and buildings with up to three dwelling units (multi-family rental buildings). Vacant land is exempt as of March 27, 2023.

• The ban applies to individuals and corporations with a non-Canadian ownership interest of 3% or more.

• Some exemptions may apply, and it is advisable to consult the legislation and seek legal advice to determine if they are applicable.

• Violation of the Act can result in a $10,000 penalty for all parties involved, including the buyer, seller, lawyer/notary, real estate agent and brokerages, lenders, etc. Additionally, a court order may be issued to sell the property, with any profit going to the government.

• A property may be exempt from the Foreign Buyer Ban but could still be subject to the Foreign Buyer Tax.

• Buyers should sign the Certificate and Consent of Purchaser form to confirm their eligibility to purchase.

• The Canada Mortgage and Housing Corporation (CMHC) provides comprehensive information on the ban, including a feature to look up an address and determine if it is exempt. You can find more information at the following link: link

Anti-Flipping Rule:

• The anti-flipping rule is applicable nationwide and is based on Canada Revenue Agency (CRA) filing requirements.

• Any individual who sells a property within a period of less than 12 months would be considered to be flipping the property and subject to full taxation on their profits as business income.

• Some exemptions exist, and it is advisable to seek advice from an accountant to understand the specific details and implications.

• Assignments are currently exempt – that could change.

Highlights

• May average home price $200,000 higher than in January

• May home sales-to-listing ratio a sizzling 59%

• Total sales are the highest this year and higher than in May 2022

• Surrey detached new listings were up 53% from April 2023

• Overall higher listings may point to a price plateau this summer 

After five months that defied most predictions and pundits, the Metro Vancouver housing market has righted itself - as we’ve been saying the last few months, while quickly shifting to a seller’s market. But the potential is there to be more balanced between buyers and sellers as we sail into the summer.

May exposed a slight tilt in that balance in favour of buyers, with sellers about to face a more competitive environment with the increase in new listings that happened in May. And depending on what happens with the Bank of Canada’s interest rate announcement on Wednesday, that could change some buyers’ ability to compete.

Back in January and before – when the headlines were full of predictions of a recession and a continued housing downturn - we urged homebuyers to jump into the market to take advantage of the dip. Since then, the average home price in Greater Vancouver has shot up by $200,000 and the sales-to-listing ratio has risen from 29% to 61% in April before settling to 59% in May, close to the hottest markets in 2021 and early 2022.

We based our forecast not only on the strength of the regional economy but on decades of experience as real estate professionals at Dexter Realty. We have seen deep downturns and heady highs before, so we understand the patterns and how quickly it can change. 

While May 2023 marked the fifth straight month-over-month increase in sale and price, it also sent the first signals of a chance for a market shift.

While we are still in a seller’s market in most areas and property types, if the increase in new listings continues, this will favour buyers. And perhaps some buyers are waiting for the June 7 Bank of Canada announcement, which could affect mortgage rates.

The evidence is in the number of sales and listings in May, and when they occurred. It is all about momentum.

In May 2023 a total of 3,411 residential properties sold in Greater Vancouver, not only the highest sales of this year but the first month in 2023 that sales were higher than the same time a year earlier and the first time this trend occurred in the last few years. 

The average (not benchmark) home price in May reached $1,315,617, the highest level since April 2022 and up nearly 3 per cent from May of 2022.  

This would all point to a seller’s market, except that, unlike previous months this year, May sales were slightly lower in the second half of the month compared to the previous two-week period to start May. At the same time, new listings increased, rising from 2,909 at mid-month to 5,776 at month’s end, compared to 4,399 in April 2023. May tends to be the most active month of the spring market, so we could see that shift come June. 

In the Fraser Valley, new listings in May, at 3,533, were 42% higher than in April (with detached listings up a startling 61%) while sales increased just 10% month-over-month to 1,711. 

So, as May ended, we were seeing parallel momentums: many more listings and perhaps the peak of sales.

While the last few months have been characterized by multiple offers and increasing prices, we will now see more competition among sellers. It will take many more listings to ease the competition amongst buyers but May was a start.

With the increase in listings comes some great opportunities for buyers. Work with an experienced REALTOR® who can sniff out the right property that’s gone under the radar. This isn’t 2021 when prices went wild. There is now a sense of control, and, for some properties, buyers are not willing to compete or take on the price that sellers are asking. 

Buyers must practice patience now, which is difficult after months of low inventory. We are going to see listings increase, the sales-to-listing ratio settling down and more competitive pricing offered by sellers. In short, hopefully we’ll see some balance come into the market for the first time in in three years. 

Of course, all real estate markets are unique, and not all will follow the same trajectory immediately.

There were 9,293 active listings at month end, above the 8,790 at the end of April. Yet some areas had fewer active listings in May than a month earlier, so it’s important to look locally when doing direct comparisons. 

Vancouver East saw a slight uptick in the sales-to-listings ratio while North Vancouver maintained its high rate at 66%. Both locations were called out by the provincial government for not doing enough to supply housing in its recently released list of the municipalities that aren’t building enough homes. Port Moody, on the heels of less sales in May compared to April, saw its absorption rate fall from 91% to 65%.  

Ladner led the way in May with a 108% sales-to-listings ratio as there were more sales than new listings there. Not surprising, Delta was also cited by the province for not supplying enough homes. 

Overall Greater Vancouver remains with 3-months’ supply of listings – and with the current number of sales we’d need to double the number of active listings to get into a truly balanced market, but listings are finally increasing.

Best advice to buyers: Work with your trusted REALTOR®, get pre-approved for financing, narrow your search and be ready when your agent finds that ideal property. Do your homework and keep within your budget. 

Best advice to sellers: Prices have risen 1.5% per month this year, but do not expect that to be automatic. A property priced right will attract a slew of potential buyers (it is not uncommon to see 40 people through a weekend open house) but if it is priced above the market or not showhouse ready, buyers now have the option to move on to the next new listings.

 A summary of the regional markets 

Greater Vancouver: A total of 3,411 residential properties sold in May, up 24% from a month earlier and, for the first time this year, higher than in the same month in 2022, when 2,947 transactions were counted. The surge in prices surprised us all, even the Real Estate Board of Greater Vancouver (REBGV). “Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up by about 2% at year-end. Instead, home prices are already up about 6% or more across all home types.”

As of May 23, the composite benchmark price was $1,118,000, up 1.3% from a month earlier; the detached house price was up 1.8% to $ $1,953,600. While townhouse prices remained virtually the same as in April, at just over $1 million, condo apartment prices were up 1.1% month to month to $760,800.

Active Listings were at 9,293 at month end compared to 8,790 at the end of April; new listings in May were up 31% compared to April 2023. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 62% in April 2022 and 45% in May 2022.

 Fraser Valley:  Total Valley sales reached 1,711 in May 2023, up 25% from May 2022 and 10% higher than in April 2023. With new listings up 42% from April, there were total active listings of 5,588 at the end of May, 20% higher than a month before. The benchmark composite home price in May was $961,702, up 6.7% from April 2023 and 3% higher than in May 2022.  

Vancouver Westside: Metro’s bellwether housing market saw 624 sales in May, up 33% from a month earlier and 7% higher than in May 2022. The May 2023 benchmark detached house price has increased 5.7% (or $193,000) in the past six months and took another 0.5% step up from April to $3,338,800. Townhouses sold for $1,457,500, down 3% from April, and condo apartments sold in May 2023 at a benchmark of $849,800, up 4.8% over the last three months. Active listings were 2,115 at month end compared to 2,460 at that time last year and 1,992 at the end of April, but new listings in May were up 40% compared to April 2023. With a 3-month supply of total residential listings, the sales-to- listings ratio is a healthy 53% compared to 56% in April 2023 and 46% in May 2022. 

Vancouver East Side: Vancouver is one of the cities named as needing to increase new home starts and it is easy to understand, since East Vancouver, like the Westside, also has just a 3-month supply and a sales-to-listing ratio above 50%. The problem is new homes are more expensive, largely because of government fees and taxes, which have increased sharply. A recent study showed a typical new $840,000 condo apartment in Vancouver includes $327,565 in government costs. An Eastside resale condo had a benchmark price of $707,000 in May, up 1.9% from a month earlier, while townhouses were at $1,109,100, the same as in April, and detached houses sold in May for at a benchmark of $1,822,700, up 2.5% from a month before. Total May sales were 360, up 35% from a month earlier and 13% higher than in May 2022. Active Listings were at 1,006 at month end compared to 1,173 at that time last year and 939 at the end of April. This is a full-on seller’s market.

North Vancouver: Total housing sales in May were 288, up 32% from a month earlier and 3% above May 2022. The composite benchmark home price is $1,397,500, up 5.5% from six months ago and 1.8% higher than in April 2023. While new listings increased 32% from April, total active listings were 514 at the end of May, representing just a 2-months’ supply of housing, with townhouses down to a 1-month inventory. The sales-to-listing ratio has held steady at 66% for two months. The benchmark price for a detached house is now just 4% below May 2022, and, at $2,269.400, the highest level this year.

West Vancouver: The benchmark price of a detached house in West Vancouver in May was nearly unchanged from six months ago, at $3,111,600. Total housing sales, mostly detached houses, were 80 in May, up 16% from April 2023 and 16% higher than in May 2022. With 529 total active listings, there is a 7-month supply in a balanced market where the sales-to-listing ratio is 35%.

Richmond: Two large strata projects in Richmond totaling 1,200 units have been cancelled, the latest the 400-condo Minora Square on May 26, where pre-sale buyer deposits are being refunded. Perhaps a resale condo is a safer bet, since Richmond has also raised new condo development cost charges to around $25 per square foot. In May, a total of 396 homes sold in Richmond, leaving a total inventory of 1,043 properties (a drop from 1,602 at the end of April), or about a 3-month supply, with a 61% sales-to-listing ratio. Prices are rising sharply. The benchmark detached house price is up 7.7% since December 2022, at $2,189,600; and the benchmark condo price in the same period is up 9.6% to $747,00. Townhouse prices are 0.2% higher than a year ago, at $1,119,900.

Burnaby East: Burnaby East saw 39 home sales in May, up from both April 2023 and May 2022 and it now has 90 active listings. With a sales ratio of 57%, the benchmark home price is up 4% since the start of the year, at $1,159,600. This is a seller’s market with just a 2-month supply of homes on the market.

Burnaby North: Burnaby has the most new housing in the works across the region, with a total of 10,630 new strata units envisioned in four massive projects from Brentwood to the Edmonds area, according to an open house May 30 at Burnaby City Hall. All four sites require rezoning. However, Burnaby also wants to increase development fees to help cover the cost of an extended array of infrastructure, including firehalls, RCMP police stations, homeless shelters and “composting and organic processing facilities,” which will add to new strata prices. The new homes are needed. Burnaby North has just a 2-month supply of active listings and they are selling at a pace of 63% per month. The benchmark condo price is now $805,800 and townhouses sell for $902,200, both up about 6% from the first of this year. 

Burnaby South: Total units sold in May were 233, up 8% from a month earlier and 43% higher than in May 2022. The benchmark composite home price is up 5.5% since January 1, at $1,112,300; and detached house prices are up 8% in the same period to $2,177,100, the highest in Burnaby. New listings in May were up 20% compared to April 2023 but down 7% compared to May 2022. The supply of total residential listings, at 404, is steady at a 2 month’s supply (seller’s market conditions) with a sales-to-listings ratio of 73%. 

New Westminster: The benchmark price for a detached house in the Royal City was $1,525,800 in May, up 5% from the start of 2023, but the overall composite price remains among the lowest in Metro, at $827,600. A total of 142 residential properties sold in May, 26% higher than a month earlier and up 27% from May 2022.  Active Listings were at 258 at month end compared to 313 at that time last year and 238 at the end of April. This is about a 2-month supply as the sales-to-new-listing ratio has been running at 70% in both May and April. 

Coquitlam: Total May sales reached 284, up 35% from April 2023 and 16% higher compared to May 2022. Active Listings were at 555 at month end compared to 642 at that time last year and 495 at the end of April; new listings in May were up 38% compared to April 2023, perhaps because sellers see what is happening. The benchmark home price has increased 4.7% so far this year to $1,114,900 and the sales-to-listing ratio has been over 60% for four months. This is a strong seller’s market.

Port Moody: This Tri-City community has a history of slow development, and it is on the list of cities where the province wants to see more housing starts. Port Moody now charges $33,453 per detached or duplex lot in development fees and tacks from $11 to $14 per square onto new strata units, so that will add to new home prices. Right now there is just a 2-month supply with only 184 active listings. Benchmark home prices are still 9% below May 2022, at $1,112,300. The sales to listing ratio, though, was 65% in May and 91% in April, so supply could disappear quickly. 

Port Coquitlam: Total units sold in May were 91, up from 76 in April 2023 and the very same at in May 2022, but the composite benchmark home price is down 6.9% year-over-year, at $951,800. Detached houses were benchmarked in May at $1,392,100, up 8.5% from January 1, but still 8% lower than a year ago. While new listings in May were up 89% from April 2023, there are only 153 active listings, enough to last about two months, with a sales-to-listing ratio running at 62%.

Pitt Meadows: Just 30 homes sold in May, but that was 44% better than April 2023 and higher than the 28 sales in May 2022. Detached home prices, while lower than last year, have soared 10% from the start of this year to a 2023 high of $1,274,800 in May. Active Listings were at 71 at month end compared to 84 at that time last year and at the end of April; New Listings in May were down 17% compared to April 2023 and the hot sales-to-listings ratio of 86% shows the current supply may not last long.

Maple Ridge: With 218 sales in May, total transactions were up 35% from a month earlier and 23% higher than in May 2022. The benchmark detached house price has increased 7.6% over the past three months to $1,261,700, with townhouse prices up to $768,100 after a 2.4% increase from a month earlier. The post-COVID slump in Maple Ridge appears over, with a sales-to-listing ratio in May of 63% and 62% in April in what has become a seller’s market with 539 active listings available.

Ladner: Delta is another of the Metro region cities called out by the province for not building enough new homes. Ladner, for example, only has 85 active listings (down from 100 at the end of April) and the May sales-to-new-listing ratio was 108% and new listings were down 14% from April 2023, while sales increased 26% to 54 transactions. The benchmark home price in Ladner is up 7.2% since the start of the year, at $1,144,200. There were more strata sales than new listings in May, which saw townhouse benchmark prices rise 10.4% so far this year to $973,800. Condo benchmark prices are at $704,800 in May, up less than 2% since January, however. 

Tsawwassen: Total units sold in May were 62 up 15% compared to April 2023, up 44% higher than in May 2022. Active listings were steady at 166 at month end compared to 165 at that time last year and 167 at the end of April; New Listings in May were up 23% compared to April 2023. Total residential listings are at a 3 month’s supply (seller’s market conditions) and the sales to listings ratio of 68% compares to 73% in April 2023. The benchmark home price in May was $1,221,900, up 5.6% from the first of this year but nearly 9% below the price in May 2022. Townhouse sales are particularly slow and the benchmark price of a townhouse, at $1,005,700 in May, has barely budged in two months.

Surrey: B.C.’s second-biggest city saw 855 total sales in May, almost evenly divided among detached, townhouse and condo properties, but there the similarity ends. Detached sales, at 284, were up 44% from a year earlier and 11.4% from April 2023. The average detached price was $1,784,000 in May, up 8% from a month earlier. There were 246 townhouse sales, up 8% from a year earlier and 14% higher than a month earlier, while the average townhouse price was up just 0.3% from April 2023 to $878,396. Condo apartment sales, at 225, were up 1.8% year to year, and 1% month to month, while the average price was up 3.3% from last year and 6.6% from April 2023, at $560,180.

Download May Sales and Listings Statistics All Regional
Download May Sales and Listings Statistics Houses Townhouses Condos
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of the April Market Report

• We are now in a seller’s market across Greater Vancouver 

• Multiple offers are being seen as buyers roar back 

• Buyers must brace for higher new home prices in ‘24

• Greater Vancouver sales are up 166% since the start of the year

• Fraser Valley detached house prices are up $60,000 since January

As much of Canada suffers under a belief that the housing market has tanked, Metro Vancouver homebuyers are quietly and efficiently setting month-over-month sale increases this year and are already being rewarded by rising prices.

Consider this a wake-up call.

Total April housing sales across Greater Vancouver hit 2,741 transactions, up from 2,535 in March and a 166% increase from January 2023 and the highest monthly level since May 2022. Benchmark home prices so far this year are up 5%. Based on the current benchmark, that is an increase of nearly $60,000, and prices are still rising by 2.4% a month.

In the Fraser Valley, April sales totalled 1,554 homes, even with a month earlier and up 148% from January of this year. The benchmark detached house price is up $100,000 compared to January and the typical condo sold in April at $503,700, up $30,000 from the start of the year.

This was not foreseen by most; and in April, Canada Mortgage and Housing Corp., the federal housing agency, told us that the Metro Vancouver average home price could fall as much as 24 percent this year and it didn’t see a sales recovery until 2024-25.

On the street, the reality is much different. With the Bank of Canada halting rate increases, buyers are more confident and are back in a big way. The April competition for new listings was astounding: over 20 offers for a detached house in Ladner; 10 to 20 offers for condos throughout the region, including downtown Vancouver among the many anecdotal reports from the field. With a consistent shortage, any townhouse listing attracted multiple buyers, and the sales-to-listing ratio hit a jaw-dropping 185% in April for Port Moody townhouses. 

The real estate market has turned quickly and is fast approaching 3,000 sales a month. If this happens in May, as we suspect, it would be the first time since April last year that Greater Vancouver has achieved that number.

Another signal of the turnaround is new housing starts, which have roared back and may help to alleviate the continued lack of new resale listings. In the first quarter of 2023, 7,318 new homes started in Metro Vancouver, up 69% from the same period last year. The current residential construction pace, if maintained, would result in more than 29,000 starts this year in Metro Vancouver, the highest level in three years. But this will take time to have any effect on the market and will require many more starts.

A big test of the new condo market is now being conducted on the Burnaby-Coquitlam border this month where a brand-new condo tower complex is finished and offered for sale. Normally, new condos are sold as pre-sales, but these 262 apartments at the City of Lougheed are move-in ready. This is a bold and rare test of the condo market and should give a strong indication of current demand. We would not be surprised by a quick sell-out.

However, we are less certain that buyers will be flocking to purchase new homes in 2024 because of startling government-imposed cost increases. Costs keep getting added to the equation and for some developments, it may not be feasible to move from the planning to the building stage. 
 

Here are some of the recent increases homebuilders are now dealing with:

• On April 19, the Metro Vancouver Regional District board of directors approved a motion to make real estate developers pay 99% of the cost for water and sewage upgrades across the district. Currently, developers pay 83% for sewage upgrades and 50% for water infrastructure, so this is a big increase, especially since three large water-treatment projects are currently underway, totalling well over $10 billion.
   

• Led by a 47% increase in Richmond and a 33% hike in Coquitlam, suburban municipalities across the region are raising development cost charges on new residential construction going into next year. 
   

• On May 1, the B.C. Step Code building code for new residential construction was legislated across the province. This ‘green’ building code, the most rigid in Canada, will outlaw natural gas in new buildings and add thousand, even tens of thousands of dollars, to the cost of new homes, especially detached houses, and high-rise concrete condos.
   

• Changes to B.C.’s contaminated land regulations, just coming in, will add an extra $80,000 to $100,000 in testing alone, and delays to a new strata project before construction even starts
   

• Residential land prices – and the cost per buildable foot – are soaring right across the Lower Mainland. Recently, residential sites in North Burnaby and Surrey Central sold for more than $25 million per acre; a 1.3-acre land assembly in Coquitlam sold in March for $24.5 million; and Vancouver is seeing residential development land trading at $90 million per acre or more.

Best advice: buy an existing home this year, and the sooner the better. Existing homes can’t be replaced for nearly the same price, and resale values are increasing month-over-month.

 
A look at the regional numbers:

 
Greater Vancouver: Total housing sales in April were 2,741, up 8% from a month earlier and 166% higher than in January of this year and off just 16% from April 2022. By next month, the script will shift as sales begin to be higher compared to a year ago. For true market comparison, April sales this year were 48% higher than in April 2019 before the pandemic hit and everything went crazy. However, listings are the laggard, down 1% this April from a month earlier; and total active listings, at 8,734, represent just a 3-month supply at the current sales pace. The inventory shortfall is leading to multiple offers and rising prices, with April’s benchmark price up 2.4% from a month earlier; detached house prices and condo prices are 3% higher at $1,915,800 and $752,300, respectively. With 500 sales in April, and a high sales-to-listing ratio, townhouse prices were up 2.1% from March to $1,078,400. Greater Vancouver is now a sellers' market in all property types, with an overall sales-to-listing ratio of 62%. 

Fraser Valley: The Fraser Valley Real Estate Board posted 1,554 sales in April, virtually unchanged compared to March 2023 and up 5.1% from April 2022. Listings were down 31% from April 2022 however, to 2,478. There are now 4,632 active listings, down 2.2% from March 2023 and 14% below April of last year. Prices are rising as buyers bid on fewer listings. Detached-house prices, at $1,442,900, were up nearly 4% from March 2023; townhomes increased 1.7% month-over-month to $808,000; and the benchmark condo price was up 1.6% in the same period to $530,200. Strata prices are down from 9% to 13% from a year ago, with detached prices off 17% from April 2022. 
 
Vancouver Westside: The Westside saw condos in a seller’s market in April, while townhouses jumped up to 7 month’s supply and the detached-house sector is still in balance. But new listings were 9% lower overall in April compared to March, so buyers are purchasing what they can. In all, 468 sales were recorded in April, nearly 50% higher than in February and up 4% from March 2023.  Prices are rising fast: the benchmark detached house price is now $3,313,200, up 9.7% (about $310,000) since January and up 3% from March. Townhouse prices shot up 6.5%, month-over-month to $1,481,900 and typical apartments sold for $848,000 in April, an increase of 2.5% from March.  The supply of total residential listings is steady at a tight 4-months in this seller’s market. April’s sales-to-listings ratio of 56% compared to 49% in March 2023 and 48% in April 2022.
 
Vancouver East Side: Compared to a year ago, East Side sales and listings were down sharply from a year ago, but sales were also lower than in March 2023, with 267 transactions in April compared to 287 a month earlier. There were 939 active listings as of April 30, up from 899 at the end of March. The total inventory represents a 4-months’ supply as the sales-to-listing ratio is a strong 55% in this seller’s market.  The median price of the 75 houses sold in April was $1.95 million, up nearly $150,000 from a month earlier. Condos led the sales parade, with 113 sales at a median of $657,000, up marginally from March, while median townhouse prices increased to $1,405,000, up about $50,000 from April of last year. Over the past three months, the overall benchmark price is 5.4% higher, at $1,312,400.
 
North Vancouver: April sales continued a trajectory that has seen transactions rise 46% over the past two months to reach 218. Benchmark home prices have followed the lead, rising 7% since January to $1,369,900 in April, with detached house prices up nearly 8% in the same period to $2,192,200. Despite new listings falling 10% from March, total active listings at the end of April were 495, nearly identical to a year earlier. We estimate there is a mere 2-month supply of total listings, with the sales-to-listing ratio running at 66%, up from 58% from both a month and a year earlier. This is a seller’s market that is gaining momentum.

West Vancouver: Metro’s second-most expensive housing market is not known for a high number of sales and April was no exception, with 60 transactions, down 6% from a month earlier, though 43% higher than in February. New listings, though, were 94% higher than a year ago, so the market is stirring. We are calling this a balanced market, but shifting to a buyer’s advantage for those who can afford it. The benchmark price of a detached house, which dominated the market with 43 sales in April, is $3,111,600, up 3% from March, but still 8% lower than a year ago. The overall sales-to-listing ratio is 38% and has held steady in that range for two months.

Richmond: The ban on foreign homebuyers that came into effect on January 1 apparently had zero effect in Richmond, despite some concerns. Sales are following similar patterns to other markets, with 338 transactions in April up 51% from February and well above January. Prices are also firming in Richmond: the benchmark price is $1,179,200, down just 1.7% from a year ago and rising an average of 2% per month since the start of the year. Active listings were at 1,062 at month-end compared to 1,197 at that time last year and 1,049 at the end of March. This is a seller’s market, with the sales-to-listing ratio in April at 67%, which compares to some of the best months of early 2022, and there is just 3-months’ supply of inventory. Housing starts are rising, however, with 507 new homes breaking ground in March, up from just 62 in March 2022 – nearly all the new starts are multi-family units, including 37 new townhouses. So many more townhouses are needed.


Burnaby East: Total sales in April were just 34, but that was up 70% from a month earlier and just 6 units lower than in April of last year. The benchmark price rose 0.4% from March, to $1,114,900, while the detached house price increased 1.3% to $1,749,700, still the lowest in Burnaby.  Active listings were 76 at month-end compared to 67 at that time last year and 85 at the end of March. The inventory of total residential listings is down to 2-month supply. This is a seller’s market on steroids, with a sales-to-listings ratio of 81% compared to 43% in March 2023 and 58% in April 2022.

Burnaby North: This is one of the hot markets where total sales in April, at 176, were higher than in April 2022, in this case, up 7 percent year over year and 4% higher than in March 2023, and 31% above February of this year. Condos led this market, and the benchmark condo price has increased 5.5% over the past three months to $734,600. Confidence in the future strata market was underlined in April when a major condo developer paid $94 million for a 4.2-acre development site near the Brentwood and Gilmour SkyTrain station. There was a total of 415 residential properties for sale at the end of April, slightly higher than a year earlier and up from 388 in March. The benchmark home price is up 5% since January, at $1,002,900.

With a sales success ratio of 67%, compared to 71% in March 2023 and 47% in April 2022, this is a strong seller’s market.

Burnaby South: Sales here were also up from a year ago, rising 16% to 215 this April, which was also 65% higher than in March 2023. At $1,100,200, the benchmark price in April was up 2.3% from a month earlier. The benchmark detached house price has surged nearly 8% higher since January, to $2,145,800. In an unabashed sellers’ market, the sales-to-listing ratio is a sizzling 81% and the total inventory, at 385, represents just a 2-month supply.

New Westminster: Total April sales were 113, up from 96 (18%) in March 2023 but down from 134 (16%) in April 2022. We see the Royal City as a good buy this year. The benchmark detached house price in April was $1,433,100, up just 0.2% from a month earlier and down 4.3% from a year earlier. But this house price is about $300,000 less than Coquitlam or East Burnaby. New West condo prices, at $652,100, are also among the lowest in the suburbs. We have a feeling New Westminster has price growth potential. Total active listings are 238, down from last April but up 15% from March 2023. With a sales-to-listing ratio of 70%, this is a seller’s market, but buyers may find the prices tempting. 


Coquitlam: Many will be watching a rare event when two new condo towers, finished, launch more than 200 units into the market in May. The towers are technically in Burnaby but right on the Coquitlam border at Lougheed Town Centre. In April, 99 Coquitlam condo apartments sold at a median price of $685,000 and there were just 149 new listings, generating a healthy 67% sales-to-listing ratio. Total active listings of all properties were at 495 at the end of April, compared to 572 at that time last year and 473 at the end of March.

This is a seller’s market that appears to be accelerating. 

Port Moody: The entire Tri-Cities region has seen only 74 housing starts so far this year, so we must look to resale listings for future supply, and that means a tight inventory due to high demand in Port Moody. Port Moody might be the hottest market in Greater Vancouver, with a 91% absorption rate overall, sitting with 2-month supply. Townhouses saw a jaw-dropping 185% absorption rate, meaning almost two sales for every new listing. Condo sales were up 73% year-over-year in Port Moody as condo prices dipped to a median of $685,000, down from a median of $712,500 a year earlier. Total sales in April were 91, up 14% in March and 94% higher than in February in this active seller’s market.

Port Coquitlam: With 76 sales in April, transactions were up 10% from a month earlier, but new listings dropped 39% month-over-month while the composite home price inched up 1.2% to $927,100, the lowest in the Tri-Cities. Detached house prices are now 13.3% below April of last year but are rising by around 2.2% per month. With only a 2-month supply of listings and a sales-to-listing ratio at 97%, compared to 54% a month earlier, this is a clear seller’s market.

Ladner: There is only 1 month's supply of townhouses and condos, with only 7 condo new listings in April compared to 19 in March in Ladner. The overall sales-to-listing ratio is 74%.
Townhouse benchmark prices dipped 0.7% in April from a month earlier, but remain 7% higher than in January, at $991,700. Condos are selling at $698,000, but prices were down 2% in April from March 2023. With just a 2-month supply of listings and a sales ratio of 74%, we expect prices to increase in this seller’s market. 

Tsawwassen: Sunny Tsawwassen has an example of what is known as an intergenerational community, the Southlands development, which took years to win approval but could be a template for future suburban projects. Its mix of housing is designed to attract seniors and young families with an agricultural theme and a lively retail village that includes a beachfront. It is among the reasons Tsawwassen is seeing higher sales now than a year ago and where total home sales have more than doubled since February. The townhouse’s benchmark prices are $901,600, lower than in neighbouring Ladner. Detached-house prices in April were up 7.2% from a month earlier, at $1,473,200, but remain 14% lower than a year ago. Condo apartments, at $724,900, are nearly unchanged from last year. A total of 54 properties were sold and there are only 167 on the market. With a sales-to-listing ratio of 73%, the highest for an April in years, this is a sellers’ market with very low inventory.

Pitt Meadows: Total sales have been declining for more than a year and April was no exception with just 27 transactions, down 4% from a month earlier and 40% lower than in April 2022. Detached house prices remain 17% lower than a year ago but have rallied so far this year, up 7% to an April benchmark of $1,220,900.  New listings in April were up 26% compared to March 2023, bringing the overall supply to about 3 months. With a sales-to-listings ratio of 50%, compared to 65% in March 2023, this is a weak seller’s market that could be balanced.

Maple Ridge: Young families looking for a townhouse are often drawn to Maple Ridge, where there is a fairly good selection and benchmark prices are down 15% from April 2022, to $747,200. This is about $200,000 below the Lower Mainland benchmark. Townhouse prices are inching up, though, increasing about 6% so far this year. Total property sales in April reached 161 in April, 8% higher than in March and just 3% below April 2022. This seller’s market is firming, with new listings in April down 7% from a month earlier, a sales-to-new-listing ratio of 62% and just 506 homes on the market. 

Surrey: The Fraser Valley’s largest market saw just 255 detached sales, 216 townhouse transactions and 227 condo sales in April, with detached and condo sales up 4% from March and townhouse sales down 3%. Detached house prices were up 3.8% month over month, but down 16% from a year earlier, at $1,579,100. The lowest strata benchmark prices are in North Surrey, with townhouses at $749,700 and condo apartments at $497,800.

Download April Sales and Listings Statistics Houses Townhouses Condos
Download April Sales and Listings Statistics All Regional
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

April is showing improvements from March as we see sales and listings on a slow but steady increase, although dramatic changes in market activity aren’t likely month over month as we settle into a balanced market that has dressed up as a seller’s market. With active listing counts flirting with decreases in some areas and product types and slight increases in others, and as buyer activity increases, competition over those too few listings have increased thus shifting the advantage back into sellers’ hands in some cases.

At the mid-point of April, there have been 1,227 sales in Greater Vancouver, more than the 1,184 that sold at the mid-point of March, and much more than the 878 that had sold at the mid-point of February. Even looking at 2019 as we have, there were only 856 sales at the mid-point of April in that year. The comparison to that year and any year for that matter seems to be less meaningful. This is a market onto its own. With Easter having taken some steam out of the market, buyers are more active this month than last and with the last half of the month not impacted by spring break as March was, we can expect sales to accelerate through the remainder of April. We’re already seeing this as the daily sales reported by the Greater Vancouver’s Board are higher in the first two weeks of April compared to March. And with the Bank of Canada holding their rate last week, buyers have some certainty in interest rates for the foreseeable future.

At mid-month in Greater Vancouver there have been 2,182 new listings so far, just slightly above the 2,154 new listings at the mid-point of March and not much more than the 1,846 new listings at the mid-point in February. This is of course still far below the 3,202 new listings at the midpoint of April 2022 or 4,078 new listings at the mid-point of April 2021. And looking at the comparison to 2019, it’s even much lower than the 2,819 new listings at the mid-point of April in that year. Listing inventory continues to be a challenge for buyers to find in our market.

Some interesting side notes so far this month. Vancouver’s West Side thus far has seen less new listings at mid-month compared to March, while the East Side has seen greater new listings and less sales, creating more growth in active listings. North Vancouver perhaps waiting to get through spring break and Easter has seen less sales and new listings thus far compared to the mid-point of March. In Richmond while sales are slower in April compared to March so far, it is almost double the number of mid-April 2019. Townhouses are the strongest part of that market with active listing counts dropping. Burnaby East has seen almost as many sales so far as all of March, and Burnaby South has also seen a significant jump, showing three times the number of sales as April 2019 at mid-month. Port Moody has seen more sales than new listings so far in April, with a 110% absorption rate. Those new developments can’t happen quick enough there, especially townhouses where there have only been 3 new listings so far to go with 17 sales which has dropped active listings down to 13 there. Moving further east, inventory in Maple Ridge is dropping, especially for townhouses where active listings are down 40% year-over-year. Maybe this missing middle theme has some truth to it.

The low number of active listings continues to be as consistent and the cold, wet weather in Metro Vancouver. With an absorption rate of 56%, which is just higher than we saw in March at 55% mid-month, more new listings are selling than the previous month. And it’s right at where absorption was last April when we saw 56% of listings purchased that month mid-way through. With 8,778 active listings in Greater Vancouver, it’s just above the 8,515 that were available at this time last year when the market was beginning its turn from super heated to super conservative. And while its higher than the 8,395 at mid-month in March, it was believed we would start to see quicker growth in active listings as the spring market moved into full bloom. Here’s hoping spring truly comes to Metro Vancouver in the real estate market as well as with our weather.

Here’s a summary of the numbers:

Greater Vancouver

1,227 units sold so far in April 2023 compared to

1,184 units sold at mid-month in March 2023
878 units sold at mid-month in February 2023
1,797 units sold at mid-month in April 2022
2,402 units sold at mid-month in April 2021
564 units sold at mid-month in April 2020
856 units sold at mid-month in April 2019

2,182 new listings so far in April compared to

2,154 new listings at mid-month in March 2023
1,846 new listings at mid-month in February 2023 
3,202 new listings at mid-month in April 2022
4,078 new listings at mid-month in April 2021
1,105 new listings at mid-month in April 2020
2,819 new listings at mid-month in April 2019

Total active listings are at 8,778 compared to 8,515 at mid-month in April 2022, and 8,395 at mid-month in March 2023.
Sales to listings ratio is at 56% compared to 56% at mid-month in April 2022 and 55% at mid-month in March 2023.

Vancouver West 

215 units sold so far in April 2023 compared to

211 units sold at mid-month in March 2023 
143 units sold at mid-month in February 2023
334 units sold at mid-month in April 2022
402 units sold at mid-month in April 2021
96 units sold at mid-month in April 2020
154 units sold at mid-month in April 2019

420 new listings so far in April compared to

467 new listings at mid-month in March 2023
354 new listings at mid-month in February 2023 
639 new listings at mid-month in April 2022
767 new listings at mid-month in April 2021
196 new listings at mid-month in April 2020
568 new listings at mid-month in April 2019

Total active listings are at 1,988 compared to 2,155 at mid-month in April 2022, and 1,949 at mid-month in March 2023.
Sales to listings ratio is at 51% compared to 52% at mid-month in April 2022 and 45% at mid-month in March 2023.

Vancouver East

111 units sold so far in April 2023 compared to

127 units sold at mid-month in March 2023 
95 units sold at mid-month in February 2023
186 units sold at mid-month in April 2022
263 units sold at mid-month in April 2021
58 units sold at mid-month in April 2020
94 units sold at mid-month in April 2019

251 new listings so far in April compared to

223 new listings at mid-month in March 2023
189 new listings at mid-month in February 2023 
331 new listings at mid-month in April 2022
537 new listings at mid-month in April 2021
124 new listings at mid-month in April 2020
301 new listings at mid-month in April 2019

Total active listings are at 940 compared to 1,174 at mid-month in April 2022, and 903 at mid-month in March 2023.
Sales to listings ratio is at 44% compared to 56% at mid-month in April 2022 and 57% at mid-month in March 2023.

North Vancouver

90 units sold so far in April 2023 compared to

108 units sold at mid-month in March 2023 
68 units sold at mid-month in February 2023
150 units sold at mid-month in April 2022
232 units sold at mid-month in April 2021
50 units sold at mid-month in April 2020
71 units sold at mid-month in April 2019

153 new listings so far in April compared to

180 new listings at mid-month in March 2023
123 new listings at mid-month in February 2023 
231 new listings at mid-month in April 2022
338 new listings at mid-month in April 2021
89 new listings at mid-month in April 2020
273 new listings at mid-month in April 2019

Total active listings are at 496 compared to 455 at mid-month in April 2022, and 455 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 60% at mid-month in March 2023.

West Vancouver 

34 units sold so far in April 2023 compared to

29 units sold at mid-month in March 2023 
22 units sold at mid-month in February 2023
25 units sold at mid-month in April 2022
54 units sold at mid-month in April 2021
13 units sold at mid-month in April 2020
27 units sold at mid-month in April 2019

94 new listings so far in April compared to

77 new listings at mid-month in March 2023
84 new listings at mid-month in February 2023 
104 new listings at mid-month in April 2022
147 new listings at mid-month in April 2021
43 new listings at mid-month in April 2020
119 new listings at mid-month in April 2019

Total active listings are at 475 compared to 457 at mid-month in April 2022, and 447 at mid-month in March 2023.
Sales to listings ratio is at 36% compared to 24% at mid-month in April 2022 and 38% at mid-month in March 2023.

Richmond

153 units sold so far in April 2023 compared to

163 units sold at mid-month in March 2023 
102 units sold at mid-month in February 2023
234 units sold at mid-month in April 2022
318 units sold at mid-month in April 2021
78 units sold at mid-month in April 2020
80 units sold at mid-month in April 2019

261 new listings so far in April compared to

264 new listings at mid-month in March 2023
255 new listings at mid-month in February 2023 
433 new listings at mid-month in April 2022
513 new listings at mid-month in April 2021
109 new listings at mid-month in April 2020
367 new listings at mid-month in April 2019

Total active listings are at 1,080 compared to 1,149 at mid-month in April 2022, and 1,057 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 54% at mid-month in April 2022 and 62% at mid-month in March 2023.

Burnaby East 

19 units sold so far in April 2023 compared to

10 units sold at mid-month in March 2023 
7 units sold at mid-month in February 2023
19 units sold at mid-month in April 2022
26 units sold at mid-month in April 2021
7 units sold at mid-month in April 2020
10 units sold at mid-month in April 2019

18 new listings so far in April compared to

22 new listings at mid-month in March 2023
12 new listings at mid-month in February 2023 
39 new listings at mid-month in April 2022
53 new listings at mid-month in April 2021
16 new listings at mid-month in April 2020
25 new listings at mid-month in April 2019

Total active listings are at 77 compared to 70 at mid-month in April 2022, and 77 at mid-month in March 2023.
Sales to listings ratio is at 106% compared to 49% at mid-month in April 2022 and 45% at mid-month in March 2023.

Burnaby North 

77 units sold so far in April 2023 compared to

80 units sold at mid-month in March 2023 
65 units sold at mid-month in February 2023
89 units sold at mid-month in April 2022
146 units sold at mid-month in April 2021
18 units sold at mid-month in April 2020
37 units sold at mid-month in April 2019

129 new listings so far in April compared to

110 new listings at mid-month in March 2023
112 new listings at mid-month in February 2023 
180 new listings at mid-month in April 2022
255 new listings at mid-month in April 2021
56 new listings at mid-month in April 2020
139 new listings at mid-month in April 2019

Total active listings are at 412 compared to 359 at mid-month in April 2022, and 380 at mid-month in March 2023.
Sales to listings ratio is at 60% compared to 49% at mid-month in April 2022 and 73% at mid-month in March 2023.

Burnaby South 

101 units sold so far in April 2023 compared to

60 units sold at mid-month in March 2023
58 units sold at mid-month in February 2023
104 units sold at mid-month in April 2022
126 units sold at mid-month in April 2021
29 units sold at mid-month in April 2020
33 units sold at mid-month in April 2019

125 new listings so far in April compared to
101 new listings at mid-month in March 2023
113 new listings at mid-month in February 2023
181 new listings at mid-month in April 2022
221 new listings at mid-month in April 2021
48 new listings at mid-month in April 2020
141 new listings at mid-month in April 2019

Total active listings are at 390 compared to 425 at mid-month in April 2022, and 387 at mid-month in March 2023.
Sales to listings ratio is at 81% compared to 57% at mid-month in April 2022 and 59% at mid-month in March 2023. 

New Westminster 

54 units sold so far in April 2023 compared to

43 units sold at mid-month in March 2023
30 units sold at mid-month in February 2023
74 units sold at mid-month in April 2022
102 units sold at mid-month in April 2021
37 units sold at mid-month in April 2020
56 units sold at mid-month in April 2019

80 new listings so far in April compared to
77 new listings at mid-month in March 2023
62 new listings at mid-month in February 2023
98 new listings at mid-month in April 2022
153 new listings at mid-month in April 2021
45 new listings at mid-month in April 2020
131 new listings at mid-month in April 2019

Total active listings are at 235 compared to 223 at mid-month in April 2022, and 238 at mid-month in March 2023.
Sales to listings ratio is at 68% compared to 76% at mid-month in April 2022 and 56% at mid-month in March 2023.

Coquitlam

90 units sold so far in April 2023 compared to

97 units sold at mid-month in March 2023
78 units sold at mid-month in February 2023
148 units sold at mid-month in April 2022
159 units sold at mid-month in April 2021
46 units sold at mid-month in April 2020
77 units sold at mid-month in April 2019

180 new listings so far in April compared to

152 new listings at mid-month in March 2023
129 new listings at mid-month in February 2023
263 new listings at mid-month in April 2022
307 new listings at mid-month in April 2021
93 new listings at mid-month in April 2020
213 new listings at mid-month in April 2019

Total active listings are at 506 compared to 547 at mid-month in April 2022, and 469 at mid-month in March 2023.
Sales to listings ratio is at 50% compared to 56% at mid-month in April 2022 and 64% at mid-month in March 2023. 

Port Moody

54 units sold so far in April 2023 compared to

37 units sold at mid-month in March 2023
19 units sold at mid-month in February 2023
35 units sold at mid-month in April 2022
71 units sold at mid-month in April 2021
10 units sold at mid-month in April 2020
25 units sold at mid-month in April 2019

49 new listings so far in April compared to
50 new listings at mid-month in March 2023
49 new listings at mid-month in February 2023
56 new listings at mid-month in April 2022
87 new listings at mid-month in April 2021
28 new listings at mid-month in April 2020
79 new listings at mid-month in April 2019

Total active listings are at 163 compared to 129 at mid-month in April 2022, and 177 at mid-month in March 2023.
Sales to listings ratio is at 110% compared to 63% at mid-month in April 2022 and 74% at mid-month in March 2023.  

Port Coquitlam 

35 units sold so far in April 2023 compared to

28 units sold at mid-month in March 2023
20 units sold at mid-month in February 2023
55 units sold at mid-month in April 2022
83 units sold at mid-month in April 2021
22 units sold at mid-month in April 2020
31 units sold at mid-month in April 2019

52 new listings so far in April compared to

57 new listings at mid-month in March 2023
45 new listings at mid-month in February 2023
101 new listings at mid-month in April 2022
232 new listings at mid-month in April 2021
37 new listings at mid-month in April 2020
80 new listings at mid-month in April 2019

Total active listings are at 159 compared to 168 at mid-month in April 2022, and 150 at mid-month in March 2023.
Sales to listings ratio is at 67% compared to 54% at mid-month in April 2022 and 49% at mid-month in March 2023. 

Ladner 

16 units sold so far in April 2023 compared to

23 units sold at mid-month in March 2023
16 units sold at mid-month in February 2023
17 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
6 units sold at mid-month in April 2020
15 units sold at mid-month in April 2019

27 new listings so far in April compared to

20 new listings at mid-month in March 2023
35 new listings at mid-month in February 2023
26 new listings at mid-month in April 2022
46 new listings at mid-month in April 2021
17 new listings at mid-month in April 2020
33 new listings at mid-month in April 2019

Total active listings are at 102 compared to 83 at mid-month in April 2022, and 86 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 115% at mid-month in March 2023. 

Tsawwassen

17 units sold so far in April 2023 compared to

13 units sold at mid-month in March 2023
15 units sold at mid-month in February 2023
23 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
14 units sold at mid-month in April 2020
9 units sold at mid-month in April 2019

38 new listings so far in April compared to

38 new listings at mid-month in March 2023
23 new listings at mid-month in February 2023
41 new listings at mid-month in April 2022
62 new listings at mid-month in April 2021
20 new listings at mid-month in April 2020
50 new listings at mid-month in April 2019

Total active listings are at 177 compared to 118 at mid-month in April 2022, and 157 at mid-month in March 2023.
Sales to listings ratio is at 45% compared to 56% at mid-month in April 2022 and 34% at mid-month in March 2023.

Download April Sales and Listings Statistics Houses Townhouses Condos
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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Dexter Realty’s March 2023 Report: 

• Benchmark prices are 22% higher than three years ago

• Greater Vancouver sales are up 146% from January 2023

• Greater Vancouver Benchmark detached-house price rise $60,000+ this year

• First-time homebuyer incentive starts April 1

• Five-year fixed mortgages are now the lowest-rate option

• Fraser Valley home sales soared 72% in a month 

March came in like a tiger and went out like a lion with housing sales doubling over the last two weeks of the month and a total of 2,535 sales up 38% from a month earlier and a startling 146% rebound from the 1,030 transactions in January 2023.

The composite benchmark home price increased by 3% from the end of January.
With the number of listings we have, it is a spring seller’s market with momentum.
In the Fraser Valley, sales in March were 72 percent higher than in February and, at 1,550, total transactions were above the 1,000-unit level for the first time since August of 2022. More surprising is the retreat of active listings, with detached and townhome listings down 20 to 30% year-over-year, even as much as 50% down in some pockets. This has shifted a lot of those markets to 2 to 3 months supply.

Some were surprised at the performance, including most media who are comparing the current market with last year, which is meaningless. The first quarter of 2022 was still in a once-in-a-century pandemic and the Bank of Canada had just started eight straight mortgage rate increases that spooked buyers and sellers alike.

Within the next few months, sales will begin to surpass the same month in 2022 and the headlines and perception of the current sales and price momentum will change.
The Bank of Canada's next interest rate announcement is scheduled for April 12. It’s widely anticipated that the Bank will hold the key overnight rate at 4.5%. Also, after the April break is when lenders tend to come out with their spring mortgage promotions, which should help with the downward pressure on rates.

Fixed-rate mortgage rates are already falling. As of March 30, the lowest rates in Canada were for five-year fixed-rate mortgages at 4.29% for insured mortgages and 4.59% for uninsured home loans, according to a survey by rate.com.

Also, April 1 is the official launch of the new federal Tax-Free-Savings Account for home buyers. It allows a young couple to save up to $80,000 for the down payment on their first home on a tax-free basis. Not a huge incentive but enough to encourage some tenants into ownership. 

The market has changed this spring and you can see and feel it on the street. Buyers who have come back into the Greater Vancouver market already know the score. They are seeing multiple offers on desired properties and benchmark prices that have been rising an average of $15,000 a month so far this year.

Everything is up except listings and even they will not likely stay this low for long as more sellers recognize prices are firming and buyers are back.

March saw 4,317 new listings for residential properties, which was nearly 1,000 more than in either February or January. This was a 35.5% decrease compared to the 6,690 homes listed in March 2022, however, and was 22.3% below the 10-year seasonal average. The overall sales-to-new-listing in March was 57%, which compares to the sales-success ratios during the hot market of 2021. 

The total number of homes listed for sale at the end of March in Greater Vancouver was 8,617, an 8% increase compared to March of last year. Don’t be surprised to see a sudden spike in sellers this spring, since March had the lowest number of new listings for that month since 1995. 

For those who are considering a sale, now is the time to list your property before the rush of new listings begins and competition for buyers increases.

It is resale listings that will deliver the most homes: Metro Vancouver's total non-rental housing starts so far this year are just 700 units higher than in 2022.

Don’t count on the B.C. government's latest ‘Homes for People’ plan to suddenly increase the supply or lead to lower housing prices. The plan, introduced in early April, includes automatic rezoning of every single-family lot in the province to allow up to four housing units. But this has yet to be put into legislation, so at this point, it is just a promise. We’ll have to wait until the fall to see what this may look like and the timing of it being in effect.

The City of Coquitlam has had a similar plan in place for years, allowing fourplexes, smaller lots and laneway houses in most single-detached neighbourhoods in the city since 2011. 

Since then, however, the composite benchmark price of a Coquitlam detached house has increased 143%, compared to an average of 80% in the rest of Greater Vancouver; Coquitlam’s rental vacancy rate is among the lowest, at 0.7%, and the city’s rental rates are the same or higher than anywhere else in the region. Also, Coquitlam is currently sitting with just a 2 months supply of housing, mostly strata units. Clearly, the Metro region has a long way to go in adding supply if progressive Coquitlam can’t even keep up.

The B.C. plan to mandate four-plex density zoning on detached lots will increase the price of a house for rental investors or developers but it won’t deliver more homes people can buy. In the 30-page Homes for People report, strata is never even mentioned. This means house owners who opt into the plan must also become landlords, which many owners have no interest in.

The Homes for People plan is really a ‘houses for rental investors, speculators and tenants.’ This is not a bad thing, but it falls far short of the altruistic hyperbole that always surrounds such government announcements.

Bottom line: We are now at the start of the first normal market in three years. We don’t have ultra-low ‘quantitative easing’ interest rates; the sales-to-listing ratio is becoming balanced; and prices and sales are steadily increasing. All we now need is back-to-normal listings, which, hopefully, we can move toward this spring.

March 2023 report on regional markets:

Greater Vancouver: This is now a near-classic seller’s market. Greater Vancouver is down to a mere 3-month supply of townhouses and apartments available for sale, while detached houses are at a 4-month supply. Something to note: the benchmark composite home price is now 22% higher than it was three years ago when the global pandemic began. Detached sales improved significantly in March, in some areas leading in comparison to last month. While strata units were in seller’s market conditions last month, detached has also shifted to a seller’s advantage, based on current inventory levels. The benchmark price for all residential properties is currently $1,143,900. This represents a 1.8% increase compared to February 2023. The March benchmark detached house price is $1,861,800, up 2.7% – or about $50,000 – from a month earlier. “On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” noted Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver. 

Fraser Valley: Total housing sales in March posted a 72.6% increase from a month earlier and the 1,550 transactions marked the first-time monthly sales topped 1,000 since August 2022. New listings, at 2,559, were 32% higher than in February, but still 44% below last year, while active listings were up 2.8% over last month. However, listings remain among the lowest March level in a decade. The Fraser Valley Real Estate calls it a week seller’s market, with the overall sales ratio at 31% and townhouse sales-to-listing ratio at 62%. Benchmark prices for detached houses increased 1.9% month-to-month, to $1,390,600. Townhouses were up 2.3% from February, at $794,400; and condo apartments reached $521.800 also, up 2.3% from a month before.

Vancouver Westside: Multiple offers are back in the most-watched market as sales of detached houses in March were the highest since March 2022 and benchmark prices shot up 3.7% from February 2023, to $3,218,500. With 94 sales from 177 listings, the sales ratio was 57% in this seller’s market. Total March residential sales were 449, up 42% from February 2023, and 131% higher than in January 2023. Active listings were at 1,977 at month-end compared to 2,065 at that time last year and 1,923 at the end of February; new listings in March were up 29% compared to February 2023. The supply of total residential assets for sale is down to 4 months and the overall sales-to-listings ratio is 49% compared to 44% in February 2023 as the Westside readies for an active spring.

Vancouver East Side: March sales were 143% higher than in January 2023 and 45% above February 2023, at 287 transactions. With total supply down to 899 properties and new listings up 20% from February, we are calling this a seller’s market. The sales-to-new-listing ratio in March was 62%, compared to 68% a year ago. The benchmark detached house price was up 2.1% from February 2023 and the benchmark price rose 1.7%, month-over-month to $1,135,500. Condo sales led the market in March, with 111 transactions at a median price of 
$665,000.

North Vancouver: New listings didn’t last long in March, with a 72% sales-to-listing ratio and total sales of 215 properties, led by 111 condo apartment sales at a benchmark of $782,800, a price up 2.5% from a month earlier. Townhouses are benchmarked at $1,304,000 with detached houses at $2,141,300, both marginally higher than in February. Total new listings rose 45% from a month earlier, but with sales up 44% month-over-month, a 58% sales-to-listing ratio and prices rising across the board, this remains a strong seller’s market.

West Vancouver: Since the first of this year, 135 homes have sold in West Vancouver and 64 of them sold in March when sales were up 129% from January. But new listings were up just 6% from February and the total inventory of 463 properties represents about a 7-month supply. This buyer’s market is seeking balance with a sales ratio of 39% and the benchmark home price at $1,274,300, up 2.2% from February 2023 but 8% lower than in March 2022. Looking for a deal? West Vancouver’s detached house prices are down 9% from a year ago, at $3,019,500.

Richmond: Richmond posted the largest month-over-month house price increase in the region, with March detached house prices up 6.6% from February to $2,108,100. Total sales were also much higher, rocketing up 55% from a month earlier. Detached sales were up 50% at 95 transactions. Richmond is a seller’s market on steroids, with a sales-to-new-listing ratio of 74%, compared to 49% in February and 63% in March of last year, and total inventory is down to three months.

Burnaby East: Modest increases in home sales, up 5% from February to just 20 transactions in March, compared to a 135% increase in listings would normally signal a buyer’s market. But with just a two-month supply of total active listings and a 43% sales-to-listing ratio, we are calling this to the seller’s advantage. The benchmark home price in March was $1,156,600, up 2.2% from a month earlier but down more than 10% from the same month last year.

Burnaby North: Detached house prices edged up 2% from February to $1,878,200 in March, the highest increase in Burnaby but still 10% below March 2022. Townhouse and condo prices were virtually unchanged from February 2023. This is a seller’s market with a sales-to-new-listing ratio of 71% and just a two-month supply on the market. There are 388 active listings on the market, with new listings up 17% from February 2023. Total sales in March tallied 169 transactions, the highest level so far this year.

Burnaby South: Total sales have been rising month-over-month in the first quarter and reached 130 in March, at a benchmark home price of $1,075,100. This remains a seller’s market, though sales are still down 40% from a year ago and prices are 8.5% lower.  Active listings were 408 at month-end compared to 395 at that time last year and 377 at the end of February. Total listings are steady at 3 month’s supply and the sales-to-listings ratio of 55% compares to 57% in February 2023 and 59% in March 2022.

New Westminster: There is a wide price spread for condo apartments in New Westminster, where the condo benchmark price is $648,000. Dig down and you will find the median condo price varies from a low of $455,000 in the West End of the Royal City to $522,000 in the uptown and peaked at $885,000 in Queensborough, based on March sales stats. That is why it is a good idea to have a knowledgeable real estate agent to guide you if you are a new buyer in historic New West. The overall market is active, with total sales of 96 in March, which was 140% higher than in January 2023 and up 46% from February. This is a seller’s market still, with a sales-to-listing ratio of 68% and just 229 properties on the market.

Coquitlam: As noted above, Coquitlam was a pioneer in up-zoning detached homes to create more housing units per lot, which the city started in 2011, and the BC government now wants to mandate across the province. The rather unsettling result is that, 12 years later, Coquitlam has only a 2-month supply of homes with just 428 on the market as of the end of March. And sales are increasing, with March transactions rising 24% from a month earlier and up 169% since January, to 196.
The benchmark price is up 2% from the start of the first quarter, at $1,065,800. This is a seller’s market, with a 64% sales-to-listing ratio, which is higher than in March 2022, and prices rising for all property types. 

Port Moody: The first master-planned residential community approved and moving forward since 2004 is now pre-selling in Port Moody. The 23-acre, $1.1 billion Portwood development, by Edgar Development, includes 2,000 strata homes and about 470 rentals in the Woodland Park area. The new homes are badly needed as other new projects remain stalled and there is barely a 2-month supply of resales on the market. With total sales of 80 in March, up 70% from a month earlier, the benchmark price is up 2.4% so far this year to $1,105,200 and detached houses are selling at a benchmark of $2,107,400, up 2.4% from a month earlier. The sales-to-listing ratio is high at 70%, nearly the same as a year ago. (Incidentally, the cost for the developer to deliver Portwood included $2.85 million in public art; $30 million for a new road; 328 low-rent housing units for BC Housing, and donating 70% of the land for green space. 

Port Coquitlam: Like Coquitlam, Port Coquitlam also has a plan of “gentle density” to add more housing units on detached lots. However, only 66 new homes have started in the entire Tri-Cities market so far this year. Port Coquitlam has seen housing sales double so far this year, to 69 in March and the benchmark home price is up 3.1% since January at $915,700, which is still down nearly 12% from a year ago. The sales-to-new-listing ratio in March was a balanced 54% as this seller’s market readies for the spring buying season with a total of 160 properties on the market.

Pitt Meadows: Total March sales were up 87% compared to both January and February, to 28 transactions, as the residential benchmark price edged up 2.5% from February to $846,500. This price remains 20% below March 2022. With a total of 69 active listings and a sales ratio of 65%, this is a seller’s market, but March saw a 59% increase in new listings from February, so buyer selection is improving. 

Maple Ridge: Maple Ridge benchmark prices also remain nearly 20% below a year ago, with detached houses selling for $1,179,500 in March, up a modest 1.1% from the first of this year. There was a total of 149 homes sold in March, 129% higher than in January and up 16% from February. With 495 active listings on the market and 54% of new listings selling in March, this is a steady seller’s market. Buyers may want to look at townhouses, now selling for $731,700, the lowest price in the Greater Vancouver mainland market, and down 19% from March 2022.

Ladner: Ladner continues to struggle for townhouse and condo listings, with townhouses only having 1 month supply and a 92% absorption rate and condos seeing the most sales since October 2021. In March, total sales of all property types were up 138% from January and the sales-to-listing ratio hit 55%. But this is not a balanced seller’s market, with townhouse prices up a market-leading 8.6% since the first of the year, to $998,500; and condo prices up 6.5% in the same period to $714,300. The supply of total residential listings is down to a 3-month inventory at the current sales pace.

Tsawwassen: Sunny Tsawwassen turned on the heat in March, with housing sales up 40% from a month earlier to 35 units. The strata market is sizzling, with townhouse benchmark prices rising 11.5% since January 1, to just over $1 million; and condo prices up 6.6% in the same period to $740,600 – a price slightly above March 2022 and 37% higher than even three years ago. This is pegged as a balanced market with a sales-to-listing ratio of 43%, but sellers are fully in control of the tight townhouse and condo sector. 

Surrey: The city posted an 84.8% increase in detached-house sales in March compared to a month earlier, with the composite benchmark price unchanged at $1,503,200, though still down 19.5% from March 2022. Townhouse sales were up 59% from February and condo sales rose 48%, month-over-month, to 217 transactions at an average price of $536,054. With active listings, sales and prices rising this year in every market from North Surrey to South Surrey-White Rock, B.C.'s second-biggest city is shaping up as a very active spring market, with buyers holding a slight edge.

Download March Sales and Listings Statistics Houses Townhouses Condos
Download March Sales and Listings Statistics All Regional
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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Dexter Realty’s February 2023 Report 

• Prices increased month-over-month for the first time since May 2022

• Housing sales are up 77% from January; new listings are up just 5%.

• Multiple offers are being seen on Westside detached houses. 

• Top townhouse market: New Westminster.

• Undersupplied North Vancouver is now a seller’s market.

The last three years have been an anomaly for housing markets around the world and Greater Vancouver is no exception. That is why it is virtually useless to compare our current, back-to-reality environment with what was happening a year or two years ago during a once-in-a-century event.

In 2021, we were in the grip of a global pandemic and a home-buying frenzy with mortgage rates at record lows. In February 2022, housing sales and prices hit a white-hot peak just before the federal government hosed it down with the first of eight straight interest rate increases through the Bank of Canada.

Today, in February 2023, the panic buying is history, mortgage rates have stabilized, and buyers are back into the first normal housing market in four years. Driven by buyer demand and low supply, February marked the first month-to-month home price increase in nine months.

Greater Vancouver housing sales, at 1,824 transactions in February, were up 77% from January 2023 and 21% higher than in February 2019, before the whole pandemic-influenced housing boom-and-bust began. February sales were also higher than in November and December 2022, and, we believe, signal the start of a strong spring selling season.

Buyers are already competing with other buyers for far fewer listings. The number of new listings in February was the lowest for that month going back to pre-1991, much the same as it was in January. Compared to January 2023, listings were only up 5%. 

But, since sales have been slower over the past 10 months, a total of 8,283 homes were on the market at the of February, above the 7,862 active listings at the end of January and a few hundred more than in December 2022. 

With buyers flowing back into the market, immigration hitting record levels and interest rates settling down, this appears a prime time to encourage housing starts. However, governments at all levels appear to be doing their best to stunt new home construction.

• The federal government has banned foreign buyers for two years, including those investing in residential land, if the developer has less than 97% Canadian ownership. For example, a 3,000-unit Burnaby residential development, now under construction, would not be allowed today because the developer is based out of London, England. The recent collapse of major condo developers in Metro Vancouver could be traced to the ban’s impact on companies with as little as a 3% foreign ownership. This has put thousands of new homes at risk.

• The B.C. government is spending $500 million to stop or stall the private redevelopment of 50 and 60-year-old rental buildings into modern, higher-density housing projects.

• Metro municipalities are jacking up development cost charges, even as housing starts fall. Among the examples is Richmond, where housing starts so far in 2023 total just 73 units, down 80% from the 381 starts at the same time a year ago. Richmond is raising DCC rates on single-family lots by $20,000 to $61,138, and raising the DCC rate for condo apartments and townhouses by 43% to more than $34 per square foot. This means that a modest new townhouse of 1,200 square feet will now cost about $41,000 just in city development fees. 

All governments preach about addressing the supply of ‘missing middle’ housing for families, which translates as townhouses. Yet only 3 townhouse units have started so far this year in the City of Vancouver, compared to just 21 units a year ago at this time – and a mere 90 townhouse units were started in all of 2022 across Metro Vancouver.

For residential investors, the consistent housing shortage is a blessing, which is why Metro Vancouver has become a “buy and hold” housing environment. Owners know that the law of supply and demand ensures that home prices will keep increasing. So they wait it out. In markets where sales levels are declining, an increase in new listings would add to the active listing count and provide downward pressure on prices. 

That’s not the Metro Vancouver market, where sales are turning back up.

Any increase in new listings will be absorbed by buyers. With the level of competition we are now seeing in the market, buyers are craving listings and competing for different product types in different areas. Active listing counts are up about 500 since the end of December. Absorption rates today are twice what they were in a similar market in 2019, and are only held in check by the lack of homes on the market.

The bottom line: Greater Vancouver listings are scarce at a time when they should be double what they are. 

Prior to 2015, having 15,000 to 20,000 active listings in Greater Vancouver was the norm. Since then, we’ve barely scratched above 15,000 and right now we are at half that level. Restrictive zoning and slow-moving development approvals continue to barricade supply. And without that supply, a seller’s markets will continue, at whatever level of demand we have in the market. 

A look at the Regional housing numbers: 

Greater Vancouver: Total housing sales were up 77% compared to January 2023, while new listings were up 5%. The result was the composite benchmark home price posted the first month-over-month increase since May of 2022, rising 1.1% to $1,123,400. Detached house prices rose 0.7%, to $1,813,000; condo apartment prices rose 1.6% to $732,200; and townhouse benchmark prices were up 1.8%, compared to a month earlier, to $1,038,500. Active Listings were at 8,283 at month-end compared to 7,062 at that time last year and 7,862 at the end of January. Greater Vancouver’s detached housing market is now seen as a balanced market, with both condo apartments and townhouses in a seller’s market. The total sales-to-new-listing ratio in February was 51%, compared to 30% in January 2023 and 62% in February 2022.

Fraser Valley: The Fraser Valley Real Estate Board processed 898 sales in February, an increase of 43.5% over January 2023, but still only half as many as were recorded a year ago. February new listings were up by 5.7% over January 2023 to 1,938 but 48.25% lower than in February 2023. Active listings were up 7% from a month earlier. The composite benchmark home price in February was $946,700 up 0.5%  from January 2023 and the first month-over-month increase since April 2022. Further, the benchmark price is 36% higher than in pre-pandemic February 2020. 

Vancouver Westside: February total sales, at 316, were up 63% from January 2023 and would have been even higher if more listings were available. One Westside house had 16 offers on it at the end of February, an indication of the demand. New listings were down 1% from January, but active listings as of month end were at 1,923, representing about a six-month supply. The sales-to-new-listing ratio is running at 44%, up from 27% a month earlier. There is a severe shortage of townhouses, with nearly half the 91 new listings selling in February at a median price of more than $1.48 million. No new townhouses have started construction this year on the Westside. The February benchmark price for a detached house on the Westside jumped 2.7% from a month earlier, to $3,103,100.

Vancouver East Side: Total housing sales in February, at 198, were up 68% from January 2023, but new listings were up by only 6%, while the sales-to-new-listing ratio reached a balanced 52%, up from 33% in January, and close to 55% ratio in the hot market a year ago. This is a market to watch. Benchmark prices were up in all sectors from a month earlier, led by a 2.9% surge in townhouse prices to $1,052,500. The supply of total residential listings is down to five months supply, with condos in seller’s market conditions. Benchmark condo prices were up 1% from January, to $683,600, based on 101 sales, double the number a month earlier.

North Vancouver: This perpetually under supplied market is a seller’s market with only a three-months supply of listings, even with growth in active listings of townhouses and condos. A total of 150 sales were seen in February, up 83% from a month earlier, but active listings were just 20 homes higher, at 436 units. With the sales-to-listing ratio at 59%, townhouse prices shot up 4.1% from January 2023, to $1,286200, and detached and condo benchmark prices were up nearly 2% from a month earlier.

West Vancouver: Sales increased 54%, month over month to 43 transactions, but because of a 21% spike in new listings, there is now a 10-month supply of homes, in this buyer’s market for detached houses. It remains a seller’s market for townhomes, because the supply is so low, perhaps one reason West Vancouver’s population is declining. West Van posted a modest decline in most prices compared to January, except for condo apartments, which were up 2.7% to a region-leading $1,228,900.

Richmond: Despite the angst in Richmond’s strata market – where an 800-unit development has gone into receivership and starts have plunged 80% from a year ago, total sales in February were up 89% from January. The benchmark composite home prices rose 2% from a month earlier with condos selling for $735,800; townhouses at $1,083,100; and detached houses at just over $2 million. With an overall sales-to-listing ratio of nearly 50%, the detached-house market is in balanced conditions, with a seller’s market building steam in the strata sector. 

Burnaby East: Total sales in February were 21, up 133% from a month earlier and the sales-to-listing ratio hit a stunning 105%, compared to a low of 20% in January 2023 and 52% in February of last year. This is a seller’s market on steroids with the composite benchmark price up 2.2% month-over-month to $1,102,900, the highest in Burnaby.

Burnaby North: With total sales up 113% from January 2023, to 134, and total active listings down 10%, this is also a seller’s market with a mere three-month supply of listings and a sales ratio of 66%. The saving grace is the high number of new condos coming to the market in the Brentwood-Gilmore area. The composite home price was up from January, led by a 2.4% surge in townhouse prices to $892,100.

Burnaby South: Many Burnaby buyers were southbound in February, driving total sales up 119% from a month earlier, to 118 transactions. Active listings were 377 at month end compared to 352 at the end of January, which translates to a three-month supply at the current sales pace. The composite benchmark price was up nearly 1% from January at $966,500. The sales-to-listing ratio is a healthy 57% with the strata sector in seller’s market conditions.

New Westminster: For buyers looking for scarce townhouses, the Royal City has a good selection. Only 3 townhouses sold in February and there is nine-month supply on the market. Benchmark townhouse prices, however, increased 4.4% from January 2023, to $932,200, the same price as in February 2023. Total housing sales in February were 65% higher than a month earlier, at 66, at new listings inched up by 1%. The overall sales-to-listing ratio is 62%, up from 38% in January 2023 with a buyer’s market for townhouse and condos and a balanced market for detached houses, where prices are up 2.4% or about $34,000 – from a month earlier at $1,418,100.

Coquitlam: It seems hard to understand with the amount of new multi-family construction over the past two years, but Coquitlam is seeing a shortage of strata homes. Coquitlam had one of the biggest turnarounds in February with sales up 116% compared to January. Townhouse sales went from 4 in January to 40 in February. With that, there is just a two-months of inventory for townhouses and condos. The composite benchmark price is up 0.7% from a month earlier, but townhouse prices rose 2.5% from January to $999,900. With an overall sales-to-listing ratio of 67%, this is a seller’s market for strata units and balanced in the detached sector.

Port Moody: Even with total listings of 200 at the end of February, and a significant increase in townhouse and condo listings, strata units are in a seller’s market, along with detached houses. There were more sales than new listings compared to January, with a 104% sales increase from the month previous, to 47 transactions while only 91 new listings in February compared to 103 in January. More than half (52%) of the new listings sold in February, while the composite benchmark price increased 1% to $1,093,100, the highest in the Tri-Cities. 

Port Coquitlam: There is only a one-month supply of townhouses with twice as many sales as new listings in February. Total housing sales reached 40, up a modest 18% from January 2023. The total supply of residential listings is down to four months, meaning a balanced market conditions for detached houses, with townhouses and condos in seller’s market conditions. The overall sales-to-listing ratio is a healthy 46% and the composite benchmark price has held steady (up 0.7%) for three months at $900,900.

Pitt Meadows: Sales didn’t budge month-over-month, with 15 transactions in February, while new listings fell 29% compared to January 2023. The total inventory remains at a four-month supply in this balanced market, with a sales-to-listing ratio of 55%. The composite benchmark home price fell 0.6% from January to $825,900.

Maple Ridge: Total housing sales in February were up 98% from January 2023 to 129 transactions, but new listings were down 4% from a month earlier. With a sales-to-listing ratio of 62%, the same as in February of last year and up from 30% in January 2023, this is a sellers’ market with just four months of inventory. Still, Maple Ridge plans to increase development cost charges this year to $41,000 for a new detached house, up from $22,465, and raise per-square-foot fees for new condo and townhouse units by 80%. The composite benchmark home price in February was up about 1% from January, at $918,300, but townhouse prices rose 3.5%, month over month, to $723,600.

Ladner: The townhouses market saw significant increases in sales and listings accounting for as many sales in February as detached and condos combined. Still, the total market was fairly brisk, with 27 transactions, up 69% from a month earlier and higher even than in February of last year. Townhouse prices spiked up 6.7% from January 2023 tied as the highest increase in Metro Vancouver – to $988,600. New listings were up 42% from a month earlier and there were 98 active listings as February ended. With a sales-to-listing ratio of 44%, this is a balanced market slanting towards a seller’s advantage for townhouses and condos.

Tsawwassen: Detached house listings were down 41% compared to January, while condos remain with a three-month supply. Detached houses and townhouses are in a balanced market. Total sales were rather tepid, at 25 transactions compared with 20 in January 2023 and 73 in February 2022. Perhaps buyers are tired of the back-and-forth Massey Tunnel replacement plan that doesn’t seem to ever get off (or under) the ground. This was noticeably absent from the recent provincial budget announcement and its three-year infrastructure plans. Despite a sales ratio of 47%, the composite benchmark price was down 3.7%, month-over-month, to $1,112,800, led by a sharp 7% drop in detached house prices.

Surrey: Benchmark home prices in Surrey were higher than in January, the first month-over-month increase since April of 2022. Detached house prices were up 0.7% to $1,503,200; townhouse prices rose 1% to $ $ 803,100 and condo apartment benchmark prices were up 1.4% to $522,700. The outlier is South Surrey-White Rock’s detached market, where prices slipped down 1.4% from January to $1,776,300, still the highest price in the Fraser Valley. With total Surrey sales up 61% from January 2023, at 132 transactions, and new listings up less than 15%, Surrey is considered a balanced market.

Download February Sales and Listings Statistics Houses Townhouses Condos

Download February Sales and Listings Statistics All Regional

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty