Monthly Real Estate Market Report – February 2023

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Recent data from February indicates that many potential sellers in Metro Vancouver still hesitate to participate in the local real estate market, leading to a below-average number of transactions. This lack of engagement has caused inventory levels in the region to increase slightly compared to previous years. This trend towards reduced activity is far from the typical buying and selling patterns historically seen in Metro Vancouver. According to the Real Estate Board of Greater Vancouver, February 2023’s sales were 33 percent below the 10-year February sales average.

It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.

Andrew Lis, REBGV Director, economics and data analytics

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 percent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 percent increase compared to January 2023 when 3,297 homes were listed.