Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 percent decrease from the 2,285 sales recorded in January 2022, and a 21.1 percent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 percent below the 10-year January sales average.
“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”
Andrew Lis, REBGV Director, economics and data analytics
There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 percent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 percent increase compared to December 2022 when 1,206 homes were listed.