Monthly Real Estate Market Report – March 2023

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The Real Estate Board of Greater Vancouver reported that March saw 2,535 house sales; a 45.2% decrease from the 4,405 sales made in March 2022. Despite this, home prices across Metro Vancouver have increased modestly since the start of the year, and this is expected to continue this Spring. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.”

Andrew Lis, REBGV director of economics and data analytics

The Multiple Listing Service® (MLS®) saw 4,317 new property listings in Metro Vancouver for March 2023 — a year-over-year decrease of 35.5% compared to the 6,690 homes listed for sale in March 2022.