Monthly Real Estate Market Report – May 2023

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Although the year started slower than usual, the Real Estate Board of Vancouver has announced that the Metro Vancouver housing market is steadily picking up as we approach the summer months. This May, the region saw 3,411 residential home sales, a 15.6 percent increase from the 2,947 sales recorded in May of last year, and a 1.4 percent decline from the 10-year seasonal average of 3,458.

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included. Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”

Andrew Lis, REBGV director of economics and data analytics

There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 percent decrease compared to the 6,397 homes listed in May 2022.