March 2023 – Monthly Vancouver Real Estate Update

Vancouver Real Estate – Monthly Market Update – Infographic – March 2023
Our market continues to strengthen.

After nearly a year of weakening, we now have a second month of strength. And the momentum is building.

By no means are we back to unsustainable levels of market activity. In fact, by most measures activity is still below the 10-year average. BUT, the trend is that the differences are shrinking.

The market is no longer frozen by fear (as it was toward the end of last year) and optimism continues to build.

Sales jumped to 741. That's up +43.6% month-to-month but down nearly -43% from a year ago. This was down -27.5% from the 10-year average (1,022).

New listings increased to 1386 which was up +27.2% from last month and down -34.6% from a year ago. It was also down -17.5% from the 10-year (1679). 

Active listings rose to 2824. This was just -1.2% off last month and down -10.1% from a year ago...but down -6.8% from the 10-year (3031).

So, demand is growing (sales) and supply (listings) continue to remain subdued. As a result, we are seeing a return to price increases in Vancouver. 

In fact, this was the first time in a year EVERY housing type saw month-to-month price increases. Many of these increases were significant (eg +3.7% for westside houses)...and for the first time in a very long time we are seeing the most significant increases for higher price bands...such as houses and townhouses.

I expect that we will continue to see the market get busier in the next couple of months. We should see more listings as we enter into the traditional spring listing season...but not enough to satisfy the ravenous demand of motivated buyers.

More and more it appears that the worst is behind us. There is still an opportunity to step into the market and put capital to work before everyone else realizes that the beginning of the next upward cycle has begun.

If you are looking to make a move, don't hesitate to reach out to me. I'm always happy to offer my insights that and advise on your specific situation.
Vancouver Real Estate Statistics – March 2023 – Total Active Listings
Vancouver Real Estate Statistics – March 2023 – New Listings
Vancouver Real Estate Statistics – March 2023 – Sales


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