VLOGS + BLOGS

The Greater Vancouver real estate market in February 2023 experienced a expected uptick, with sales and listing inventory both increasing compared to the previous month. However, sales are still significantly lower compared to the same period last year, which are attributed to various factors such as economic uncertainty and higher interest rates.

Sales were up 77% compared to January 2023 but down 47% compared to February of 2022. Listing inventory increased 5% compared to January 2023 and increased 16% compared to February 2022.

The fact that demand is currently outpacing new listings is leading to multiple offer situations but not like we experienced in recent history. We caution against assuming that the asking price is indicative of the actual value of the property.

It is important to closely monitor the local market for the specific property type and price point that one is interested in, and to seek expert advice when making decisions as market conditions can greatly vary from one area, property type and price point to the next.

Overall, it will be interesting to see how the market develops as we head into the Spring market and whether demand will continue to rise or stabilize. We do anticipate more inventory.

We encourage you to reach out to us to fully understand what is happening as it pertains to your plans.

Attached properties

Vancouver Downtown - Attached 

• Balanced market at 16% sales ratio average (1.6 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 4% below list price.
• Inventory: up by 5% over last month.
• Most Active Price Band: $600,000 to $700,000 with average 44% sales ratio (sellers market).
• Buyers Best Bet: homes between 1.75 mil  to $2 mil, Coal Harbour and 3 bedroom properties.
• Sellers Best Bet: selling homes in Westend and up to 1 bedroom properties.

• Sellers market at 23% sales ratio average (2.3 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 2% below list price.
• Inventory: up by 9% over last month.
• Most Active Price Band: $500,000 to $600,000 with average 50% sales ratio (sellers market).
• Buyers Best Bet: homes between $1.75 mil to $2 mil, South Cambie, South Granville and minimum 4 bedroom properties.
• Sellers Best Bet: selling homes in Kitsilano and 2 bedroom properties.

• Sellers market at 32% sales ratio average (3.2 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average 2% below list price.
• Inventory: down by 1% over last month.
• Most Active Price Band: $400,000 to $500,000 with average 78% sales ratio (sellers market).
• Buyers Best Bet: home between $1 mil to $1.25 mil, Grandview Woodland, Strathcona and 3 bedroom properties.
• Sellers Best Bet: selling homes in Hastings, Knight and up to 1 bedroom properties.

DETACHED PROPERTIES

Vancouver Westside - Detached

• Buyers market at 14% sales ratio average (1.4 in 100 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 1% below list price.
• Inventory: up by 5% over last month.
• Most Active Price Band: $2.25 mil to $2.5 mil with average 67% sales ratio (sellers market).
• Buyers Best Bet: homes minimum $7.5 mil, Cambie, Shaughnessy, South Granville, Southlands and 3 to 4 bedroom.
• Sellers Best Bet: selling homes in Kitsilano and up to 2 bedroom properties.

• Buyers market at 18% sales ratio average (1.8 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average at 2% below list price.
• Inventory: up by 2% over last month.
• Most Active Price Band: $1.5 mil to $1.75 mil with average 48% sales ratio (sellers market).
• Buyers Best Bet: homes between $2.5 mil to $2.75 mil, Collingwood, Renfrew and up to  2 bedroom properties. 
• Sellers Best Bet: selling homes in Fraser and 3 to 4 bedroom properties.

North Vancouver - Detached 

Tags

• market updates 2023 (12)