Home sales decline below long-term averages and inventory remains low to start 2023

VANCOUVER, BC – February 2, 2023 – 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 per cent decrease from the 2,285 sales recorded in
January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent 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,” said Andrew Lis, REBGV’s director, economics and data analytics. “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.”

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
per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent
increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase
compared to December 2022 (7,384).

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By
property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and
16.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

“We know the peak for prices in our market occurred last spring. Over the coming months, yearover-
year data comparisons will show larger price declines than we’ve been reporting up to
now,” said Lis. “It’s important to understand that year-over-year calculations are backwardlooking.
These price declines already happened, and what we are seeing today is that prices may
have found a footing, even if it’s an awkward one sandwiched between low inventory and higher
borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022
and a 0.3 per cent decrease compared to December 2022.

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622
detached sales recorded in January 2022. The benchmark price for a detached home is
$1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent
decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the
1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This
represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to
December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348
sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a
three per cent decrease from January 2022 and a 0.8 per cent increase compared to December
2022.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Craig Munn
V.P., Communication and Events
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org