Spring brings renewed price growth across Metro Vancouver’s housing market while new listings remain dormant
Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages.
March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
The Real Estate Board of Greater Vancouver reports that residential March home sales decreased 42.5% and 28.4% below the 10-year seasonal average.
On the pricing side, the spring market is already on track to outpace our 2023 forecast.
There were 4,317 detached, attached and apartment properties newly listed for sale on the MLS® . This represents a 35.5% decrease compared to the 6,690 homes listed in March 2022.
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3% for detached homes, 36.7% for townhomes, and 34.9% for apartments.
Analysis of historical data suggests 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.