the rennie advance - April 2023

In March, total MLS sales rose by 50% from February, which was a much larger jump than the typical 28% increase. Last month’s total of 4,022 sales, however, was 25% below the past 10-year March average. Inventory, on the other hand, only increased by 3% from the previous month and ended March 25% below the long-run average.

Sales

• There were 4,022 MLS sales in the Vancouver Region in March, a 50% increase (1,349 additional sales) compared to February, and greater than the typical 28% month-over-month increase. Despite this, the total sales count was 25% below the past 10-year average of 5,335 and 41% below the sales count of March 2022 (of 6,833).

• On a month-over-month basis, sales of detached homes increased by 58% (to 1,326) in March, from February’s 838. Condo sales followed closely behind, increasing by 49% (to 1,811), while townhome sales increased by 39% (to 760).

•  Compared to March of last year, detached home sales were down the most among home types (by 43%), followed by condo sales (which were down 42%), and townhome sales (down 40%).

Total Listings

• The 3% increase in total MLS listings in the Vancouver Region between February and March (11,758) was lower than the typical seasonal increase of 7%. Overall, March’s inventory was 25% below the past 10-year average of 15,622.

• On a month-over-month basis, detached home inventory rose by 4% (to 5,016 listings), closely followed by condo inventory, which rose by 3% (to 4,755). Townhome inventory rose by 2% (to 1,563). On a year-over-year basis, detached home and townhome inventories were down the most, at 9%, while condo listings were actually up by 16%.

• Overall, there were 2.9 months of inventory (MOI) in March, which was a significant decline from February’s MOI of 4.2. The market, on the whole, strongly favoured sellers, as did the markets of each home type: the detached home market had 3.8 MOI, the condo market 2.6, and townhome market 2.1.

Median Prices

• On a month-over-month basis, March’s median prices increased, on average, by 3% in the Fraser Valley board area, and by 2% in the Greater Vancouver board area. Year-over-year, median prices were, on average, down by 15% in the Fraser Valley and by 9% in Greater Vancouver.

• Compared to February, detached home prices in Greater Vancouver in March were up 6%, and for condos they were up 4%; that said, townhome median prices were down 4%. In the Fraser Valley, median prices were up for all home types, with townhomes up the most, by 5%, followed by detached homes at 3% and condos at 2%.

• Compared to March 2022, median prices were lower for all home types in both board areas. In Greater Vancouver, townhomes were down the most (by 13%), followed by detached homes (by 9%), and condos (by 5%). In the Fraser Valley, detached home median prices were down the most (by 21%), followed by townhomes (by 15%), and condos (by11%).

The rennie advance is a monthly publication which includes a brief summary of the latest regional housing sales and listing activity, produced the same morning as the data is released.

Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.