the rennie advance - March 2023

Despite rising for the first time in four months, February’s MLS sales were still 36% below the decade-long average for the month here in the Vancouver Region. Inventory also increased for the first time in a while (five months, to be exact), with overall conditions shifting and now favouring sellers.Sales

• There were 2,677 MLS sales in the Vancouver Region in February, an increase of 65% compared to January, and the first increase in sales counts in four months. Despite this, total sales remained 36% below the past 10-year average for the month, with last month’s count being the third-lowest for any February in the past 10 years.

• The 65% month-over-month jump in sales was more than the typical seasonal increase of 48%, and is largely a function of January having tallied the second-fewest sales for that month since 2001. Townhome sales increased by 89%, followed by detached homes (+63%), and condos (+58%).

• Compared to February 2022, last month’s sales were down by 48%. Detached homes were down the most (by 52%), followed by condos (down 49%), and townhomes (down 41%).

Total Listings

•  Total MLS listings in the Vancouver Region rose to 11,362 by the end of February, up 6% versus a month earlier; that said, inventory was 22% below the past 10-year February average. Last month’s inventory was, in fact, 16% higher than that of February 2022, however last February’s listings count was the lowest ever recorded for the month.

• On a month-to-month basis, the inventory of detached homes was up by 8%, condos by 6%, and townhomes by 0.2%. On a year-over-year basis, condo inventory was up the most at 27%, followed by townhome inventory (+20%), and detached home inventory (+4%).

• With only 4.2 months of inventory (MOI) in February, the overall market favoured sellers. There were 3.8 and 2.8 MOI for the condo and townhome segments, respectively (with conditions therefore favouring sellers), while there were 5.7 MOI for detached homes (reflecting balanced conditions)

Median Prices

• On a month-over-month basis, January’s median sold prices, on average, increased by 5% in the Greater Vancouver board area and by 2% in the Fraser Valley board area. Compared to last year, median prices were down by 10% and 20% in the respective board areas.

• Compared to January, Greater Vancouver’s median prices were up 8% for detached homes and 7% for townhomes, while condo prices were down 1.4%. In the Fraser Valley, median prices were up across all home types: townhomes by 3%, detached homes by 2%, and condos by 0.8%.

• On a year-over-year basis, median prices were lower across all home types, in both board areas. Detached homes were down the most— by 15% in Greater Vancouver and by 27% in the Fraser Valley— while townhomes were down by 7% and 21% (respectively), and condos were down 7% and 13% (respectively).