FOR IMMEDIATE RELEASE:
Prices continue rising across Metro Vancouver as home buyer confidence returns
VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms,
home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen
last spring, before eight consecutive interest rate hikes eroded borrowing power and brought
home sales activity down along with it.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 2,7412 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in
April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are
returning with confidence after a challenging year for our market, with mortgage rates roughly
doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per
cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The
year is far from over, however, and it remains to be seen if these price increases will be sustained
There were 4,307 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7
per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below
the 10-year seasonal average (5,525).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-
year seasonal average (11,117).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for
April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1
per cent for townhomes, and 37.4 per cent for apartments.
Analysis of the 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.
“When we released our market forecast in January, we were one of the only organizations taking
the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re
seeing unfold so far this year is consistent with our prediction that near record-low inventory
levels would create competitive conditions where almost any resurgence in demand would
translate to price escalation, despite the elevated borrowing cost environment. At the crux of it,
the issue remains a matter of far too little resale supply available relative to the pool of active
buyers in our market.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a
2.4 per cent increase compared to March 2023.
Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965
detached sales recorded in April 2022. The benchmark price for detached properties is
$1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase
compared to March 2023.
Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the
1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This
represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to
Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578
sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1
per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.
1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, 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.
2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only
included detached, attached, and apartment sales, and these additional categories, which typically account for
roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.
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®.