Below average home sales allow inventory to inch upwards!

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023. 

Last month’s sales were 33 per cent below the 10-year February sales average. 

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

To read the full report, CLICK HERE

While at a photo shoot for her condo listing, residents within the complex singled out REALTOR® Marce Miller for suspicious behaviour while simply conducting routine business activities for her client. Marce shares her story in the latest video in our series, A Different Side of Real Estate.

Listen to Marce's story:

A Different Side of Real Estate is REBGV’s video series that’s part of our Diversity, Equity, and Inclusion (DEI) program. In this series, we seek to share perspectives and spark conversations that can help create a more inclusive and welcoming environment for all people involved in real estate. 

We encourage you to share this video with your colleagues in the profession.

Start a conversation and spark change today.