{"id":21237,"date":"2023-03-07T07:00:00","date_gmt":"2023-03-07T12:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=21237"},"modified":"2023-03-06T16:02:01","modified_gmt":"2023-03-06T21:02:01","slug":"rebgv-feb-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/","title":{"rendered":"Vancouver Inventory Accumulating as Below Average Home Sales Continue: REBGV"},"content":{"rendered":"\n<p>Local market conditions in <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> remain unusual, with many prospective home sellers still sitting on the sidelines and sales activity significantly below the historical average. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1,808 home sales in February 2023, down 47.2% from February 2022 and 33% below the 10-year February sales average.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Some Month-over-Month Price Gains for More Affordable Property Types<\/h2>\n\n\n\n<p>Home prices saw slight month-over-month increases, though still down from February 2022. Currently at $1,123,400, the benchmark price for all residential properties rose modestly by 1.1% from last month. The largest increases could be seen in more affordable property types, with attached home prices up 1.8% at $1,038,500, and apartments up 1.6% at $732,200. Detached homes followed with just a 0.7% increase compared to January 2023, reaching a benchmark price of $1,813,100.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/10-fun-things-vancouver\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>10 Fun Things to Do in Vancouver on a Cold Winter Day<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>Despite a year-over-year decline in sales, there was still a 76.9% increase in home sales from January 2023. The increase could be seen across property types, with townhouse sales rising substantially by 128.2%, from 156 in January 2023 to 366 in February 2023. Detached and apartment sales similarly rose, by 74.2% and 62.5% respectively. However, the lack of new listings leaves the market\u2019s sales conditions less than ideal.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"423\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-750x423.png\" alt=\"\" class=\"wp-image-21239\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-750x423.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-300x169.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-768x433.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-1536x865.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1-2048x1154.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/CREB-Graphic-1200-\u00d7-676-px-2400-\u00d7-1352-px-1.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">New Listings Among the Lowest in Recent History<\/h2>\n\n\n\n<p>February saw 3,467 new listings, a slight increase compared with January 2023 when 3,297 homes were listed. When compared with February 2022 however, which had 5,048 homes newly listed, activity remains low and translates to a year-over-year decline of 36.6%. As the housing supply is still far from abundant, sales activity is pushed down.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/vancouver-trendy-neighbourhoods\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>7 of Vancouver\u2019s Most Trendy Neighbourhoods<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>This could result in a more balanced market, as REBGV\u2019s director, economics and data analytics Andrew Lis indicates. \u201cOn 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\u2019 market territory, particularly in the more affordably priced segments.\u201d<strong> <\/strong>In the coming months, expect prices to show a year-over-year decline, however with the spring market just around the corner we may see modest price increases. Continued sales activity and steady mortgage rates will play a factor on future market conditions.&nbsp;<\/p>\n\n\n\n<p>The next Bank of Canada mortgage announcement is scheduled for March 8, 2023. If you\u2019re considering buying, selling, or both in the Greater Vancouver area, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call today<\/a> to speak to a <a href=\"https:\/\/www.zoocasa.com\/company\/our-agents\" target=\"_blank\" rel=\"noreferrer noopener\">local agent<\/a> today.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Interested in Buying a Home in Vancouver?<\/div>\n<div class=\"cta-body\">Sign up for a free consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Local market conditions in Vancouver remain unusual, with many prospective home sellers still sitting on the sidelines and sales activity significantly below the historical average. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1,808 home sales in February 2023, down 47.2% from February 2022 and 33% below the 10-year February sales [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":21240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1170,1160,33],"tags":[],"class_list":["post-21237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-british-columbia","category-market-insights","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vancouver Inventory Accumulating as Below Average Home Sales Continue: REBGV | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Local market conditions in Vancouver remain unusual, with many prospective home sellers still sitting on the sidelines and sales activity significantly Home sales and inventory were both historically low for Vancouver in February 2023. Read the full report on the real estate market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vancouver Inventory Accumulating as Below Average Home Sales Continue: REBGV | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Local market conditions in Vancouver remain unusual, with many prospective home sellers still sitting on the sidelines and sales activity significantly Home sales and inventory were both historically low for Vancouver in February 2023. Read the full report on the real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-07T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-06T21:02:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/Zoocasa-REBGV-Feb-2023-Thumbnail.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/Zoocasa-REBGV-Feb-2023-Thumbnail.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Vancouver Inventory Accumulating as Below Average Home Sales Continue: REBGV\",\"datePublished\":\"2023-03-07T12:00:00+00:00\",\"dateModified\":\"2023-03-06T21:02:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\"},\"wordCount\":446,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"British Columbia\",\"Market Insights\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-feb-2023\/\",\"name\":\"Vancouver Inventory Accumulating as Below Average Home Sales Continue: REBGV | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-03-07T12:00:00+00:00\",\"dateModified\":\"2023-03-06T21:02:01+00:00\",\"description\":\"Local market conditions in Vancouver remain unusual, with many prospective home sellers still sitting on the sidelines and sales activity significantly Home sales and inventory were both historically low for Vancouver in February 2023. 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