Monthly Housing Report - Updated March 2023

Welcome to this months 'Metro Vancouver Housing Report' for February.

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The average price for a home in Metro Vancouver was $1,220,469, which declined by 98.2% annually but increase by 4.9% since last month.

The benchmark price in Metro Vancouver stands at $1,123,400, which is a 1.1% monthly increase but a 9.2% annual decrease. This benchmark price is a 21% increase over the past 3 years, but 11% lower than the all time high of $1,264,700 in April of last year.

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To break it down into catagories: A detached home benchmark price decreased by 12.0% year over year to $1.81M. A townhome benchmark price decreased by 6.3% year over year to $1.04M and a condo benchmark price decreased by 3.0% year over year to $732K.

The average sale price in February for a detached house was $2,054,975 which is a 7.5% increase over January, but a 10.2% decrease over the past 12 months. The average sale price for a townhouse in February was $1,176,822 which is a 4.3% decrease over January and a 9.0% decrease over the past 12 months.

The number of transactions in February, which is really interesting, considering January had the lowest number since 2008 is: 514 detached houses, up 74% from last month, but a 49% decrease over the past 12 months and 366 townhouses, which is a 135% increase since January, but still a 35% decrease over the past 12 months.

Let me know your thoughts and insight if you have a free moment.

Until next time.


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