February 2023 Monthly Market Update & January Statistics
How's the Market?
Vancouver's housing market saw a continuation of the slowdown in sales at the start of 2023, with only 1,624 sales recorded in January – the second-lowest total for the month in the past twenty years. Sales were 54% below those of January 2022 and 42% lower than the ten-year January average. The lack of expansion in inventory further hampered the market, with new listings totalling only 5,017, which was 22% below last year's numbers and 26% less than the past ten-year average.
With significant pickup in the market over the first few weeks of February, everyone's eyes are on the Bank of Canada and what it will do next in the face of the labour market's continued strength and the sticky inflation.