2023 Greater Vancouver Area Housing Market Outlook

2023

RE/MAX experts lend their local market insights and expectations for the year ahead.

GREATER VANCOUVER AREA Housing Market Outlook

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Greater Vancouver at a Glance

Notable trends, the factors behind them, and what's in store for 2023.

Balanced market conditions in the GVA are anticipated to continue into at least the second quarter of 2023. Move-up and move-over buyers have led consumer demand in the region, with first-time buyers following close behind – a trend that’s likely to persist into the beginning of next year. Homebuyers will be weighing value against opportunity in the market, with upsizing being top of mind. On the other hand, first-time buyers will be able to take advantage of a cooling market and make offers with conditions. Interestingly, it will be first-time homebuyers that will facilitate move-up and move-over buyers to sell their first properties and upsize. This is expected to be a major factor and growing trend in the Greater Vancouver real estate in 2023.

2023 Market Conditions

balanced Market

2023 Average Price

$1,203,774.45

2022 Average Price

$1,267,131.00

Average sales are expected to decline 20% in 2023. This follows a 31% decline in 2022.

Regional Sales Trends

Single-detached homes are in highest demand, with the “upsizing” trend expected to increase among families in 2023.

Condo prices are expected to fall in 2023. The luxury market is anticipated to have a slow start to the year before balancing out in Q3/Q4.

$1,500,000

$1,250,000

$1,000,000

$500,000

2021

2022

2023 (estimate)

average Price trends

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Canadian Housing Market Trends

Amid rising interest rates and a looming recession, RE/MAX is anticipating a modest decline of 3.3% in average residential sales price across the Canadian housing market in 2023. In sharp contrast to 2022, 60% of regions analyzed are expected to experience balanced market conditions in 2023 – a trend that’s already materializing due to current economic conditions.

Download the national data table

73% of Canadians believe home ownership is the best long-term investment they can make. This is up from 49% in 2021.

consumer confidence

45% of Canadians are concerned that further interst rate hikes will impact their ability to buy or sell a home in 2023.

interest rates

60% of Canadians surveyed said they own their home. 17% don't own, but expect to in the future.

Ownership in Canada

We surveyed Canadians. Here's what they said.

64% of Canadians would move for an affordable home; but 50% wouldn’t go farther than 100KM. (RE/MAX 2022 Housing Affordability Report)

Affordability

50% of Canadians said taxes are their biggest concern when buying a home in the next 5 years. (RE/MAX Unlocking the Future Report)

economy

57% of Canadians believe climate change / weather-related events will impact where they choose to live in the next 5 years. (RE/MAX Unlocking the Future Report)

environment

2022 Year in Review

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Consumer data was sourced by Leger through an online survey of 1,544 Canadians, completed between November 4-6, 2022, using Leger’s online panel. Leger is the largest Canadian-owned full-service market research firm. Leger's online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.

About the RE/MAX 2023 Canadian Housing Market Outlook Report

Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates. For More information visit REMAX.ca. Each office is independently owned and operated. Your use or reliance on the information above is at your own risk. The information is provided without any warranties of any kind, either express or implied. Neither RE/MAX nor any person associated with RE/MAX makes any warranty or representation with respect to the completeness, quality, or accuracy of the information. To the fullest extent provided by law, RE/MAX hereby disclaims all warranties of any kind, whether express or implied,statutory, or otherwise, including but not limited to any warranties of non-infringement and fitness for particular purpose. RE/MAX also disclaims any responsibility for the content, the materials, the accuracy of the information, and/or the quality of the information provided.

-5%

Source: Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates.

(Estimate)

(Jan 1 - Oct 31)

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