VANCOUVER, BC – February 2, 2023 – Inventory remains low in Metro Vancouver* while
home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in
January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so
rapidly over the last year, we anticipated sales this month would be among the lowest in recent
history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward,
however, the Bank of Canada has said that it will pause further rate increases as long as the
incoming economic data continues to support this policy stance. This should provide more
certainty for home buyers and sellers in the market.”

There were 3,297 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9
per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent
increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase
compared to December 2022 (7,384).

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By
property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and
16.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

“We know the peak for prices in our market occurred last spring. Over the coming months, yearover-
year data comparisons will show larger price declines than we’ve been reporting up to
now,” said Lis. “It’s important to understand that year-over-year calculations are backwardlooking.
These price declines already happened, and what we are seeing today is that prices may
have found a footing, even if it’s an awkward one sandwiched between low inventory and higher
borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022
and a 0.3 per cent decrease compared to December 2022.

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622
detached sales recorded in January 2022. The benchmark price for a detached home is
$1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent
decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the
1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This
represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to
December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348
sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a
three per cent decrease from January 2022 and a 0.8 per cent increase compared to December
2022.

-30-

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Craig Munn
V.P., Communication and Events
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

Imagine you’re at the grocery store shopping for oranges. Two brands are available: the “Amazing Orange” and the “Super Orange.”

Which would you choose to buy?

Chances are, you wouldn’t decide based on their similarities. For example, since both oranges contain vitamin C, using that as a buying criteria wouldn’t help you choose between them. Instead, you would probably look for differences. What does one brand have that the other does not? Maybe one is less expensive, organically farmed, or is seedless!

When people make buying decisions, they often look for differences.

So, if you’re thinking of selling your property, highlighting its unique and desirable features — its differences from comparable homes — is crucial.

How do you do that?

The first step is to make a list of those special features you want buyers to notice. Those might include a new and spacious deck, extra high ceilings, a finished basement, move-in readiness, and other characteristics.

Next, you want to make sure those features are emphasized in marketing materials and when staging your home.

There are many ways to emphasize features through staging. For example, if the deck is a desirable feature, ensure it’s well-lit in the evenings (for after-dusk viewings.) Also, make it easy to see when buyers are in your home, by having the curtains pulled back. You may be able to explore other ways to ensure buyers notice and appreciate the deck too.

Differences make a difference! Show them off when selling.

Are you thinking of selling your home this year? If so, you might be paying extra attention to housing market news covered by the regional and national media.

While that news can be helpful information, it can sometimes say little about what’s happening in your particular neighbourhood. In fact, it’s possible for there to be a balanced market nationally or regionally, while at the same time your street may be experiencing a hot seller’s market!

That’s why it’s important to understand what’s happening in your local “micro” housing market when you’re selling your home.

What do you need to know about your local real estate scene? Here are a few questions to ask yourself:

• Is our neighbourhood a seller’s, buyer’s, or balanced market right now?
• If we list our home this month, will there be any competing listings in our area? If so, how many?
• How long is the average listing in our area taking to sell? A week? A month?
• How much are properties like ours in the neighbourhood selling for?
• How desirable is our neighbourhood? How many buyers are actively looking to move here? Are there currently buyers eager to purchase a home like ours?
• What are the demographics of buyers looking to buy in our neighbourhood?
• How important is it to fix up and stage my home if I decide to sell?

Getting these local insights will be far more helpful than the national news when you put your property on the market. So, find out what’s happening right here, in your neighbourhood.

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can—this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

With so many legal issues to consider, your first step should be to seek out experienced professionals to help educate you and represent your best legal interests. Begin with an experienced real estate agent, who can help guide you through the initial hoops. S/he should also be able to point you in the direction of a reputable local real estate lawyer to assist you in all legal matters involved in the purchase or sale of your house.

While there are countless legal details involved in a real estate transaction, some seem to pose larger problems than others. We’ve outlined two legal clauses that are commonly misunderstood and may cost you money if not worded correctly. Handle these carefully and you will be on track to a successful sale or purchase!

1. Home Inspection Clause

Some real estate transactions have been sabotaged due to the wording of the home inspection clause. This clause originally allowed that the buyer has the right to withdraw their offer if the home inspection yielded any undesirable results. However, this allowance was known to backfire, as Buyers took advantage of it, using some non-issue stated in the inspection as an excuse for having changed their minds. Of course, this was unfair to the Sellers, as they’d poured time and money into what they believed was a sure deal. Not only might they have missed out on other offers in the interim, but their house might also now be unfairly considered a “problem home.” Additionally, they’d now have to shoulder the costs of continuing to market the property. All of this adds up.

In order to remedy this potential problem, the clause should indicate that the seller has the option of repairing any problems the home inspection might point to. With this slight change in the clause, both buyer and seller are protected.

To ensure this clause is fair from one side of the bargain to the other, work closely with a lawyer experienced in these transactions and all the nuances that may affect the outcome for you.

2. Survey Clause

It is the right of a home buyer to add a survey clause to the real estate contract on the home they’d like to purchase. If you are on the selling end of the contract, be aware.

If you have added an addition or a pool to your property since the last survey was produced, your survey will no longer be considered up-to-date and the Buyer may request that a new one be drawn up—the cost of which you will incur. The price of this process will run anywhere from $700 to $1000.

Your real estate agent has the responsibility to provide you with the most recent survey of your home. It is then the Buyer’s right to decide if it is acceptable. An experienced agent should offer you reliable counsel if you encounter an issue with this clause, but it is advisable to talk to your lawyer if you’re unsure at all of the potential ramifications involved. Remember, the wording of this clause could cost or save you thousands of dollars