Courtesy of Taylor Brown

Delta Market Report for February 2023

Median Selling Price

$1,355,000 detached DOWN 20.6% year-to-year

52 SOLD LISTINGS

46.4% SALES TO NEW LISTING RATIO

112 NEW LISTINGS

22 14

detached

apartment

Below average home sales allow inventory to inch upwards

Vancouver, March 2023 – February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023. There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service ® (MLS ® ) in Metro Vancouver and 7,868 currently listed for sale, a 16.7 percent increase compared to February 2022. For all property types, the sales-to-active listings ratio for February 2023 is 23 percent. The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 percent decrease over February 2022 and a 1.1 percent increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1 percent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 percent decrease from February 2022 and a 0.7 percent increase compared to January 2023. Sales of apartment homes reached 928 in February 2023, a 49.9 percent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three percent decrease from February 2022 and a 1.6 percent increase compared to January 2023. Statistics reflect market activity in Feb. 2023 | Source: REBGV ® Real Estate Board of Greater Vancouver | Market values stated are of the Median Selling Price of Delta and surrounding region. Median Selling Prices are not reported for areas with less than 20 sales. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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