Vancouver housing market predictions 2023 – Real Estate Trends – Should I Buy?

by Richard Morrison
February 22, 2023
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Here is what you don’t already know about the Vancouver real estate market in November, 2023.

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Real Estate Market in Metro Vancouver & Fraser Valley – Condo & House Prices for November, 2023

and… Vancouver: Home Prices are down, home sales down, and listings for houses about the same and condos up also down.

The number of people buying homes and condos in Vancouver has gone down a lot.

Single Family Homes: In January 2023, there was a 52% decrease in the amount of single-family homes sold compared to last year. Also, the average price of these homes went down by 18% from its highest point in April 2022, which means the price dropped by $403,000, going from $2,312,000 to $1,909,000.

Condos: Also affected, with a 56% decrease in sales and a 10% decrease in average price since April 2022. This means that the average price of a condo in Vancouver has gone down by about $88,000, going from $846,000 to $758,000.

These changes might make it a good time for people who want to buy their first home or those who want to downsize to get a better deal.

See Vancouver Houses Stats

See Vancouver Condos Stats

READ MORE: Can you afford a home in Vancouver?

Vancouver home sales have slowed down dramatically in pace in November, 2023 as National Avg. home prices remain high year over year. But the numbers since April 2022 show a crash in housing market. Read one…

Lower Mainland Property Sales are Down – November, 2023

Metro Vancouver Real Estate Sales are down compared to last year, but down tremendously since 2021.

Latest Update: Since April 2022, the real estate market in Canada and parts of the US is in a correction territory.

Key Takeaways:

* Market has declined since the high point of sales

* Active listings have increased by 15% for condos and 14% for single-family homes

* Active condo listings in Vancouver West have increased by 136%

* New listings have decreased, but active listings are higher yearly

* Sharp declines in sales and prices seen in both high sales period and peak of Vancouver prices.

See Vancouver Houses Stats

See Vancouver Condos Stats

READ MORE: 5 Most Expensive Neighbouhoods in Vancouver

Now for the Vancouver Housing Report for November, 2023:

Let’s take a deeper dive into the Vancouver housing market, and also let’s see what the rest of Canada is doing as of November, 2023. Here our take on the Vancouver market trends predictions in November, 2023.

How Will November, 2023 Affect The Vancouver Real Estate Market?

The Vancouver real estate market will change since November, 2023. These changes may affect oil, stocks, and real estate. The market may be unstable until global conflicts end, so proceed cautiously.

This year’s Vancouver real estate market game changers are listed below.

Interest Rates
Predicting Vancouver housing prices in November, 2023 is difficult, but we can still make educated guesses. Now may be a good time for Vancouver real estate investors to capitalise on this short term negative trend.

Conflicts
Geopolitical tensions in the Middle East and Ukraine continue to affect the real estate market. These disputes could depress the real estate market. Investors may want to avoid Europe for now and look elsewhere.

Population Boom

The Government of Canada is on a spree for 500,000 immigrants per year. This trend is likely to continue as Canada has a declining birth rate. This will positively impact the real estate market tremendously, especially in major urban centers like Vancouver and Toronto.

Oil Prices
Oil prices affect Vancouver real estate. With rising oil prices, more people may move to cities to save on transportation. This may increase urban real estate demand and decrease suburban and rural demand.

Stock Markets
The stock market is an economic barometer. Bull markets encourage real estate investment, while bear markets discourage it.

Real estate offers opportunities despite its challenges. We’ve seen deals even in hot markets. In February, it was hot to spend 1.9 million on a property; today, it’s hot to spend 1.3 million on the same house.

Investors should follow Warren Buffet’s advice and be greedy when others are fearful. According to this contrarian stock market view, prices are overinflated and returns are lower when the market is booming. However, fearful investors may find value.

Sales are down across most major Canadian urban centres and prices on the rise. It will only be a matter of time until Vancouver picks up once again – but when? Contact me for more details. We have been advising clients for 20 years.

Now that I have summed up all of the previous coverage, we are ready to jump into real data that your news source won’t tell you.

READ MORE: What is a Good Salary to Live in Vancouver?

Inventory is very low for Greater Vancouver and Fraser Valley for Condo Apartment, Townhouse and Detached Home November, 2023

Inventory for Greater Vancouver is shown below:

Worldwide – Real Estate Values are Growing

From Slovenia being up 17% in 2018 to Latvia, China, Malta, Hungary, Taiwan, Netherlands are all up 8-12% and a whole slew of countries are up 3%. Australia is the worst performer at a 5% decline but from the 56 nations reporting – 49 are higher and 40 are more than double the reported inflation rates of 2%.

Look up Knight Frank Global house price index for each country.

And for Vancouver? Home prices continue to grow (albeit correcting). There are buying opportunities for condos forming as buyers choose detached single-family houses due to more space requirements.

According to the UBS Global Real Estate Global Index, Metro Vancouver was 6th position on the housing bubble territory, below Toronto:

Real estate market news in British Columbia has not changed in the last 4o years: The housing market and home prices keep going up in the long term. Last year in Metro Vancouver the Greater Vancouver real estate board showed one of the hottest years. We expect more to come next 5-10 years.

Average prices in other vancouver area markets like North Vancouver and West Vancouver continue to also experience the same price growth.

Real estate prices in areas nearby also have increased significantly. Although the average price of rentals have diminished, values are still holding. Short-term rentals have taken a hit due to travel restrictions.

Is the Canadian Real Estate market going to crash again?

Despite the latest housing market news in Canada saying that the market housing crash has cometh, Canada real estate market is robust, with demand steady and population on the rise – record rise!

I have seen it all before. News publications like Macleans, The Economist, The Georgia Straight, The Vancouver Sun, throughout all previous historical crisis, have pumped out sensational negative news with headlines such as “Housing Market Crash!, “Canada Housing Market Collapse” and “BC Housing Bubble To Burst“.

But time and time again, the Vancouver housing market crash never happened & Vancouver real estate that prices always recover after each and every crisis.

I have used the graph above for many years, (this one above is from 2008) and it has not changed. MARKET CYCLES ARE A PART OF LIFE, AND WE WILL BE HIGHER 10 YEARS FROM NOW. In 2008 we did not fall into oblivion. Every headline in 2008 was doom and gloom. That time was NOT different. And this time will NOT be different either.

Demand continues to be robust for properties across Canada and you can see above just how Toronto, Ottawa, Calgary, Montreal are all performing positively and very well in 2019.

I need to sell my home. What do I do?

And if you are a seller, fret not, because properties are selling, as long as they are priced correctly. I never argue with the residential market in Vancouver, especially in 2019. If you need to sell, make sure you price below your competition and deal with offers as they come.

READ MORE: HOW TO STAGE YOUR HOME ON A BUDGET AND MAKE IT STUNNING.

Interest Rates are rising worldwide

Higher interest rates make mortgages more expensive and may deter buyers from large purchases. Second, higher interest rates lower savings account returns, making it harder for homebuyers to save.

Lower housing affordability and tighter lending regulations, both of which have become more important, exacerbate these issues. This makes it harder for people to get a mortgage or stay current. If interest rates rise, Vancouver homebuyers should expect higher prices and fewer options.

November, 2023 Vancouver Housing Market Forecast

Vancouver homeowners are worried about the housing market’s future as global interest rates rise. Key trends can help us predict the market in November, 2023.

Vancouver’s real estate market may stay strong for years. Prices have held steady for a year, and there’s no reason to think they won’t rise in the next 5 years.

This means homeowners who have been looking to buy or sell may benefit from a strong market in the coming years. It also means that long-term investors will likely see their investments grow.

Rising interest rates have greatly affected the Vancouver real estate market.

Buyers are finding financing harder as interest rates rise. This has caused some prices to drop or stagnate. The November, 2023 Vancouver market is uncertain. Higher borrowing costs may make home ownership less affordable, and those who can may be locked into long-term mortgages with higher payments.

Rising incomes and foreign investment from the lose immigration policy in Canada may boost prices. As interest rate policy evolves, the cost of borrowing will lessen.

Money Supply still at all times high

Well, I suppose there is an infinite number of solutions to navigating a portfolio in a never before seen low-interest environment. But here is what I know: Buy Hard assets where people want to live (ie Lower Mainland). Why? Because as more money is printed, more of it will flock to those assets. Ratios like Price-to-income ratio have been obsolete for years (and will continue that way) because of this phenomenon of money printing.

How phenomenal? In the last 10-12 years the world’s governments have increased the money supply by 500%. That eventually means that your money is diluted by five times, unless of course, you have a hard asset that is desirable, and people want to flock to it.

We are left to our own now to fend off this liquidity, and it will continue. Savers will be losers in the long run. Unfortunately, this is the cruel world we live in. I don’t make the rules. It’s a hard truth that we must confront. Life Long Renters will be the norm in the future to come. So will self-driving cars, and 3D printed houses and entire buildings!

Let’s Act! The Canadian Property Market is only half the story. You are the main protagonist!

It’s times like these that you are able to pick up the BEST DEAL possible in the Canadian Property Market. You don’t really have to take my word for it, I mean just look at the graph below:

Time and time again had you just bought during each dip, you would have thrived, and today is no difference, because as long as the world keeps printing money, the more it will circulate back to desirable assets – ie. Real Estate in Heavenly BC!

ACT TODAY! Drop your information below and let’s put a plan for you to take Action in this Market in 2019!

Grab a Free copy of my book series to learn more from 40+ pros in the BC Real Estate Market below:

Think of this book series as a Chicken Soup for the Soul, but for real estate in the Lower Mainland, British Columbia.
👉 👉 Grab it here.

Talk soon!
Richard Morrison

Canadian Real Estate Markets we like for the next 10 years

Single Detached Homes:

West Vancouver homes

North Vancouver homes for sale

Vancouver houses for sale

Eastside homes for sale

Richmond luxury residential

New Westminster

Port Coquitlam

Burnaby

Coquitlam

North Surrey

Surrey

Attached Condos and Townhouses

West Vancouver condos

North Vancouver apartments

Vancouver condos

Eastside condos for sale

Coquitlam high rise buildings

Surrey Major

North Surrey Whalley Condos and

New Westminster condominiums

Frequently Asked Questions

Q: What is the Vancouver Housing Market?

A: The Market refers to the real estate market in the Greater Vancouver Area, including the buying, selling, and renting of residential properties in the region.

Q: What is a benchmark price?

A: A benchmark price is a standardized measurement used to track changes in the value of a particular type of property over time. It provides a consistent reference point for comparing prices and analyzing market trends.

Q: How are benchmark prices calculated?

A: Benchmark prices are calculated by analyzing the sales data of similar properties within a specific area. By comparing the sales prices of these properties over time, a benchmark price can be determined for various property types.

Q: What is the MLS® Home Price Index?

A: The MLS® Home Price Index is a tool used by real estate professionals to measure and track changes in home prices over time. It allows for more accurate comparisons of home prices by taking into account various factors such as property type, location, and size.

Q: How have home prices in Vancouver changed compared to May 2022?

A: According to the Real Estate Association’s data, home prices in Vancouver have increased by an average of 2.4% compared to May 2022.

Q: What are the different property types in the Vancouver Real Estate Market?

A: The Market includes various property types such as detached homes, condo apartments, townhouses, and attached homes.

Q: Is the Vancouver Market currently experiencing a decrease in home prices?

A: According to the forecast projected by the Director of Economics and Data Analytics at the Real Estate Association, the Vancouver real estate Market is expected to see a decrease in home prices compared to the midway point of the year.

Q: Are there signs of heating in the Vancouver Condo Market?

A: Yes, there are signs of heating in the Market, as evidenced by the increase in home prices compared to previous months.

Q: What factors are holding back market activity in the Vancouver Real Estate Market?

A: Several factors, such as mortgage rates, limited inventory, and the Bank of Canada’s policies, are contributing to the slowdown in market activity in the Vancouver Market.

Q: What is the average price of homes in Metro Vancouver?

A: The average price of homes in Metro Vancouver is determined by the benchmark price and varies depending on the property type.

Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.

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