January 2023
The real estate market in January showed a continuation of year-end trends, with fewer new listings and a sharp decrease in sales. However, activity appeared to pick up towards the end of the month, leading to some urgency among active buyers, who had limited options to choose from. This resulted in multiple offers in some cases.
Despite this increase in activity, the market remained inconsistent overall. The Bank of Canada's decision to halt further rate hikes could bring stability, but elevated rates and persistent economic concerns are expected to lead to a softening market as more homes become available.
In North Vancouver, sales were down 42.7 per cent from January 2022 with 82 homes sold – the lowest monthly sales total since January 2009.
New listings were down 12.3 per cent from January 2022, while total listings were up 27.9 per cent from the same time, ending the month at 399 homes for sale – 26.7 per cent below the 10-year January average.
For all property types, the January 2023 sales-to-active listing ratio was 20.6 per cent.
By property type, the January ratios were: 12.9 per cent for detached houses, 26.9 per cent for townhomes, and 23.1 per cent for apartments.
By price range, the January ratios were:
| < $750,000: | 29.9 per cent |
| $750k to $1M: | 32.8 per cent |
| $1M - $1.5M: | 19.0 per cent |
| $1.5M - $2M: | 23.5 per cent |
| $2M - $2.5M: | 9.8 per cent |
| $2.5M - $3M: | 9.1 per cent |
| > $3M: | 4.0 per cent |
In West Vancouver, sales were down 41.3 per cent from January 2022 with 27 homes sold. This is just the second time since January 2009 that West Van sales have dropped this low.
New listings were down 11.6 per cent from January 2022, while total listings were up 4.6 per cent from the same time, ending the month at 386 homes for sale – 23.3 per cent below the 10-year January average.
For all property types, the January 2023 sales-to-active listing ratio was 7.0 per cent.
By property type, the January ratios were: 5.9 per cent for detached houses and 12.2 per cent for apartments (there were no townhome sales reported in January).
By price range, the January ratios were:
| < $1M: | 23.1 per cent |
| $1M - $2M: | 16.0 per cent |
| $2M - $3M: | 9.6 per cent |
| $3M - $4M: | 5.1 per cent |
| $4M-$5M: | 2.0 per cent |
| $5M-$6M: | 2.6 per cent |
| >$6M | 3.2 per cent |
As always, if you have any questions about the market, or if we can assist you with a purchase or sale we'd be pleased to hear from you. We can be reached at 604.983.2518, by completing the form on this page, or by appointment at our office 110 East 1st Street, North Vancouver.
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Past Listing & Sales STATS | January 2023
North Vancouver
| Jan - 23 | Jan - 22 | % Chg | |
| New Listings | 228 | 260 | - 12.3 |
| Total Listings | 399 | 312 | + 27.9 |
| Sales | 82 | 143 | - 42.7 |
| Sales/Listings Ratio | 20.6 | 46% | - 55.0 |
| SP/Original LP | 97.9% | 100% | - 2.1 |
| Days on Market | 31 | 7 | + 342.9 |
| Median Sale Price | |||
| Condo | $795,000 | $800,250 | n/a |
| Townhome | --* | $1,384,000 | n/a |
| House | --** | $2,250,000 | n/a |
*Note: Median sale prices not reported when there are less than 20 sales [*North Van house sales: Jan 2023: 18 - Jan 2022: 37] -- [**North Van Townhome sales: Jan 2023: 14 - Jan 2022: 16]
West Vancouver
| Jan - 23 | Jan - 22 | % Chg | |
| New Listings | 122 | 138 | - 11.6 |
| Total Listings | 386 | 369 | + 4.6 |
| Sales | 27 | 46 | - 41.3 |
| Sales/Listings Ratio | 7.0% | 12.5% | - 44.0 |
| SP/Original LP | 92.4% | 96.4% | - 4.1 |
| Days on Market | 43 | 27 | + 59.3 |
| Median Sale Price | |||
| Condo | --* | --* | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | --*** | $3,040,000 | n/a |
*Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Jan 2023: 9 - Jan 2022: 13] -- [**West Van Townhome sales: Jan 2023: 0 - Jan 2022: 1] -- [***West Van House sales: Jan 2023: 17 - Jan 2022: 32]