February 2023 Market Stats – GVA

Resilient Real Estate Market in Greater Vancouver

REBGV Market Activity – February 2023

February proved to be a resilient month for the Real Estate market in the Greater Vancouver area, as evidenced by the aggregate average price of $1,222,932, representing a 4.8% increase from January. This month-over-month increase marks the most significant monthly gain since September 2022. The market exhibited not only a sense of stability but also robust demand, with a number of properties receiving multiple offers and selling for prices above their initial asking price.

The detached market performed particularly well, finishing the month with an average price of $2,054,513, a remarkable increase of over $145,412 from January. The condo market also experienced an upswing, with an average sales price of $778,598, representing a $19,743 increase from the previous month. However, the townhouse market experienced a tepid decrease in value, with an average price of $1,081,814, representing a loss of $49,566 from January. Notably, the detached market price growth of 7.6% is the most substantial single-month increase witnessed in the last seven years…more