While the temperature outside has heated up, so has the real estate market. Month by month so far in 2023, the number of sales per month has continued to surpass the month before.

And now with a noticeable increase in the number of new listings in May, sales are growing at a quicker pace, and we are likely to see the number of sales in Greater Vancouver surpass 3,000 for the first time since April 2022. And with that, the number of new listings is on pace to be the highest by month in the region since May of last year. It appears that sellers are taking notice of what their neighbours are now able to sell at as a result of the number of buyers chasing those too few listings and therefore are deciding to jump into the new listings pool. As we said over the last few months, if there were more listings, there would be more sales. And that’s exactly what we are seeing in May. Although with absorption rates increasing still, the stockpile of active listings is only slowly growing, which will keep Greater Vancouver in seller’s market territory. 

At the mid-point of May, there have been 1,759 sales in Greater Vancouver, much more than the 1,227 sales at the mid-point of April and the 1,184 that sold at the mid-point of March. And we’ve finally swung to the other side with there being more sales year over year for the first time since 2021. This will likely be the highest number of sales in a month since March 2022 and if the market continues to accelerate, the highest number of sales since mid-2021.
 

The shift in the market that started in January has fully taken hold. No longer can we compare this market to 2019, it’s taken a life of its own and one that seems to be showing buyers eager to purchase real estate and sellers to trade into a different property. Multiple offers continue to be more common than not. 

At mid-month in Greater Vancouver there have been 2,909 new listings so far, compared with 2,182 new listings at the mid-point of April which was just slightly above the 2,154 new listings at the mid-point of March. And while the amount of sales year over year was higher, the anticipation of the number of new listings being higher year over year didn’t happen. Last year in May at the mid-point, there were 3,210 new listings which took us to 6,491 for the month of May. While this May will be the first time, we see over 5,000 new listings in a month since last June, we won’t be at the lofty highs we were early last year and in 2021. But it is a significant improve on the lack of listings we’ve seen so far this year. Hopefully that carries into the next few months to provide some much-needed supply to the pace of buying that is currently happening.  And even if we compared to 2019 when the market was much slower, there were 3,181 new listings at the mid-point in May that year, more than what we are seeing this May. 

Some interesting side notes so far this month. Overall, Greater Vancouver, absorption rates are sitting at the highest the have been since early 2022 and 2021. Even with an increase in the number of new listings, there is a 60% sales-to-listings ratio so far in May. As we move through May we’ll see the active listing count finish above 9,000 for the first time this year, a month later than it took to get to that number last year when 2022 started with over 2,000 less listings.
 

To say buyers have been listing starved this year is an understatement. Vancouver West and East side both have one of the lowest absorption rates in the region, other than the perennially low West Vancouver – although at 50% and 55% for Vancouver West and East respectively this is keeping both areas in seller’s market conditions still.

Ladner and Tsawwassen have two of the strongest absorption rates at 121% and 83% respectively. Looking at Ladner, there have been 11 townhouse sales on 5 new listings and 7 condo sales on 5 new listings. Detached and townhouses are seeing strong competition amongst buyers in many areas, and detached homes are picking up steam in the market.  

So, while we are seeing some gradual growth in listings, it’s likely going to continue to be a seller’s market for most of the region as we move into summer. Unless we see significant listing activity, that will likely remain. With today’s inflation numbers showing a slight reversal from the decreases we’ve seen; the Bank of Canada will have a decision to make at their next meeting in June. Raise or not to raise. Although with increased mortgaged costs part of what’s driving inflation numbers, it’s hard to imagine how increasing interest rates will help and likely lead to the status quo. 
 

Here’s a summary of the numbers:

Greater Vancouver 

1,759 units sold so far in May 2023 compared to 
1,227 units sold at mid-month in April 2023 
1,184 units sold at mid-month in March 2023 
1,381 units sold at mid-month in May 2022
2,183 units sold at mid-month in May 2021
686 units sold at mid-month in May 2020
1,148 units sold at mid-month in May 2019

2,909 new listings so far in May compared to
2,182 new listings at mid-month in April 2023
2,154 new listings at mid-month in March 2023
3,210 new listings at mid-month in May 2022
3,758 new listings at mid-month in May 2021
1,851 new listings at mid-month in May 2020
3,181 new listings at mid-month in May 2019

Total active listings are at 8,963 compared to 9,770 at mid-month in May 2022, and 8,778 at mid-month in April 2023.

Sales to listings ratio is at 60% compared to 43% at mid-month in May 2022 and 56% at mid-month in April 2023.

Vancouver West 

305 units sold so far in May 2023 compared to 
215 units sold at mid-month in April 2023 
211 units sold at mid-month in March 2023 
271 units sold at mid-month in May 2022
372 units sold at mid-month in May 2021
117 units sold at mid-month in May 2020
207 units sold at mid-month in May 2019

613 new listings so far in May compared to
420 new listings at mid-month in April 2023
467 new listings at mid-month in March 2023
619 new listings at mid-month in May 2022
775 new listings at mid-month in May 2021
371 new listings at mid-month in May 2020
567 new listings at mid-month in May 2019

Total active listings are at 2,056 compared to 2,386 at mid-month in May 2022, and 1,988 at
mid-month in April 2023.

Sales to listings ratio is at 50% compared to 43% at mid-month in May 2022 and 51% at mid-month in April 2023.

Vancouver East

185 units sold so far in May 2023 compared to 
111 units sold at mid-month in April 2023 
127 units sold at mid-month in March 2023 
149 units sold at mid-month in May 2022
241 units sold at mid-month in May 2021
77 units sold at mid-month in May 2020
131 units sold at mid-month in May 2019

335 new listings so far in May compared to
251 new listings at mid-month in April 2023
223 new listings at mid-month in March 2023
346 new listings at mid-month in May 2022
423 new listings at mid-month in May 2021
175 new listings at mid-month in May 2020
305 new listings at mid-month in May 2019

Total active listings are at 968 compared to 1,128 at mid-month in May 2022, and 940 at mid-month in April 2023.

Sales to listings ratio is at 55% compared to 43% at mid-month in May 2022 and 44% at mid-month in April 2023.

North Vancouver

147 units sold so far in May 2023 compared to 
90 units sold at mid-month in April 2023 
108 units sold at mid-month in March 2023 
127 units sold at mid-month in May 2022
177 units sold at mid-month in May 2021
55 units sold at mid-month in May 2020
112 units sold at mid-month in May 2019

227 new listings so far in May compared to
153 new listings at mid-month in April 2023
180 new listings at mid-month in March 2023
241 new listings at mid-month in May 2022
285 new listings at mid-month in May 2021
147 new listings at mid-month in May 2020
264 new listings at mid-month in May 2019

Total active listings are at 508 compared to 519 at mid-month in May 2022, and 496 at mid-month in April 2023.

Sales to listings ratio is at 65% compared to 53% at mid-month in May 2022 and 59% at mid-month in April 2023.

West Vancouver 

45 units sold so far in May 2023 compared to 
34 units sold at mid-month in April 2023 
29 units sold at mid-month in March 2023 
38 units sold at mid-month in May 2022
55 units sold at mid-month in May 2021
19 units sold at mid-month in May 2020
30 units sold at mid-month in May 2019

116 new listings so far in May compared to
94 new listings at mid-month in April 2023
77 new listings at mid-month in March 2023
122 new listings at mid-month in May 2022
127 new listings at mid-month in May 2021
84 new listings at mid-month in May 2020
130 new listings at mid-month in May 2019

Total active listings are at 502 compared to 533 at mid-month in May 2022, and 475 at mid-month in April 2023.

Sales to listings ratio is at 39% compared to 31% at mid-month in May 2022 and 36% at mid-month in April 2023.

Richmond

204 units sold so far in May 2023 compared to 
153 units sold at mid-month in April 2023 
163 units sold at mid-month in March 2023 
153 units sold at mid-month in May 2022
248 units sold at mid-month in May 2021
72 units sold at mid-month in May 2020
120 units sold at mid-month in May 2019

322 new listings so far in May compared to
261 new listings at mid-month in April 2023
264 new listings at mid-month in March 2023
373 new listings at mid-month in May 2022
430 new listings at mid-month in May 2021
207 new listings at mid-month in May 2020
400 new listings at mid-month in May 2019

Total active listings are at 1,088 compared to 1,244 at mid-month in May 2022, and 1,080 at mid-month in April 2023.

Sales to listings ratio is at 63% compared to 41% at mid-month in May 2022 and 59% at mid-month in April 2023.

Burnaby East 

22 units sold so far in May 2023 compared to 
19 units sold at mid-month in April 2023 
10 units sold at mid-month in March 2023 
16 units sold at mid-month in May 2022
26 units sold at mid-month in May 2021
11 units sold at mid-month in May 2020
10 units sold at mid-month in May 2019

29 new listings so far in May compared to
18 new listings at mid-month in April 2023
22 new listings at mid-month in March 2023
29 new listings at mid-month in May 2022
36 new listings at mid-month in May 2021
17 new listings at mid-month in May 2020
25 new listings at mid-month in May 2019

Total active listings are at 74 compared to 74 at mid-month in May 2022, and 77 at mid-month in April 2023.

Sales to listings ratio is at 76% compared to 55% at mid-month in May 2022 and 106% at mid-month in April 2023.

Burnaby North 

94 units sold so far in May 2023 compared to 
77 units sold at mid-month in April 2023 
80 units sold at mid-month in March 2023 
95 units sold at mid-month in May 2022
122 units sold at mid-month in May 2021
43 units sold at mid-month in May 2020
56 units sold at mid-month in May 2019

157 new listings so far in May compared to
129 new listings at mid-month in April 2023
110 new listings at mid-month in March 2023
166 new listings at mid-month in May 2022
211 new listings at mid-month in May 2021
56 new listings at mid-month in May 2020
158 new listings at mid-month in May 2019

Total active listings are at 434 compared to 431 at mid-month in May 2022, and 412 at mid-month in April 2023.

Sales to listings ratio is at 60% compared to 57% at mid-month in May 2022 and 60% at mid-month in April 2023.

Burnaby South 

118 units sold so far in May 2023 compared to 
101 units sold at mid-month in April 2023 
60 units sold at mid-month in March 2023 
79 units sold at mid-month in May 2022
121 units sold at mid-month in May 2021
34 units sold at mid-month in May 2020
34 units sold at mid-month in May 2019

170 new listings so far in May compared to
125 new listings at mid-month in April 2023
101 new listings at mid-month in March 2023
141 new listings at mid-month in May 2022
212 new listings at mid-month in May 2021
65 new listings at mid-month in May 2020
170 new listings at mid-month in May 2019

Total active listings are at 396 compared to 487 at mid-month in May 2022, and 390 at mid-month in April 2023.

Sales to listings ratio is at 69% compared to 56% at mid-month in May 2022 and 81% at mid-month in April 2023.

New Westminster 

75 units sold so far in May 2023 compared to 
54 units sold at mid-month in April 2023 
43 units sold at mid-month in March 2023 
56 units sold at mid-month in May 2022
212 units sold at mid-month in May 2021
65 units sold at mid-month in May 2020
170 units sold at mid-month in May 2019

101 new listings so far in May compared to
80 new listings at mid-month in April 2023
77 new listings at mid-month in March 2023
135 new listings at mid-month in May 2022
146 new listings at mid-month in May 2021
71 new listings at mid-month in May 2020
145 new listings at mid-month in May 2019

Total active listings are at 237 compared to 296 at mid-month in May 2022, and 235 at mid-month in April 2023.

Sales to listings ratio is at 74% compared to 41% at mid-month in May 2022 and 68% at mid-month in April 2023.

Coquitlam 

164 units sold so far in May 2023 compared to 
90 units sold at mid-month in April 2023 
97 units sold at mid-month in March 2023 
111 units sold at mid-month in May 2022
173 units sold at mid-month in May 2021
44 units sold at mid-month in May 2020
88 units sold at mid-month in May 2019

226 new listings so far in May compared to
180 new listings at mid-month in April 2023
152 new listings at mid-month in March 2023
218 new listings at mid-month in May 2022
306 new listings at mid-month in May 2021
192 new listings at mid-month in May 2020
281 new listings at mid-month in May 2019

Total active listings are at 502 compared to 609 at mid-month in May 2022, and 506 at mid-month in April 2023.

Sales to listings ratio is at 73% compared to 51% at mid-month in May 2022 and 50% at mid-month in April 2023.

Port Moody

47 units sold so far in May 2023 compared to 
54 units sold at mid-month in April 2023 
37 units sold at mid-month in March 2023 
25 units sold at mid-month in May 2022
52 units sold at mid-month in May 2021
24 units sold at mid-month in May 2020
26 units sold at mid-month in May 2019

66 new listings so far in May compared to
49 new listings at mid-month in April 2023
50 new listings at mid-month in March 2023
61 new listings at mid-month in May 2022
93 new listings at mid-month in May 2021
36 new listings at mid-month in May 2020
63 new listings at mid-month in May 2019

Total active listings are at 167 compared to 162 at mid-month in May 2022, and 163 at mid-month in April 2023.

Sales to listings ratio is at 71% compared to 41% at mid-month in May 2022 and 110% at mid-month in April 2023.

Port Coquitlam 

48 units sold so far in May 2023 compared to 
35 units sold at mid-month in April 2023 
28 units sold at mid-month in March 2023 
44 units sold at mid-month in May 2022
82 units sold at mid-month in May 2021
26 units sold at mid-month in May 2020
54 units sold at mid-month in May 2019

72 new listings so far in May compared to
52 new listings at mid-month in April 2023
57 new listings at mid-month in March 2023
99 new listings at mid-month in May 2022
120 new listings at mid-month in May 2021
47 new listings at mid-month in May 2020
98 new listings at mid-month in May 2019

Total active listings are at 138 compared to 199 at mid-month in May 2022, and 159 at mid-month in April 2023.

Sales to listings ratio is at 67% compared to 44% at mid-month in May 2022 and 67% at mid-month in April 2023.

Ladner 

35 units sold so far in May 2023 compared to 
16 units sold at mid-month in April 2023 
23 units sold at mid-month in March 2023 
14 units sold at mid-month in May 2022
25 units sold at mid-month in May 2021
8 units sold at mid-month in May 2020
16 units sold at mid-month in May 2019
29 new listings so far in May compared to
27 new listings at mid-month in April 2023
20 new listings at mid-month in March 2023
24 new listings at mid-month in May 2022
38 new listings at mid-month in May 2021
18 new listings at mid-month in May 2020
35 new listings at mid-month in May 2019

Total active listings are at 87 compared to 91 at mid-month in May 2022, and 102 at mid-month in April 2023.

Sales to listings ratio is at 121% compared to 58% at mid-month in May 2022 and 59% at mid-month in April 2023.

Tsawwassen

33 units sold so far in May 2023 compared to 
17 units sold at mid-month in April 2023 
13 units sold at mid-month in March 2023 
19 units sold at mid-month in May 2022
49 units sold at mid-month in May 2021
24 units sold at mid-month in May 2020
17 units sold at mid-month in May 2019

40 new listings so far in May compared to
38 new listings at mid-month in April 2023
38 new listings at mid-month in March 2023
56 new listings at mid-month in May 2022
72 new listings at mid-month in May 2021
39 new listings at mid-month in May 2020
54 new listings at mid-month in May 2019

Total active listings are at 151 compared to 157 at mid-month in May 2022, and 177 at mid-month in April 2023.

Sales to listings ratio is at 83% compared to 34% at mid-month in May 2022 and 45% at mid-month in April 2023.