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A Brief Note on New Listings Activity in 2023

Summary of Findings

  • New listings in BC have fallen to 25 per cent below pre-pandemic norms.
     
  • Most of the explanation for low listings is due to overall slow market activity, but a multi-decade high interest rate differential between old and new mortgages is playing a role.
     
  • The situation should resolve with time, but the current period further highlights the structural problem of chronically undersupplied housing markets, which results in volatility and susceptibility to demand shocks.

The post-pandemic housing market has been notable for its stubborn refusal to track expectations. One of the most interesting and unexpected recent housing market trends has been the lack of new listings, which have been trending well below average in all areas of the province since the start of the year. At first blush, the lack of new listings is indeed counterintuitive. With borrowing costs at decade highs and high inflation squeezing household budgets, it seems reasonable to assume that new listings would hold steady, or even rise, as some overburdened households were forced to sell their homes. Instead, new listings have declined substantially in housing markets across Canada.

In this Market Intelligence, we show that the pattern of new listings we see is, in fact, a usual outcome of current market dynamics and underlying economic fundamentals. Contrary to expectations, we show that a sharp rise in interest rates has historically been a deterrent to homeowners’ listing their homes.
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Lack of Inventory Creating Tighter Market Conditions Across BC

The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5 per cent decrease from the same time last year.

“BC home sales have now risen for three consecutive months, but that recovery in sales has not been matched...

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Just Sold: 200 9330 University Cr., Burnaby, SFU, UniverCity
Lush Forest Outlook
One UniverCity Crescent
3 Bed, 2 Bath 1290sqft
Priced at $778,800

Lush forest and mountain top views, bright, spacious & in impeccable condition! This is the home you have been searching for. Welcome to this true 3 bed, 2 bath, 1290sqft luxury home, in prestigious One University Cr., located in UniverCity, Vancouver's premier lifestyle neighborhood. Features: freshly painted, East/West exposure, 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through...

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Prices continue rising across Metro Vancouver as home buyer confidence returns

VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 

“The...

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New Price - 210 9150 University High Street
1 Bedroom/1 Bath633 sqftOffered at $378 800Click for more infoEnjoy the peace & tranquility this area...
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Market Activity Shows Encouraging Signs of Improvement
Vancouver, BC – July 13, 2026. The British Columbia Real Estate Association (BCREA) reports that 7,225...
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Simon Fraser
Market Update

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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