Greater Vancouver Housing Update – November 2023

As we got closer to the holidays and the weather became colder, November showed an increase in housing inventory, giving home buyers across Metro Vancouver* among the largest selection to choose from since 2021. With one month left in 2023, home sales activity remained up but still modest compared to the long-term averages, and listings were down across Greater Vancouver’s housing market.

 Residential Home Sales

The Real Estate Board of Greater Vancouver (REBGV)^ reports that residential sales in the region totaled 1,702 in November 2023, a 4.7% increase from the 1,625 sales recorded in November 2022. This was 33% below the 10-year seasonal average (2,538).



Densification Coming Across B.C.

The single-family home may become more scarce with the new housing legislation the Province of British Columbia is introducing.

“B.C. isn’t building enough small-scale multi-unit homes that fit into existing neighbourhoods and give people more housing options that are within reach. That’s why we’re taking action to fix zoning problems and deliver more homes for people, faster.” – said Premier David Eby.




The FHSA - The First Home Savings Account is an incentivised savings strategy for first time home buyers.

You must be a minimum of 18 years old (19 in some provinces to enter into a legally binding contract) up to the age of 71 years 

For the purpose of opening an FHSA, you are considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home  (or what would be a qualifying home if located in Canada) as your principal place of residence that either:

How much can you contribute or transfer from an RRSP?
The year you open your first FHSA, you can contribute $8000. The lifetime limit is $40,000.
Read on for more details...

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.