Vancouver Real Estate Market Update March 2022

Written by Alan Kelly, Bōde’s Chief Economist

As we approach the Spring market, Vancouver’s real estate continues to be extremely hot for sellers, with both sales and home prices continuing to increase going into March. This means it’s a great time for those thinking of selling, especially if you are considering downsizing or moving to a different market where prices are lower.


When you are thinking of buying or selling your home in Vancouver, it is important to understand what is happening in the housing market. Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the market is doing in your local area.


Bōde makes buying and selling your home a streamlined process offering significant time and cost savings along the way. 

We are also here to make sure you have the information you need to make the decisions that are right for YOU!

What’s happening in the Vancouver real estate market as of March 2022?

Let’s start with a Macroeconomics view 

To understand what’s happening in the real estate market you have to look at supply and demand.

The best proxies for supply and demand are:


  • New supply: New Listings (i.e. the number of homes recently listed for sale)
  • Total supply: Inventory (i.e. the total number of homes listed for sale)


  • Sales (i.e. the number of homes recently sold)

Supply & Demand

  • Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)

These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.

Vancouver continues to see demand outpace new supply in the aftermath of the COVID-19 outbreak.

Vancouver real estate

New listings in February were up 27% while sales were up 43% vs. the average of the previous 4 years. Sales have been on a very strong trend since July 2020.

Because of strong sales and relatively fewer new listings, there are fewer homes for sale right now than there would typically be for this time of year. Inventory is down 27% vs the average of the last 4 years.


The combination of very low supply and high demand has kept ‘months of supply’ low at 1.6 months which is down 64% vs the previous 4 years.


Less inventory & fewer months of supply makes conditions more favourable for sellers, while more inventory and higher months of supply is more favourable for buyers.


Vancouver house prices

Overall, Vancouver prices have been increasing quickly since the start of 2021, ending a relatively flat period between mid 2018 and the end of 2020. After levelling off in mid 2021, they have started to increasing quickly again.

What does this mean for sellers?

Right now supply is low relative to previous years, and demand is high which means it is a good time to sell your home. Sellers who price their home well will be able to sell quickly. However, your specific property value will be determined by market forces both within your community and against similar active listings. To find out what supply and demand look like for your specific community, click here.


What does this mean for buyers?

There are currently fewer homes for sale than there have been in previous years. This means active buyers need to move fast to beat other buyers to available listings. One way you can move faster is by booking viewings directly through Bōde, so you don’t have to wait for a realtor to schedule your viewings or write your offer.


Market conditions vary substantially by property type, community and price range

Above, we’ve looked at the overall market for Vancouver, but different segments are performing very differently. Let’s look at a few examples.


Sales for detached homes were up 35% in February vs. previous years, while new listings were up 23%.

Vancouver homes

Detached homes have sold well since the start of the COVID pandemic as many buyers look for more space.

Vancouver homes for sale

Detached prices have been increasing quickly for much of the past 2.5 years, recently setting new record highs each month.

Vancouver housing market



New listings of apartments were up 33% in February compared the average of the previous 4 years, while sales were up 56%.

Vancouver apartments
Vancouver real estate

Apartment prices have generally been increasing for most of the past year. Recent months have continued that trend.

Vancouver real estate market

New listings of attached homes were up 23% while sales were up 23% in February (compared to previous years). 

Vancouver housing market
Vancouver real estate market

Prices for attached homes have been increasing quickly for the past year setting new record highs each month.

Vancouver homes

In general, you’re in a better position if you’re selling a home right now relative to buying, due to less supply and greater demand.


However, what really matters is what’s happening in your specific local property market. There are some communities and price bands where homes are performing better/worse.

It’s critical to understand the dynamics in your local property market

To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.


You can also see the sold price of any home that has sold in the last 3 years using Bode’s Sold Data page.


If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.

Why list your own home with Bōde?

Want to Buy or Sell Your Home Without an Agent?

Welcome to Bōde

Bōde has created a marketplace to allow you to get transparent home data,  set your price, and list your home on MLS (and 30+ more sites). We will advertise your home and walk you through the whole sale process for 1%, only when the home sells.


Looking to buy? Bōde allows users to purchase any home listed on MLS in Alberta – at completely no charge.


With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!

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