Metro Vancouver Market Update
January Brings A Strong Start To 2024
Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is...
- Up 4.2% year-over-year (compared to January 2023).
- Down 0.6% month-over-month (compared to December 2023).
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Home sales in December were...
- 20.2% below the 10-year seasonal average.
- Up 38.5% year-over-year (compared to January 2023)
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Main Highlight:
- Minimal month-over-month pricing decline continues for fifth consecutive month (aside from condos which saw a 0.1% increase)
- Year-over-year, compared to January 2023, all aspects of the market have improved.
- Balanced market begins to shift to favour sellers.
Metro Vancouver Market Highlights January 2024:
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Synopsis:
While, month over month, most of the market is still seeing very minor pricing decreases the pace is slowing with most monthly decreases being less than 1%. Buyers are increasing in numbers while sellers remain apprehensive, and this may shift the pendulum from a balanced market towards a seller’s market…in which case prices may begin to increase.
REBGV forecasted a minimal price increase throughout 2024, however, the first 30 days of the year already have them second guessing the projections. That being said it is still early, and we will have to see if February & March follow the same trajectory as we head into spring. As of now it appears as though 2024 will be active with a larger than expected price increase for homes based on buyer demand.
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More specifically this is what the REBGV had this to say:
“If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand, Andrew Lis, REBGV’s director of economics and data analytics said.
Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.”
Metro Vancouver Housing Sales Start The Year Off Strong:
Greater Vancouver Homes Sales 2024 VS 2023
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CLICK HERE FOR THE FULL REBGV January 2024 & year-in-review STATISTICS PACKAGE
Looking to make a change in 2024?
Reach out today and let us help you navigate through the ever changing market.
Rod & Rhea: 604.240.1927
Ryan: 604.561.2127
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