While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the volume of home sales.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).
“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”
There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“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 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.
Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.
Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.
Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.
Are you considering selling your home in Vancouver? As seasoned real estate agents, We understand the importance of timing when it comes to listing a property for sale. The Vancouver real estate market can be influenced by various factors, including seasonality and economic trends. In this article, we'll dive into the intricacies of the Vancouver market and explore the optimal time to sell your home.
Seasonality plays a significant role in the Vancouver real estate market. Traditionally, the spring and summer months have been considered the peak selling seasons. During this time, the weather is pleasant, and potential buyers are more active in their search for a new home. The increased demand can often lead to higher selling prices and faster sales.
On the other hand, the fall and winter months tend to be slower in terms of real estate activity. The colder weather and holiday season can cause a decline in buyer interest. However, this doesn't mean you should avoid selling your home during these months. In fact, selling during the off-peak season can have its advantages, such as less competition from other sellers and more serious buyers who are actively looking for a home.
Economic trends can also influence the optimal time to sell your home in Vancouver. Factors such as interest rates, employment rates, and market stability can impact buyer confidence and purchasing power. It's essential to stay informed about the current economic climate and consult with a knowledgeable real estate team who can provide insights into the market conditions.
Local Market Conditions
While seasonality and economic factors are essential considerations, it's crucial to analyze the local market conditions specific to Vancouver. The real estate market can vary from neighborhood to neighborhood, and even street to street. Factors such as supply and demand, inventory levels, and recent sales data can give you a better understanding of the current market activity in your area. As seasoned Vancouver realtors with expertise in your neighborhood we can provide valuable guidance in this regard. Let us guide you to a successful outcome.
Consult with Andrew and Jill Hasman
When deciding on the best time to sell your home in Vancouver, it's always recommended to consult with a trusted real estate professional. As seasoned agents with specialized expertise in the Vancouver market we can analyze the unique factors affecting your property's value and guide you through the sales process. We can provide data-driven insights, devise effective marketing strategies, and negotiate on your behalf to maximize your selling price.
Determining the best time to sell your home in Vancouver requires careful consideration of seasonality, economic trends, and local market conditions. By understanding these factors you can make an informed decision that will help you achieve your selling goals. Whether you choose to sell during the peak season or explore opportunities in the off-peak months, remember that a well-executed selling strategy combined with our real estate expertise will make a significant difference in your selling experience.
Bottom line, while considering the intricacies of the Vancouver real estate market is important, it's crucial to remember that your personal circumstances should ultimately dictate the timing of your home sale. External factors may influence the market, but your family's needs and goals should take precedence. So, take into account the advice and insights provided, but make a decision that aligns with what is right for you and your family.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.