January 2024 Real Estate Board Of Greater Vancouver Statistics

Home sales across Metro Vancouver’s housing market off to strong start in 2024 – January 2024 Real Estate Board of Greater Vancouver Statistics

VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver market ended 2023 in
As the market returned to a balanced state in January, conditions began to shift in favour of sellers.
The speed of newly listed properties has not kept up with the surge in home sales.

The Real Estate Board of Greater VancouverREBGV reports that residential sales
Sales in the region reached 1,427 in 2024. This is a 38.5% increase over the 1,030 sales that were recorded in
January 2023. This is a 20.2 percent decrease from the seasonal average of 1 788 (1,788) over the past 10 years.

“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
“Economics and data analytics” is what was 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.”

New listings on the market include 3,788 detached, apartment and attached properties.
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5% increase.
This was a 9.1 per cent increase over the 3,308 listings in January 2023. This was 9.1 percent
Below the seasonal average of the last 10 years (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
It is 8,633, an increase of 9.8 per cent compared to the January 2023 (7862). This is 0.3 percent below the
Average seasonal 10-year average (8,657)

Sales-to-active listings for detached, apartment and attached properties is the same across all property types.
The ratio for January 2024 will be 17.2 percent. The ratio for detached homes is 11.9 percent.
Apartments are 19.9 percent higher than attached homes, at 22.9 percent.

The historical data shows that home prices tend to fall when the ratio decreases.
The home price often rises when the dips below 12% for a prolonged period.
When pressure exceeds 20% over a period of 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’s current price is $1,161,300. This represents an increase of 4.2 per cent over January 2023.
A 0.6% decrease in comparison to December 2023.

Sales of detached homes reached 379 in January 2024, a 28 percent increase from 296
Sales of detached homes recorded in January, 2023. The benchmark price of a detached house is
$1,942,400. This represents a 7.3% increase from January 2023, and a 1.1% increase
Comparatively, December 2023 is a decrease.

In January 2024, sales of apartment homes reached 746. This represents a 30.6% increase over the previous year.
571 sales in the first quarter of 2023. The benchmark price for an apartment home is $71,900. The benchmark price of an apartment home is $751,900.
This represents a 4.4% increase over January 2023, and a 0.1% increase over January 2018.
December 2023.

In January 2024, the number of attached homes sold totaled 285, which is an increase of 82.7 percent compared to 156
Sales in January of 2023. The benchmark price is $1 066,700 for a three-bedroom townhouse3. This represents a 4.3
Increase of 6% from January 2023. Decrease of 0.6 % compared with December 2023.