Curious about the current state of Greater Vancouver's real estate market? In this video, we delve into the highs and lows of 2023 and explore what's on the horizon for 2024.

2023 Recap: The peak of home prices hit in the Spring of 2022, just before interest rates began to climb. As anticipated, prices softened during this period. Historically, rising interest rates lead to price decreases, and vice versa. Despite 2023 seeing the highest interest rates in a decade, home prices rebounded, showcasing the resilience of the Vancouver market. Home prices across Greater Vancouver for all property types increased 5%. Where most of our clients live, Vancouver and South Surrey, prices increased 0.9% - 11.4% depending on property type.

Market Trends in 2023: Total sales in 2023 saw a 10% dip compared to 2022, and new homes listed were 8% lower than the previous year. Yet, despite these numbers, the market displayed a surprising upward trajectory, challenging the conventional relationship between interest rates and home prices.

2024 Predictions: What can we expect in 2024? Financial experts are forecasting a reduction in interest rates. While predictions are not foolproof, signs like a downturn in the bond market and drops in fixed rates suggest a potential shift. If interest rates do decrease, borrowing costs may follow suit, leading to increased confidence in the market. This surge in confidence is likely to make the market more competitive for buyers.

What Does This Mean for You? If you're considering a move in 2024, now is the time to start the conversation with a professional real estate advisor. Being well informed will give you the edge in this dynamic market. Stay ahead of the curve and make smart decisions when the time is right for you.

If you think you'd benefit from a conversation or have any questions at all please feel free to reach out!


Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3% decrease from the 29,261 sales recorded in 2022, and a 41.5% decrease from the 44,884 sales in 2021. Last year’s sales total was 23.4% below the 10-year annual sales average (34,272).

Listings

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in December 2023. This represents a 9.9% increase compared to the 1,208 properties listed in December 2022. This was 22.7% below the 10-year seasonal average (1,716).

Home Prices

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a 5% increase over December 2022 and a 1.4% decrease compared to November 2023.


Attached Properties


Vancouver Downtown - Attached

Balanced market at 15% sales ratio average (1.5 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 2% below list price.

Inventory: down by 30% over last month.

Most Active Price Band: $300,000 to $500,000 with average 50% sales ratio (sellers market).

Buyers Best Bet: homes minimum $3 mil to $4 mil, Downtown and 2 bedroom properties.

Sellers Best Bet: selling homes in the Westend and up to 1 bedroom properties.


VANCOUVER Westside - ATTACHED

Balanced market at 17% sales ratio average (1.7 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 1% below list price.

Inventory: down by 28% over last month.

Most Active Price Band: $600,000 to $700,000 to $900,000 with average 34% sales ratio (sellers market).

Buyers Best Bet: homes between $2 mil to $2.25 mil, Marpole, SW Marine and 3 bedroom properties.

Sellers Best Bet: selling homes in Kerrisdale, Kitsilano and up to 1 bedroom properties.


VANCOUVER Eastside - ATTACHED

Sellers market at 22% sales ratio average (2.2 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average 5% below list price.

Inventory: down by 32% over last month.

Most Active Price Band: $500,000 to $600,000 with average 68% sales ratio (sellers market).

Buyers Best Bet: home between $1 mil to $1.5 mil Knight, Main, Strathcona and 3 bedroom properties.

Sellers Best Bet: selling homes in Collingwood, Hastings, Mount Pleasant and up to 1 bedroom properties.


South Surrey, White rock - Attached

Sellers market at 28% sales ratio average (2.8 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average 1% below list price.

Inventory: down by 31% over last month.

Most Active Price Band: $900,000 to $1 mil with average 59% sales ratio (sellers market).

Buyers Best Bet: home between $1.25 mil to $1.5 mil, Morgan Creek, White Rock and up to 1 bedroom properties.

Sellers Best Bet: selling homes in Pacific Douglas and 3 bedroom properties.


Detached Properties


Vancouver Westside - Detached

Buyers market at 9% sales ratio average (9 in 100 homes selling rate).

Sale to List Price Ratio: homes are selling on average 3% below list price.

Inventory: down by 28% over last month.

Most Active Price Band: $2.25 mil to $2.5 mil with average 18% sales ratio (sellers market).

Buyers Best Bet: homes between $7.5 mil, Cambie and minimum 7 plus bedroom properties.

Sellers Best Bet: selling homes in Mckenzie Heights and 3 to 4 bedroom properties.


VANCOUVER Eastside - DETACHED

Balanced market at 15% sales ratio average (1.5 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average at 1% below list price.

Inventory: down by 35% over last month.

Most Active Price Band: $1.25 mil to $1.5 mil with average 70% sales ratio (sellers market).

Buyers Best Bet: homes between $2.25 mil to $2.5 mil, Grandview Woodland and minimum 5 plus bedroom properties.

Sellers Best Bet: selling homes in Fraser and 3 to 4 bedroom properties.


north VANCOUVER - DETACHED

Sellers market at 24% sales ratio average (2.4 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 3% below list price.

Inventory: down by 37% over last month.

Most Active Price Band: $1.75 mil to $4 mil with average >100% sales ratio (sellers market).

Buyers Best Bet: homes between $3.5 mil to $4 mil, Boulevard, Dollarton and 5 to 6 bedroom properties.

Sellers Best Bet: selling homes in Central Lonsdale and 3 to 4 bedroom properties.


West VANCOUVER - DETACHED

Buyers market at 7% sales ratio average (7 in 100 homes selling rate.)

Sale to List Price Ratio: homes are selling on average 7% below list price.

Inventory: down by 27% over last month.

Most Active Price Band: $1.75 mil to $2 mil with average 29% sales ratio (sellers market).

Buyers Best Bet: homes between $4 mil to $4.5 mil, British Properties, Cypress Park Estates and up to 2/5 to 6 bedroom properties.

Sellers Best Bet: selling homes in Ambleside and 3 to 4 bedroom properties. 


SOUTH SURREY, WHITE ROCK - ATTACHED

Balanced market at 14% sales ratio average (1.4 in 10 homes selling rate.)

Sale to List Price Ratio: homes are selling on average 2% below list price.

Inventory: down by 32% over last month.

Most Active Price Band: $1.25 mil to $1.5 mil with average 77% sales ratio (sellers market).

Buyers Best Bet: homes between $2.75 mil to $3 mil, Crescent Beach Ocean Park and 5 to 6 bedroom properties. 

Sellers Best Bet: selling homes in King George Corridor and up to 2 bedroom properties.




Posted by Glenn and Brittany Real Estate on

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