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December 2023 Year End Market Summary

Metro Vancouver Housing Market Update - December 2023

  • Residential sales in Metro Vancouver for 2023 totaled 26,249, marking a 10.3% decrease from 2022 and a 41.5% decrease from 2021. Despite this, the market closed the year with balanced conditions.

  • The year-end totals mask the market's surprising resilience in the face of the highest borrowing costs in over a decade.

  • Properties listed on the MLS® in 2023 totaled 50,893, a 7.5% decrease from 2022 and 20.2% below 2021, ending 10.5% below the 10-year annual average.

  • Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13% increase from December 2022 and 0.3% above the 10-year seasonal average.

  • The MLS® Home Price Index composite benchmark price for all residential properties is $1,168,700, showing a 5% increase over December 2022 and a 1.4% decrease compared to November 2023.

  • December 2023 saw 1,345 residential sales, a 3.2% increase from December 2022, but 36.4% below the 10-year seasonal average.

  • There were 1,327 newly listed properties in December 2023, a 9.9% increase from December 2022, but 22.7% below the 10-year seasonal average.

  • The sales-to-active listings ratio for December 2023 is 16%, with ratios of 11.1% for detached homes, 18.7% for attached, and 19.6% for apartments.

  • Downward pressure on home prices is suggested when the ratio dips below 12%, while upward pressure occurs when it surpasses 20%.

  • Sales of detached homes in December 2023 reached 376, a 1.3% increase from December 2022, with a benchmark price of $1,964,400 (7.7% increase from December 2022, 0.9% decrease from November 2023).

  • Apartment home sales totaled 719 in December 2023, a 2.4% increase from December 2022, with a benchmark price of $751,300 (5.6% increase from December 2022, 1.5% decrease from November 2023).

  • Attached home sales in December 2023 were 238, a 7.2% increase from December 2022, with a benchmark price of $1,072,700 (6.4% increase from December 2022, 1.8% decrease from November 2023).

    Downtown the December Stats Package

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November 2023 Market Summary

Metro Vancouver Housing Market Update - November 2023

  • Residential sales in Metro Vancouver for November 2023 were 1,702, marking a 4.7% increase from November 2022 but remaining 33% below the 10-year seasonal average.

  • The increase in active listings, with 3,369 properties newly listed in November 2023, a 9.8% rise from November 2022, has provided home buyers with a larger selection.

  • The total number of properties listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5% increase compared to November 2022, and 3.7% above the 10-year seasonal average.

  • The sales-to-active listings ratio for November 2023 is 16.3%, indicating a more balanced market, with ratios of 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.

  • Balanced market conditions are associated with flatter price trends, seen since the summer months, following a period of over seven percent price increase earlier in the year.

  • The MLS® Home Price Index composite benchmark price for all residential properties is $1,185,100, showing a 4.9% increase over November 2022 and a 1% decrease compared to October 2023.

  • Detached home sales in November 2023 reached 523, a 7% increase from November 2022, with a benchmark price of $1,982,600 (6.8% increase from November 2022, 0.9% decrease from October 2023).

  • Apartment home sales totalled 850, a 0.4% increase from November 2022, with a benchmark price of $762,700 (6.2% increase from November 2022, 1% decrease from October 2023).

  • Attached home sales in November 2023 were 316, a 12.5% increase from November 2022, with a benchmark price of $1,092,600 (6.9% increase from November 2022, 0.7% decrease from October 2023).

Downtown the November Stats Package

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October 2023 Market Summary

Metro Vancouver Housing Market Update - October 2023

  • Residential sales in Metro Vancouver for October 2023 reached 1,996, a 3.7% increase from October 2022, but still 29.5% below the 10-year seasonal average.

  • The increase in newly listed properties (4,664 in October 2023) gives buyers more choices, with a 15.4% rise compared to October 2022 and 4.8% above the 10-year seasonal average.

  • However, the sales-to-active listings ratio for October 2023 is 17.9%, indicating a market favoring buyers, as a ratio below 12% puts downward pressure on prices.

  • The total number of properties listed for sale in Metro Vancouver is 11,599, a 12.6% increase from October 2022, and 0.6% above the 10-year seasonal average.

  • The multifamily segment is more active than the detached segment, contributing to more balanced market conditions.

  • The MLS® Home Price Index composite benchmark price for all residential properties is $1,196,500, a 4.4% increase over October 2022 but a 0.6% decrease compared to September 2023.

  • Detached home sales reached 577 in October 2023, a 0.7% decrease from October 2022, with a benchmark price of $2,001,400 (5.8% increase from October 2022).

  • Apartment home sales totaled 1,044, a 4.9% increase from October 2022, with a benchmark price of $770,200 (6.4% increase from October 2022).

  • Attached home sales in October 2023 were 356, a 6.6% increase from October 2022, with a benchmark price of $1,100,500 (6% increase from October 2022).

Download the October 2023 stats package.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.