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

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

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.