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).