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).
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.
Comments:
Post Your Comment: