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REBGV January 2024: Home sales off to strong start

VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver1 market ended 2023 in
balanced market territory, conditions in January began shifting back in favour of sellers as the
pace of newly listed properties did not keep up with the jump in home sales.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the
region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in
January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December,
which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director
of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition
among buyers could tilt the market back into sellers’ territory as the available inventory struggles
to keep pace with demand.”


There were 3,788 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5
per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent
below the 10-year seasonal average (4,166).


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the
10-year seasonal average (8,657).


Across all detached, attached and apartment property types, the sales-to-active listings ratio for
January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes,
22.9 per cent for attached, and 19.9 per cent for apartments.


Analysis of the historical data suggests downward pressure on home prices occurs when the ratio
dips below 12 per cent for a sustained period, while home prices often experience upward
pressure when it surpasses 20 per cent over several months.


“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year,
which is largely the result of demand, once again, butting up against too little inventory,” Lis
said. “If the January figures are indicative of what the spring market has in store, our forecast
may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll
watch the February numbers to see if these early signs of strength continue, or whether they’re a
blip in the data.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and
a 0.6 per cent decrease compared to December 2023.


Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296
detached sales recorded in January 2023. The benchmark price for a detached home is
$1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent
decrease compared to December 2023.


Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the
571 sales in January 2023. The benchmark price of an apartment home is $751,900. This
represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to
December 2023.


Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156
sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3
per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

For more stats CLICK HERE.

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