VANCOUVER REAL ESTATE MARKET UPDATE FOR DECEMBER 2023

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716). 

Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month and now we are in a Balanced Market.

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023. 

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!