The Real Estate Board of Greater Vancouver (REBGV) has reported a promising start to the year 2024 for home sales in Metro Vancouver, indicating strong momentum in the market. Here’s a detailed overview of the Vancouver Housing Market Update for January 2024:

Sales Performance: In January 2024, a total of 1,427 homes were sold in the REBGV jurisdiction, marking a significant 38.5% increase compared to January 2023. Despite this surge, sales remain 20% below the 10-year seasonal average. However, this figure represents an improvement from the 1,345 homes sold in December 2023.

Listing Activity: New listings saw a notable uptick, with 3,788 homes listed for sale in January 2024, reflecting a 14.5% increase from the same period last year. However, this number falls 9% below the 10-year seasonal average. Currently, there are 8,633 homes listed for sale, indicating a 9.8% increase compared to January 2023.

Price Trends: The benchmark price for all homes within the REBGV jurisdiction is currently at $1.161 million, showing a 4.2% increase from January 2023, albeit with a slight 0.6% drop from December 2023. REBGV forecasts a modest 2% to 3% uptick in home prices by the end of 2024, driven by demand outpacing supply.

“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. 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.” – Andrew Lis, REBGV director of economics and data analytics

Property Type Breakdown:

Detached Homes:

  • Number of units sold: 379 (a 28% increase over January 2023)
  • Active listings: 3,191
  • Benchmark price: $1,942,400 (up 7.3% from January 2023; 1.1% increase from December 2023)
  • Average days on the market: 54

Apartment Homes:

  • Number of units sold: 746 (a 30.6% increase over January 2023)
  • Active listings: 3,746
  • Benchmark price: $751,900 (up 4.4% from January 2023; 0.1% increase from December 2023)
  • Average days on the market: 42

Townhomes:

  • Number of units sold: 285 (an impressive 82.7% increase over January 2023)
  • Active listings: 1,247
  • Benchmark price: $1,066,700 (up 4.3% from January 2023; 0.6% increase from December 2023)
  • Average days on the market: 37

Outlook: REBGV remains cautiously optimistic about the market’s performance in 2024. While January’s figures indicate robust activity, the board will closely monitor upcoming data to assess whether this trend will persist throughout the spring market or if adjustments are imminent.

Overall, Metro Vancouver’s real estate market demonstrates resilience and potential for growth, with demand continuing to drive the market despite challenges in supply. Investors and homeowners alike should stay attuned to further developments in the coming months.

Reference Resources From REBGV

If you would like to learn more about Vancouver’s housing market, or if you are interested in selling or purchasing a property, please contact Sam Hung, one of the best Realtors in Greater Vancouver.