January is a month of new beginnings and Metro Vancouver’s housing market was off to a strong start in the first month of 2024. The conditions began shifting back in favour of sellers as the pace of new properties being listed did not keep up with the volume of home sales.
Residential 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. 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.” – said Andrew Lis, Director of Economics and Data Analytics at the REBGV.
Inventory
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).
Home Price Data Analysis
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.
Metro Vancouver Home Sales by Property Type
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.
Detached
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.
Apartments
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 Homes
Attached home sales in January 2024 totalled 285, a 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.
The Stilhavn Report
Whether you are looking to buy or sell a home or investment property in the coming months, or just curious about what’s happing in your neighbourhood, The Stilhavn Report has you covered. Providing in-depth market information and monthly summaries of what’s happening in the areas we service, this monthly report is the perfect starting point for first time buyers and market savvy investors alike.
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