{"id":23361,"date":"2024-02-02T10:10:00","date_gmt":"2024-02-02T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23361"},"modified":"2024-02-02T10:00:43","modified_gmt":"2024-02-02T18:00:43","slug":"rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/02\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\/","title":{"rendered":"REBGV Housing Market Ended 2023 in Balanced Territory, Off to Strong Start in 2024"},"content":{"rendered":"<p style=\"text-align: justify;\">While the Metro Vancouver 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.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5% increase from the 1,030 sales recorded in January 2023. This was 20.2% below the 10-year seasonal average (1,788).<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s 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,\u201d Andrew Lis, REBGV\u2019s director of economics and data analytics said. \u201cIf sellers don\u2019t step off the sidelines soon, the competition among buyers could tilt the market back into sellers\u2019 territory as the available inventory struggles to keep pace with demand.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in January 2024. This represents a 14.5% increase compared to the 3,308 properties listed in January 2023. This was 9.1% below the 10-year seasonal average (4,166).<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 8,633, a 9.8% increase compared to January 2023 (7,862). This is 0.3% below the 10-year seasonal average (8,657).<\/p>\n<p style=\"text-align: justify;\">Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2%. By property type, the ratio is 11.9% for detached homes, 22.9% for attached, and 19.9% for apartments.<\/p>\n<p style=\"text-align: justify;\">Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cOur 2024 forecast is calling for a 2% to 3% increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,\u201d Lis said. \u201cIf 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\u2019ll watch the February numbers to see if these early signs of strength continue, or whether they\u2019re a blip in the data.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2% increase over January 2023 and a 0.6% decrease compared to December 2023.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in January 2024 reached 379, a 28% 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% increase from January 2023 and a 1.1% decrease compared to December 2023.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 746 in January 2024, a 30.6% increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4% increase from January 2023 and a 0.1% increase compared to December 2023.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in January 2024 totalled 285, a 82.7% increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3% increase from January 2023 and a 0.6% decrease compared to December 2023.<\/p>\n<p><a href=\"https:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-Jan-2024.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the January 2024 stats package.<\/p>\n<p><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/january-2024.html.html\" target=\"_blank\" rel=\"noopener\">Home Sales Across Metro Vancouver\u2019s Housing Market Off to Strong Start in 2024<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the Metro Vancouver 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 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/02\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-23361","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Housing Market Ended 2023 in Balanced Territory, Off to Strong Start in 2024 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/02\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Housing Market Ended 2023 in Balanced Territory, Off to Strong Start in 2024 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"While the Metro Vancouver 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 &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"REBGV Housing Market Ended 2023 in Balanced Territory, Off to Strong Start in 2024\",\"datePublished\":\"2024-02-02T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/\"},\"wordCount\":527,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/02\\\/rebgv-housing-market-ended-2023-in-balanced-territory-off-to-strong-start-in-2024\\\/\",\"name\":\"REBGV Housing Market Ended 2023 in Balanced Territory, Off to Strong Start in 2024 &#8226; 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