December Market Update

Sales Overview: A Closer Look



The year 2023 saw a total of 26,249 residential sales in the Metro Vancouver region, according to the Real Estate Board of Greater Vancouver (REBGV). This marked a 10.3% decrease from the 29,261 sales in 2022 and a more significant 41.5% drop from 2021's figures. Despite this, the year's sales were notably below the 10-year average, revealing a market grappling with the realities of heightened borrowing costs.

Andrew Lis, REBGV’s director of economics and data analytics, emphasized the resilience of the market amidst these challenges. Contrary to many forecasts predicting price declines due to the soaring mortgage rates, Metro Vancouver’s housing market saw a commendable five-percent-plus increase in home prices across various segments. This, Lis notes, is a testament to the region's enduring appeal and the determination of buyers to enter the market.

Listing Trends and Market Inventory

In 2023, there were 50,893 properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver, a dip of 7.5% from 2022's figures. This number was also significantly lower than the listings in 2021, underscoring a cautious approach by sellers in a fluctuating market.

As of December, the total number of homes listed for sale on the MLS® system in Metro Vancouver stood at 8,802, reflecting a 13% increase from December 2022 and a slight edge above the 10-year average. These figures point to a gradually recovering inventory, responding to the demands of a diverse pool of buyers.

Price Dynamics in Focus

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver reached $1,168,700 by the end of 2023. This represents a 5% increase from December 2022, though it also shows a slight 1.4% decrease from November 2023. Such price movements indicate a market that is adjusting and stabilizing amidst varied economic pressures.

Segment-Specific Sales and Prices

December 2023 revealed interesting trends across different property types:

- Detached Homes: Sales slightly increased by 1.3% compared to December 2022, with a benchmark price of $1,964,400, a 7.7% annual increase.

- Apartment Homes: Experienced a 2.4% sales increase with a benchmark price of $751,300, up 5.6% from the previous year.

- Attached Homes: Notched a 7.2% increase in sales, with the benchmark price climbing to $1,072,700, a 6.4% rise from December 2022.

These figures highlight the diverse opportunities and trends within the Vancouver real estate market, catering to a range of preferences and budgets.

Reflecting on 2023 and Looking Ahead

The year 2023 in the Vancouver real estate sector was marked by adaptation and resilience. With the anticipation of possibly lower mortgage rates in 2024, the market is poised for new dynamics. Sellers and buyers, especially those in collaboration with a skilled Vancouver realtor, experienced a market that, despite challenges, offered opportunities for successful transactions and investments.

Vancouver Real Estate: A Market of Opportunities

For those interested in homes for sale in Vancouver, the market trends of 2023 offer valuable insights for making informed decisions. Whether buying or selling, the expertise of a Vancouver realtor can be pivotal in navigating this complex yet rewarding market.

As we step into 2024, the Vancouver real estate market promises new prospects and challenges. Staying informed and agile will be key to capitalizing on the opportunities this vibrant market has to offer.