Metro Vancouver home sales in 2024 see "strong" start
Home sales in Metro Vancouver experienced good momentum to start off 2024, according to the Real Estate Board of Greater Vancouver (REBGV).
A total of 1,427 homes were sold in REBGV jurisdiction in January 2024, representing a 38.5% increase from January 2023, but still 20% below the 10-year seasonal average.
This is also up from the 1,345 homes sold in December 2023.
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“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, the REBGV director of economics and data analytics, in a statement.
In January 2024, there were 3,788 homes newly listed for sale, which is a 14.5% increase from January 2023, but 9% below the 10-year seasonal average. Currently, there are 8,633 homes listed for sale, representing a 9.8% increase from January 2023.
REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.
The benchmark price for all homes within REBGV jurisdiction is currently hovering at $1.161 million, representing a 4.2% increase from January 2023 and a 0.6% drop from December 2023.
REBGV is currently forecasting a 2% to 3% uptick in home prices by the end of 2024 due to demand exceeding supply.
“If 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’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data,” continued Lis.
January 2024 home sales statistics: REBGV
- Detached homes
- Number of units sold: 379 (+28% over January 2023)
- Active listings: 3,191
- Benchmark price: $1,942,400 (+7.3% over January 2023; +1.1% over December 2023)
- Average days on the market: 54
- Apartment homes
- Number of units sold: 746 (+30.6% over January 2023)
- Active listings: 3,746
- Benchmark price: $751,900 (+4.4% over January 2023; +0.1% over December 2023)
- Average days on the market: 42
- Townhomes
- Number of units sold: 285 (+82.7% over January 2023)
- Active listings: 1,247
- Benchmark price: $1,066,700 (+4.3% over January 2023; +0.6% over December 2023)
- Average days on the market: 37