December 2023 Actual Property Board of Larger Vancouver Statistics – Housing market resilient in 2023, ends 12 months in balanced territory

VANCOUVER, BC – January 3, 2024– Metro Vancouver’s housing market closed out 2023 with balanced market situations, however the year-end totals masks a narrative of unusual resilience within the face of the best borrowing prices seen in over a decade.

The Actual Property Board of Larger Vancouver (REBGV) studies that residential gross sales within the area totalled 26,249 in 2023, a ten.3 per cent lower from the 29,261 gross sales recorded in 2022, and a 41.5 per cent lower from the 44,884 gross sales in 2021.

Final 12 months’s gross sales whole was 23.4 per cent beneath the 10-year annual gross sales common (34,272).

“You would miss it by simply trying on the year-end totals, however 2023 was a powerful 12 months for the Metro Vancouver housing market contemplating that mortgage charges have been the best they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and information analytics stated. “In our 2023 forecast, we known as for modest value will increase all year long whereas most different forecasters have been predicting value declines. The truth that we ended the 12 months with five-per-cent plus positive aspects in house costs throughout all market segments demonstrates that Metro Vancouver stays a sexy and fascinating vacation spot, and elevated borrowing prices alone aren’t sufficient to dissuade consumers decided to get into this market.”

Properties listed on the A number of Itemizing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent lower in comparison with the 55,047 properties listed in 2022. This was 20.2 per cent beneath the 63,761 properties listed in 2021.

The whole variety of properties listed final 12 months was 10.5 per cent beneath the area’s 10-year whole annual common of (56,868).

Presently, the overall variety of houses listed on the market on the MLS® system in Metro Vancouver is 8,802, a 13 per cent improve in comparison with December 2022 (7,791). That is 0.3 per cent above the 10-year seasonal common (8,772).

The MLS® Residence Worth Index composite benchmark value for all residential properties in Metro Vancouver is at the moment $1,168,700. This represents a 5 per cent improve over December 2022 and a 1.4 per cent lower in comparison with November 2023.

“Finally, the story of 2023 is certainly one of too few houses obtainable relative to the pool of keen and certified consumers,” Lis stated. “Sellers have been reluctant to checklist their properties early within the 12 months, which led to fewer gross sales than ordinary popping out of the gate. However this additionally led to close record-low stock ranges within the spring, which put upward stress on costs as consumers competed for the scarce few houses obtainable.”

“Trying again on the 12 months, it’s arduous to not surprise how we’d be closing out 2023 if mortgage charges had been a number of per cent decrease than they have been. And it appears like we would get some perception into that query in 2024, as bond markets {and professional} forecasters are projecting decrease borrowing prices are prone to come, with modest fee cuts anticipated within the first half of the New Yr.”

December 2023 Abstract

Residential gross sales within the area totalled 1,345 in December 2023, a 3.2 per cent improve from the 1,303 gross sales recorded in December 2022. This was 36.4 per cent beneath the 10-year seasonal common (2,114).

There have been 1,327 indifferent, connected and condominium properties newly listed on the market on the A number of Itemizing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent improve in comparison with the 1,208 properties listed in December 2022. This was 22.7 per cent beneath the 10-year seasonal common (1,716).

Throughout all indifferent, connected and condominium property sorts, the sales-to-active listings ratio for December 2023 is 16 per cent. By property kind, the ratio is 11.1 per cent for indifferent houses, 18.7 per cent for connected, and 19.6 per cent for flats.

Evaluation of the historic information suggests downward stress on house costs happens when the ratio dips beneath 12 per cent for a sustained interval, whereas house costs typically expertise upward stress when it surpasses 20 per cent over a number of months.

Gross sales of indifferent houses in December 2023 reached 376, a 1.3 per cent improve from the 371 indifferent gross sales recorded in December 2022. The benchmark value for a indifferent house is $1,964,400. This represents a 7.7 per cent improve from December 2022 and a 0.9 per cent lower in comparison with November 2023.

Gross sales of condominium houses reached 719 in December 2023, a 2.4 per cent improve in comparison with the 702 gross sales in December 2022. The benchmark value of an condominium house is $751,300. This represents a 5.6 per cent improve from December 2022 and a 1.5 per cent lower in comparison with November 2023.

Hooked up house gross sales in December 2023 totalled 238, a 7.2 per cent improve in comparison with the 222 gross sales in December 2022. The benchmark value of a townhouse³ is $1,072,700. This represents a 6.4 per cent improve from December 2022 and a 1.8 per cent lower in comparison with November 2023.