January 2024 Market Insights – Watch GVR January 2024 overview of housing market activity in Metro Vancouver.
January 2024 Market Insights – Watch REGBV January 2024 overview of housing market activity in Metro Vancouver: “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 volume of home sales.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 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.” — Economics and Data Analytics
* Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Sales-to-active listings ratio for January 2024
Generally, analysts say 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. You can see more details on Greater Vancouver Realtors®.
11.9% – Balanced Market
22.9% – Seller’s Market
19.9% – Balanced Market
Check our Market Statistics page to see detailed January 2024 market insights for Greater Vancouver & Fraser Valley, broken out by city and housing type (detached homes, condos, townhouses) . The movements in prices, sales, number of days a listing is on the market, and sales to active ratio by city will give you a real understanding of how the market is shifting neighborhood by neighborhood. This is really important: Greater Vancouver is made up of a lot of local markets, which can move very differently! For example, the market might be HOT in Maple Ridge and slow in Vancouver, or HOT for condos and slow for detached homes… and it is shifting all the time! Sometimes the shifts are small, other times they are very significant. We track movements across the entire region – contact us for further insights!
If you are interested in Real Estate in general, and want to get updates, check out our:
- Real Estate Blogs: we update content with news, trends, useful tips for buyers and sellers on a regular basis.
- Browse Real Estate blogs by category: Investment, Market Trends, Real Estate 101, Videos, Just for Fun
- Watch previous month’s update
- See Market Forecast for 2024
- Thinking of a home renovation? you might find business to help you here: Professionals & Contractors
If you plan on Buying a home:
- Work out how much your mortgage payments will be: Mortgage Calculator
- Calculate how much you will owe to ensure you have enough money to complete on your purchase: Property Transfer Tax Calculator
- How much you can really afford to spend on your new home: Affordability Calculator
- To see the Available Listings or Sold Prices in your favourite cities start your search on Search by City page
If you plan on Selling your home:
- Check first what our clients are looking for on Sell my house FAST page. Our clients are qualified and ready to write offers at the market price!
- Check the Listing Prices and the Sell Prices of similar properties in your neighbourhood on the Search by Map page.