Courtesy of Taylor Brown
Delta Market Report for December 2023
33 SOLD LISTINGS
32 NEW LISTINGS
detached 17 8 apartment 8 attached
detached 16 4 apartment 12 attached
103% SALES TO NEW LISTING RATIO
Housing market resilient in 2023, ends year in balanced territory
Vancouver, January 2024 – Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. “You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.”
Residential sales in the region totalled 1,345 in December 2023. There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service ® (MLS ® ) in Metro Vancouver in December 2023. Sales of detached homes in December 2023 reached 376. The benchmark price for a detached home is $1,964,400 up 7.7 per cent from December 2022. Sales of apartment homes reached 719 in December 2023. The benchmark price of an apartment home is $751,300 which represents a 5.6 per cent increase from December 2022. Attached home sales in December 2023 totalled 238. The benchmark price of a townhouse is $1,072,700 a 6.4 per cent increase from December 2022. Statistics reflect market activity in December 2023 | Source: REBGV ® Real Estate Board of Greater Vancouver | Market values stated are of the Median Selling Price of Delta and surrounding region. Median Selling Prices are not reported for areas with less than 20 sales. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.
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