Flexletter Statistics Sample

Housing market resilient in 2023, ends year in balanced territory

$751,300 apartment UP 5.6% year-to-year

$1,964,400 detached UP 7.7% year-to-year

BENCHMARK PRICES

$1,072,700 townhouse UP 6.4% year-to-year

8,328 ACTIVE LISTINGS 1,345 SOLD LISTINGS

detached 376 719 apartment

detached 3,394

3,663 apartment

6.2 MONTHS OF INVENTORY

1,327 NEW LISTINGS

16% SALES TO ACTIVE LISTING RATIO

45 DAYS ON MARKET (detached)

Vancouver, January 3, 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 residential 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 benchmark of Vancouver and surrounding region. 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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