After experiencing a surge in home sales following a sluggish December, it's noteworthy that prices have consistently declined over the past six months. However, there is optimism that the forecasted reduction in interest rates might reverse this trend. Presently we find ourselves in a balanced market witnessing a higher volume of sales in the condominium and townhouse sectors in comparison to single-family homes. At the moment, the market remains favourable for buyers.
“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”
Here's the summary for January:
38.5% ↑ in sales since January 2023
20.2% ↓ below the 10-year January sales average
9.8% ↑ in listed properties compared to January 2023
0.3% ↓ below the 10-year January listings average
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2% increase from January 2023 and a 0.6% decrease compared to December 2023.
