As we approach the end of 2023, the Metro Vancouver housing market is showing balanced conditions, offering buyers the largest selection since 2021.
Key Highlights:
Increase in Inventory:
Housing inventory has steadily increased, providing buyers with more options compared to previous years.
Sales Overview:
November 2023 saw 1,702 residential sales, marking a 4.7% increase from the same period last year, though 33% below the 10-year average.
Active Listings:
There were 3,369 new properties listed in November 2023, a 9.8% rise from November 2022. Currently, there are 10,931 properties listed, a 13.5% increase year-over-year.
Market Balance:
The sales-to-active listings ratio is at 16.3% for November 2023, indicating balanced conditions across detached, attached, and apartment properties.
Price Trends:
Prices have shown a slight decrease since summer, with the MLS® Home Price Index at $1,185,100—a 4.9% increase from November 2022 and a 1% decrease compared to October 2023.
Property Type Analysis:
Detached home sales increased by 7%, apartments saw a 0.4% increase, and attached homes had a 12.5% rise in November 2023 compared to the previous year.
Benchmark Prices:
Detached homes stand at $1,982,600, apartments at $762,700, and townhouses at $1,092,600, reflecting both increases and decreases compared to the previous month.
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Andrew Lis (Real Estate Board of Greater Vancouver director of economics and data analytics) said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favourable we’ve seen in some time in our market.”
Here in South Surrey and White Rock, Detached homes showed Balanced Market conditions in November, with an 12% sales ratio. The most active price range was for homes between $1.25 million to $1.5 million. This segment showed strong Sellers Market conditions, with a 35% sales ratio. Condos and Townhomes remain a Sellers Market, with a 26% sales ratio (an increase from October). The most active price range for condos and townhomes was for homes priced between $700,000 to $800,000, which sold at a 52% sales ratio.
Thinking of buying or selling your home? Contact us to discuss how we can reach your real estate goals together.
Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
