While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January 2024 began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the volume of home sales.
That’s according to the latest report from the Real Estate Board of Greater Vancouver (REBGV), which notes that residential sales in the region last month saw a 38.5 per cent increase from the sales recorded in January 2023. Last month’s sales figure, however, was 20.2 per cent below the 10-year seasonal average.
Newly listed properties for sale on the Multiple Listing Service (MLS) in January 2024 saw a 14.5 per cent increase compared to the properties listed in January 2023, but 9.1 per cent below the 10-year seasonal average.
The total number of properties currently listed for sale on the MLS system saw a 9.8 per cent increase compared to January 2023.
According to the REBGV, the benchmark price last month for a single-detached house in Ladner was $1,386,100. The price was almost exactly the same from the previous month, while up 11.6 per cent from January 2023.
The benchmark price for a house in Tsawwassen this January was $1,545,500, down just over one per cent from the previous month, while up 11.1 per cent compared to January 2023.
The January 2024 benchmark price for a townhouse in Ladner and Tsawwassen was $918,500 and $928,800 respectively. The benchmark price last month for a condo in Ladner and Tsawwassen was $704,300 and $677,200 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says the Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, while new listings more than doubled.
The FVRB recorded on its MLS a 12 per cent increase in transactions last month over December 2023, but below the 10-year average for sales in the region.
New listings increased 151 per cent this January, rebounding strongly from the seasonal lull seen in December, the FVRB says, adding it is the largest month-over-month percentage increase in new listings in five years.
According to the FVRB, the benchmark price for a single-detached house in North Delta this January was $1,350, 500, up 8.8 per cent compared to January 2023.
The benchmark price for a North Delta townhouse and condo last month was $890,600 and $573,400 respectively.
