While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.
“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”
“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,” Lis 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.”
- Real Estate Board of Greater Vancouver
Statistics for sub-markets, price bands, and product type can vary significantly. Some sub-bmarkets are seeing a significant increase inactivity so for in the first week of February, while others are continuing to move at a slower pace. For this reason it’s always advisable to get in touch with your Real Estate Advisor to dive into how the market is performing in your area. This is something I love discussing! Reach out to me if you’d like insight on your neighbourhood or the area you’re considering a purchase in ~ 604-315-1840
