VANCOUVER WEST DECEMBER TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points out that 2023 may have ended with a balanced market yet despite the highest borrowing rates in many years, value at year end across all market segments is five plus percent higher. We look back to see willing Buyers outnumber willing Sellers causing lower sales but higher prices. In 2023 new listings in all sectors decrease 7.5 percent versus 2022. Total inventory for the year is 10.5 percent below 2022. Sales of all residential properties in Metro Vancouver last year is 10.5 percent lower than the previous year. This year starts with a lot of anticipation about the effect of rates that are poised to ease in 2024.
New listings in all sectors last month are up 9.9 percent compared to December 2022. Total inventory is up 13 percent year to year. Sales of all residential properties in Metro Vancouver this December rise 3.2 percent compared to last December. The composite value of all properties is 4.9 percent higher December to December.
From November to December the graph shows a 4.6 percent increase in prices for attached units in Metro Vancouver. Last month compared to the previous December, the benchmark townhouse price is up 6.4 percent. Year to year townhouse sales volume is 7.2 percent higher.
Vancouver west townhouse prices are up 6.7 percent from December to December. Attached unit sales rise 43.8 percent year to year. Townhome inventory drops 14.3 percent this December versus December 2022.
From November to December west side attached sales decrease 37.8 percent. Month to month, Vancouver west attached inventory drops 64.2 percent.