VANCOUVER WEST DECEMBER HOUSE 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.
The graph shows the average Metro Vancouver price for detached properties down 2.3 percent from November to December. The benchmark price for houses in December 2023 is 7.7 percent more than the previous December. Year to year the volume of detached home sales is up 1.3 percent.
Last month versus December 2022, Vancouver west detached prices are up 11.48 percent. West side house sales decrease 8.6 percent year to year. This December, inventory is 24.5 percent lower than that of the previous December.
From November to December west side house sales fall 36.4 percent. Month to month detached inventory drops 60.6 percent.