The Vancouver real estate market kicked off 2024 with a bang as home sales skyrocketed in January, providing a strong indication of renewed buyer confidence. According to the Real Estate Board of Greater Vancouver, January home sales reached a total of 1,427, marking a significant 38.5 percent increase compared to the same month last year. However, despite this surge, the pace of newly listed properties struggled to keep up with the high demand.
Last month, there were 3,788 new listings of detached, attached, and apartment properties, reflecting a decent 14.5 percent increase from January 2023. However, much to the market’s concern, new listings fell short by 9.1 percent when compared to the 10-year seasonal average. This discrepancy between sales and new listings emphasizes the growing concern regarding the insufficient inventory available to meet the rising buyer demand.
The rise in demand and limited inventory continues to exert upward pressure on home prices. In January, Metro Vancouver’s composite benchmark home price stood at $1,942,400, representing a notable 7.3 percent increase from the previous year. However, there was a minor 1.1 percent decrease from December’s figure. These statistics suggest that despite the challenges of limited inventory, the Vancouver real estate market remains relatively robust and resilient.
Andrew Lis, the Real Estate Board of Greater Vancouver’s director of economics and data analytics, expressed surprise over the strong sales figures following a relatively quiet December. Lis further highlights the urgent need for sellers to enter the market promptly, as the intense competition among buyers could tip the scales in favor of sellers due to the limited inventory.
The board forecasts a two to three percent increase in home prices by the end of the year, citing the high demand and insufficient inventory as key factors. However, there is speculation that this forecast may be overly conservative when considering the momentum gained in January.
Meanwhile, in the Fraser Valley real estate market, a positive trend emerged after six months of falling sales. The Fraser Valley Real Estate Board reported a 12 percent increase in homes sold to kickstart the year, bringing newfound optimism to the region. With a notable rise in January sales, more buyers are now considering re-entering the market. Open house traffic is increasing, indicating growing interest and potential future growth in the Fraser Valley market.
Furthermore, listings in the Fraser Valley region doubled in comparison to December, further fueling hope for a positive trend in the coming months.
1. What was the percentage increase in home sales in January 2024 compared to the same month last year?
– Home sales in January 2024 increased by 38.5 percent compared to the same month last year.
2. How many new listings were there in January 2024 compared to January 2023?
– In January 2024, there were 3,788 new listings, reflecting a 14.5 percent increase from January 2023.
3. Did the number of new listings meet the 10-year seasonal average?
– No, the number of new listings fell short by 9.1 percent when compared to the 10-year seasonal average.
4. What is the current benchmark home price in Metro Vancouver?
– The composite benchmark home price in Metro Vancouver is $1,942,400.
5. How much did home prices increase in January compared to the previous year?
– Home prices in January increased by 7.3 percent compared to the previous year.
6. What was the decrease in home prices from December to January?
– There was a minor 1.1 percent decrease in home prices from December to January.
7. What is the forecasted increase in home prices by the end of the year?
– The Real Estate Board of Greater Vancouver forecasts a two to three percent increase in home prices by the end of the year.
8. What is the current situation in the Fraser Valley real estate market?
– After six months of falling sales, the Fraser Valley real estate market reported a 12 percent increase in homes sold in January, bringing optimism to the region.
9. What is the trend in the Fraser Valley market in terms of listings?
– Listings in the Fraser Valley region doubled in comparison to December, fueling hope for a positive trend in the coming months.
– Real Estate Board of Greater Vancouver: An organization that represents Realtors and their clients involved in the real estate market in Greater Vancouver.
– Metro Vancouver: A metropolitan area located in British Columbia, Canada, that includes the city of Vancouver and its surrounding municipalities.
– Benchmark Home Price: A reference price used to track changes in the value of a typical home over time.