Monthly Real Estate Market Report – January 2024

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In January 2024, the real estate market in Metro Vancouver showed signs of favouring sellers again after a balanced end to 2023. The pace of new property listings couldn’t match the high volume of home sales. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1,427 residential sales in January 2024, marking a significant 38.5% increase from the same period in 2023 when 1,030 sales were recorded. However, this number was still 20.2% below the 10-year seasonal average of 1,788 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. 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.”

Andrew Lis, REBGV director of economics and data analytics

In January 2024, a total of 3,788 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This marked a 14.5% increase from January 2023, when 3,308 properties were listed. However, it fell 9.1% below the 10-year seasonal average of 4,166 listings.