December 2023 and The Full Year 2023 Real Estate Market Update for Greater Vancouver

Written by Caroline Yuen on January 3, 2024.

For the full year of 2023:

The Real Estate Board of Greater Vancouver (REBGV) has announced that in 2023, there were 26,249 residential sales in the region. This represents a decrease of 10.3% compared to the 29,261 sales in 2022, and a significant drop of 41.5% from the 44,884 sales in 2021. Additionally, the sales figures for the last year were 23.4% lower than the average annual sales over the past decade, which stand at 34,272.Top of Form

For the full year of 2023, the number of properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 50,893, a decline of 7.5% from the 55,047 properties listed in 2022, and a 20.2% decrease from the 63,761 properties listed in 2021.

The total listings for the previous year were 10.5% lower than the 10-year average annual total of 56,868 for the region.

As of now, there are 8,802 homes listed for sale on the MLS® system in Metro Vancouver, which is a 13% increase from the 7,791 listings in December 2022. This current number is slightly above the 10-year seasonal average, exceeding it by 0.3% (8,772 listings).

The sales-to-active listings ratio across all property types, including detached homes, attached properties, and apartments, stands at 16%. Breaking this down by property type, detached homes have a ratio of 11.1%, while attached properties are at 18.7%, and apartments show a ratio of 19.6%.

In December 2023, sales of detached homes reached 376, a slight increase of 1.3% from the 371 detached sales recorded in December 2022. The benchmark price for detached homes now stands at $1,964,400, showing a 7.7% increase from December 2022 and a small decline of 0.9% from November 2023.

Apartment home sales saw a rise in December 2023, reaching 719, which is 2.4% higher than the 702 sales in December 2022. The benchmark price for an apartment home is currently $751,300, marking a 5.6% increase from December 2022 and a 1.5% decrease from November 2023.

For attached homes, December 2023 saw a total of 238 sales, reflecting a 7.2% increase from the 222 sales in December 2022. The benchmark price for a townhouse is now $1,072,700, indicating a 6.4% rise from December 2022 and a 1.8% decrease from November 2023.

Data sourced from https://www.rebgv.org/