The conclusion of 2023 witnessed Metro Vancouver's housing market maintaining balanced conditions. However, behind the year-end totals lies a narrative of unexpected resilience, overcoming the challenges posed by the highest borrowing costs experienced in over a decade.
In 2023, the total number of properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver amounted to 50,893, indicating a 7.5 percent decline compared to the 55,047 properties listed in 2022.
The sales of detached homes in December 2023 totaled 376, marking a 1.3% uptick from the 371 detached sales recorded in December 2022. The benchmark price for a detached home stands at $1,964,400, indicating a 7.7% rise from December 2022 and a 0.9% decline compared to November 2023.
The sales of apartments in December 2023 reached 719, reflecting a 2.4% increase compared to the 702 sales recorded in December 2022. The benchmark price for an apartment home is $751,300, marking a 5.6% increase from December 2022 and a 1.5% decrease compared to November 2023.
The sales of attached homes in December 2023 reached 238, indicating a 7.2% increase compared to the 222 sales in December 2022. The benchmark price for a townhouse is $1,072,700, reflecting a 6.4% increase from December 2022 and a 1.8% decrease compared to November 2023.
Reflecting on the year, one cannot help but ponder the potential outcome of closing out 2023 if mortgage rates had been a few percentage points lower. The prospect of gaining insights into this question seems promising for 2024, as bond markets and expert forecasters anticipate a likelihood of lower borrowing costs. Modest rate cuts are expected in the first half of the 2024.
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ABOUT ANNA LITVAK JOSEPH
Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and throught the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.
With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a Medallion Club Member in 2018, 2019, 2020, 2021, and 2022, placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.
Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.
About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.
BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.
BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers.