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Real Estate Market Update for January 2024

The Latest Market Stats for Greater Vancouver's January Real Estate Market🏡

The numbers are in, and while the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the volume of home sales.

This was especially evident in Townhomes and attached properties where by we saw a 20% increase in the number of sales from the previous month and a 17% drop in the inventory levels.

January sales figures came in so strong despite such a quiet December, 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 current demand.

Watch for dropping mortgage rates in the coming months as this could be the catalyst the market is waiting for before a frenzy of buying could take place this spring market.

Want to know what your property is worth or how a specific neighbourhood you are interested in is performing? Message me now, and let’s chat!