Strong Start: Metro Vancouver's Housing Market Sees Surge in Home Sales

In January 2024, the housing market in Metro Vancouver saw a significant rise in home sales compared to the same time last year. Despite a slower December, buyers came back strong, outpacing the number of new properties listed for sale. This imbalance between supply and demand is pushing the market in favor of sellers once again.

The Real Estate Board of Greater Vancouver reported a 38.5% increase in residential sales, totaling 1,427 homes sold. However, the number of newly listed properties only rose by 14.5%, leaving inventory levels lower than usual for this time of year.

Currently, there are 8,633 properties listed for sale, up by 9.8% from last year, but slightly below the seasonal average. The sales-to-active listings ratio, which indicates market conditions, sits at 17.2% overall. For detached homes, it's 11.9%, while attached and apartment properties show ratios of 22.9% and 19.9%, respectively.

With demand consistently high and inventory limited, home prices are expected to rise by two to three percent by the end of 2024. However, if the strong sales trend seen in January continues into the spring market, prices could increase even further. 

In Metro Vancouver, the benchmark price for all residential properties is currently $1,161,300, up 4.2% from last January but down 0.6% from December. Detached home sales in January 2024 rose by 28% from last year to 379, with a benchmark price of $1,942,400, up 7.3% annually but down 1.1% from December. Apartment sales increased by 30.6% to 746, with a benchmark price of $751,900, up 4.4% yearly and 0.1% from December. Attached home sales totaled 285, up 82.7%, with a benchmark price of $1,066,700, up 4.3% annually but down 0.6% from December.