January 2024 Insights: Navigating Vancouver’s Real Estate Landscape

Vancouver Real Estate Market January 2024 Update

In January 2024, the Vancouver real estate landscape showcased diverse market dynamics across its key areas. Downtown Vancouver maintained a balanced market, with properties slightly selling below their listing prices, reflecting a cautious approach by buyers. This area showed a nuanced balance between supply and demand, leading to a steady market environment.

On the other hand, both the Westside and Eastside of Vancouver tilted towards a buyer’s market, with notable differences in pricing strategies and sales outcomes. The Westside saw detached homes selling at notable discounts, suggesting a market with higher inventory levels and selective buyer interest. Conversely, the Eastside demonstrated a closer alignment between asking and selling prices, indicating a more competitive market for certain price segments. Overall, the Vancouver real estate market in January was characterized by its regional variances, with each area responding differently to prevailing economic conditions and buyer sentiment.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 13% Sales Ratio (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 58% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1mil – $1.25mil, Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties

For Downtown Vancouver, January 2024 showcased a balanced market with a 13% sales ratio. Inventory increased by 9% to 767 units, with sales dropping by 5% to 99 units. The average sale price saw a decrease of 6%, settling at $765,000. The sale-to-list price ratio remained stable at 98%, and the average days on market significantly reduced by 43% to 24 days.

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 9% Sales Ratio average (9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 5% below list price
• Most Active Price Band: Homes between $2.5mil – $2.75mil with average 45% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $5.5 to $6mil, Shaughnessy and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Arbutus and minimum 7 bedroom properties

Attached Housing

• Market Type: Balanced Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: Homes between $2.25 to $2.5 mil with average 41% Sales Ratio (sellers market)
• Opportunity for Buyers: Homes between $1.25 to $1.5mil, Dunbar, Oakridge, SW Marine, South Granville and 4 plus bedrooms
• Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano and with 2 bedrooms

The Westside of Vancouver also portrayed a buyers’ market with a 9% sales ratio. Homes were selling, on average, 5% below the list price. The most active price band was $2.5 million to $2.75 million, which leaned towards a sellers’ market scenario. The luxury segment, particularly homes priced between $5.5 million to $6 million in Shaughnessy and properties with up to two bedrooms, presented the best buying opportunities. Sellers found the most success in the Arbutus area and with properties boasting a minimum of seven bedrooms, highlighting a niche demand within the higher-end market

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 11% Sales Ratio average (1.1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: Homes between $1.25mil to $1.5mil with average 29% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.75mil to $3mil in Collingwood, Killarney, Renfrew Heights and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Grandview Woodland and 5 to 6 bedroom properties

Attached Housing

• Market Type: Sellers Market at 21% Sales Ratio average (2.1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 31% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.251mil to $1.5mil in Victoria and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Killarney and up to 2 bedroom propeties

The Eastside of Vancouver, characterized by its detached homes, entered a buyers’ market with an 11% sales ratio. Properties in this area were selling at their list price on average, with the most active price band being $1.25 million to $1.5 million, indicating a sellers’ market within this price range. The areas of Collingwood, Killarney, and Renfrew Heights showed high activity, especially for properties with seven or more bedrooms, suggesting a demand for larger homes. Conversely, the Fraser and Grandview Woodland areas, along with homes having 5 to 6 bedrooms, were identified as sellers’ best bets.

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on Feb 1, 2024  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.