Update on Vancouver’s Real Estate Market for November 2023

Update on Vancouver’s Real Estate Market for November 2023

As 2023 nears its end, Metro Vancouver’s housing market is witnessing a significant rise in inventory, offering home buyers the most extensive selection since 2021. The Real Estate Board of Greater Vancouver (REBGV) notes that residential sales in November 2023 reached 1,702, a 4.7% increase from November 2022 but still 33% below the 10-year average. 

“The growing number of active listings recently provides buyers with more choices, a shift from the past few years,” says Andrew Lis, REBGV’s director of economics and data analytics. “Combined with the usual seasonal sales dip, this increase is leading to more balanced market conditions in Metro Vancouver. These trends follow a period where prices rose over 7% earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few % since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

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 12% Sales Ratio average (1.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: $400,000 to $500,000 with average 30% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5 mil, Coal Harbour and 2 bedroom properties
• Opportunity for Sellers: Selling homes in the Westend and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: $3 mil to $3.5 mil with average 30% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes minimum $7.5 mil, Quilchena, SW Marine, Shaughnessy, South Granville, Southlands and 7 + bedrooms
• Opportunity for Sellers: Selling homes in Point Grey, South Cambie and 5 to 6 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 3% below list price
• Most Active Price Band: $500,000 to $600,000 with average 38% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Dunbar, South Cambie and minimum 3 bedroom properties
• Opportunity for Sellers: Selling homes in Mount Pleasant, Quilchena and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balances Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: $1.25 mil to $1.5 mil with average 50% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.75 mil to $3.5 mil, Collingwood, Mount Pleasant, Renfrew, South Vancouver and 7 + bedrooms
• Opportunity for Sellers: Selling homes in Fraser and up to 2 bedroom properties

Attached Housing

• Market Type: Balances Market at 19% Sales Ratio average (1.9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: $400,000 to $500,000 with average 43% Sales Ratio (sellers market)
• Opportunity for Buyers: Homes between $1.5 mil to $1.75 mil Downtown, Main, Strathcona and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings, Mount Pleasant and minimum 4 bedroom properties

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 December 1, 2023  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.