Vancouver Real Estate Market December 2023 Update

Vancouver Real Estate Market December 2023 Update

Metro Vancouver’s housing market concluded 2023 on a balanced note, with end-of-year figures showing an unexpected resilience despite facing the highest borrowing costs in more than 10 years. Metro Vancouver’s housing market ended 2023 with strong activity, showing a surprising 5% gain in home prices amid a tight supply and strong buyer interest. “You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3% decrease from the 29,261 sales recorded in 2022, and a 41.5% decrease from the 44,884 sales in 2021. Last year’s sales total was 23.4% below the 10-year annual sales average (34,272).

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 15% Sales Ratio (1.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $300,000 – $500,000 with average 50% Sales Ratio
• Opportunity for Buyers: Homes between $3mil – $4mil, Downtown and 2 bedroom properties
• Opportunity for Sellers: Selling homes in Westend and up to 1 bedroom properties

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 3% below list price
• Most Active Price Band: Homes between $2.25mil – $2.5mil with average 18% Sales Ratio (Balanced market)
• Opportunity for Buyers: Homes minimum $7.5mil Cambie and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Mackenzie Heights and 3 to 4 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 1% below list price
• Most Active Price Band: Homes between $700,000 – $800,000 / $800,000 – $900,000 with average 34% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2mil to $2.25mil Marpole, SW Marine and up to 3 bedroom properties
• Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano and up to 1 bedroom / minimum 4 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 15% Sales Ratio average (1.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $1.25mil to $1.5mil with average 70% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.25mil to $2.5mil in Grandview Woodland and up to 5 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 5% below list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 68% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1mil to $1.5mil in Knight, Strathcona and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Collingwood, Hastings, Mt Pleasant and up to 1 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 _____  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.