REBGV Market Report For January 2024 – Year Started Strongly With Higher Sales

The Real Estate Board of Greater Vancouver (REBGV) report for January 2024 was released early this month and notable was the fact that newly listed properties did not keep up with the volume of home sales. 

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions. If sellers don’t stope off the sidelines soon, the competition among buyers could tilt the market back into seller’s territory as the available inventory struggles to keep pace with demand,” Andrew Lis, REBGV director of economics and data services said. 

Home Sales
January recorded 1,427 sales of residential properties. While this was up from the 1,030 sales recorded in January 2023, it was 20.2% below the 10-year seasonal average of 1,788. 

Property Type Jan 2024 sales Jan 2023 Sales %  +/-
Detached 379 296 +28%
Apartment 746 571 +30.6%
Townhouse 285 156 +82.7%

Home Listings
The MLS recorded 3,788 newly listed homes for January 2024.  This pushed the total home listings to 8,633. In comparison, in January 2023 there were 3,308 new homes listed.

In terms of total listings by property type, January 2024 had: 1,247 Townhomes 3,746 Condos 3,191 Detached homes

Sales-To-Active Listings Ratio
The January ratio was 9.8% across Metro Vancouver. By property type, the ratio was 11.9% for detached homes, 22.9% for townhomes and 19.9% for condos.

When the ratio is at 12% or below for a sustained period, there is downward pressure on home prices, and when it is above 20%, there is upward pressure.

House Prices
The MLS Home Price Index composite benchmark price for all residential homes in Metro Vancouver was $1,161,300. This represented a 4.2% increase over January 2023 and a 0.6% decrease compared to December 2023.

Summary Highlights

Active Listings 3,191 1,247 3,746
Sales 379 285 746
Benchmark Price $1,942,400 $1,066,700 $751,900
Ave Days On Market 54 37 42

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