January 2024 Real Estate Market Update: A Promising Start to the New Year

The Metro Vancouver real estate market kicked off 2024 with an encouraging uptick in activity, signaling cautious optimism among buyers and sellers alike. January’s stats highlight growing demand amid constrained supply, setting the stage for an interesting spring market.

Key Highlights for January 2024:

• Sales Activity:
  Residential sales totaled 1,427, marking a 38.5% increase year-over-year. Sales remained 20.2% below the 10-year seasonal average, reflecting ongoing economic adjustments.

• New Listings:
  New listings reached 3,297, a 15.8% decrease compared to January 2023, underscoring supply constraints as buyers re-enter the market.

Sales-to-Active Listings Ratio:

• Across all property types: 17.2%, indicating balanced market conditions.

  • Detached: 11.9%

  • Townhomes: 22.9%

  • Apartments: 19.9%

Price Trends:

• MLS® Home Price Index composite benchmark price for all residential properties was $1,177,400, a 4.8% increase year-over-year but a 0.8% decrease month-over-month.

• Detached Homes:

  • $1,942,400 (+7.3% YoY, -1.1% MoM)

• Townhomes:

  • $1,066,700 (+4.3% YoY, -0.6% MoM)

• Apartments:

  • $751,900 (+4.4% YoY, -0.2% MoM)

Regional Insights:

• Burnaby:
  Burnaby East recorded the highest price growth among the Burnaby regions, with a 4.9% year-over-year increase in the composite benchmark price. Townhomes in Burnaby South remained competitive with steady sales and demand.

• New Westminster:
  The apartment market continued to thrive, with a benchmark price of $641,700, reflecting a 4.1% annual increase.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Coquitlam detached homes saw consistent interest, while Port Moody apartments experienced strong price resilience at $657,900.

• Vancouver East & West:
  Vancouver West apartments remained a hot commodity for investors and downsizers, with benchmark prices holding steady. Vancouver East saw balanced conditions, particularly in the detached market.

What This Means for Buyers and Sellers:

• For Buyers:
  The start of the year offers a window of opportunity as prices remain stable and new listings emerge. Townhomes and apartments, in particular, offer strong value in the current market.

• For Sellers:
  Inventory remains constrained, giving well-priced and well-marketed homes an edge. Now is an excellent time to prepare your home for sale and take advantage of growing buyer interest.

January 2024 sets a positive tone for the year ahead. With balanced conditions and increasing market activity, both buyers and sellers have opportunities to achieve their real estate goals.

Have questions about what this means for you? Let’s connect to craft a personalized strategy for your next move.