December 2023 Market Update
This December, benchmark sale prices and the number of sales in Metro Vancouver came down approximately 1.5% relative to November 2023 as people focused on the holidays. Despite this, Metro Vancouver ended the year with an over 5% increase in benchmark sale prices across all segments during the past year.
This tangible increase in benchmark prices amidst drastically increased borrowing costs illustrates the fortitude of buyers in Metro Vancouver. It also indicates that there is still substantial pent-up demand for housing in the region.
With limited new inventory on the way, particularly on the North Shore, much of the pent-up demand for housing may remain throughout 2024.
As many economists forecast the moderation of borrowing costs over the next year, buyers may be well served to start preparing now to ensure they can capitalize before a larger-scale resurgence possibly returns to the market.
This December at Ballard360, we worked with buyers and sellers in North Vancouver, West Vancouver, Saltspring Island, Coal Harbour, Abbotsford, and Vancouver’s West End right up until the New Year!
Do you have any questions or want to discuss real estate?
Give us a call!
Mark – 604-341-3147
James – 604-360-7529
Source: The Real Estate Board of Greater Vancouver