January 2024 Market Update
This January, sale prices in Metro Vancouver came down approximately 0.5% relative to December 2023.
With the Bank of Canada holding interest rates again this January, affordability is still strongly impacted. The upper end of the market (above $2M) remains strong as these buyers (most already owning real estate) are less affected by borrowing costs. The market segment below $1M is slower as these buyers have to manage the increased borrowing costs over the past 16 months. Despite this, the continued lack of inventory is still helping to support benchmark sale prices across all market segments.
For those downsizing, the current market presents a good opportunity as larger properties are selling well, and smaller properties remain available longer.
For first-time buyers and those looking to upsize, while mortgage payments remain elevated, the current market offers buyers more time to negotiate and perform due diligence. Additionally, prices are likely to increase at a faster rate when interest rates begin to come down. Therefore, buying now, paying a higher monthly payment, and realizing additional appreciation in the meantime, is the trade-off for a higher purchase price in the future.
This January at Ballard360, we worked with buyers and sellers in North Vancouver, West Vancouver, the Sunshine Coast, Saltspring Island, and Downtown Vancouver.
Do you have any questions or want to discuss real estate?
We’re happy to help, give us a call!
Mark – 604-341-3147
James – 604-360-7529
Source: The Real Estate Board of Greater Vancouver
WEST VANCOUVER
NORTH VANCOUVER
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