December 2023 Market Update<\/p>\n
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.<\/p>\n
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. <\/p>\n
With limited new inventory on the way, particularly on the North Shore, much of the pent-up demand for housing may remain throughout 2024.<\/p>\n
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.<\/p>\n
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!<\/p>\n
Do you have any questions or want to discuss real estate? <\/p>\n
Give us a call! <\/p>\n
Mark – 604-341-3147
\nJames \u2013 604-360-7529<\/p>\n
Source: The Real Estate Board of Greater Vancouver <\/p>\n
NORTH VANCOUVER
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