Market Highlights For December 2023

The Roller Coaster Ride Called Real Estate

  • Prices in Greater Vancouver were up 5% in 2023
  • Vancouver West Side detached prices showed an increase of 11.4% in 2023
  • Total number of New Listings were the lowest since 2001
  • Let the interest rate decreases begin
  • The Buying signal is now

It would seem interest rates and inflation have made for a bit of a roller coaster ride in real estate with numbers showing we’re likely at the bottom of this rough ride we’ve been on over the last 2 years.

And while people will line up for Disney’s roller coaster, buyers and sellers chose to avoid the ride this year and the numbers certainly showed that. With near record lows for the number of new listings and sales volume declines for the second year in a row, the line up is forming for all those buyers and sellers that want to jump on a smoother ride in real estate. While we may have achieved balance in the real estate market by the end of 2023, will that continue in 2024? Once the Bank of Canada starts to decrease its rate, that will bring more buyers off the sidelines and create competition. Fixed rates have already started to decline. So, for those buyers ready to buy now, this is your buying signal. 
 
January rings in the new year and with that comes every property owner’s assessed value from B.C. Assessment. Perhaps talked about more than new year resolutions as everyone looks to see how their properties scored compared to others. It’s important to remember though that these assessments may not accurately reflect market value and these valuations were done up to July 1, 2023. In the Lower Mainland, the total assessed value of properties was up 3% compared to 2023. With Vancouver seeing a typical property up 4%, one of the highest in the region, along with Burnaby and Coquitlam while most other suburbs were at 2% and municipalities in the Fraser Valley showing a decrease of 2 to 3%. Hope had the highest decline at 13%. BC Assessment Assessor Bryan Murao said, “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.”  
 
At least we beat January, as the 1,345 properties sold in December were higher than the 1,030 sales at the start of 2023 in January. That can be seen as a positive after a year where the real estate market limped along. This after there were 1,702 properties of all types sold in Greater Vancouver in November and 1,996 sales in October. But at least there were more sales this December compared to last year where 1,303 properties sold in the last month of 2022. But still sales in December were 37% below the 10-year average after November’s sales were at 35% below the 10-year average. 
 
Overall, there were 26,249 sales in 2023 which was down from the 29,227 in 2022, and much less than the 44,944 sales in the fast-paced 2021. Total sales for the year were 23 per cent below the 10-year average. The last two down years were 2018 and 2019 with 25,051 and 25,679 sales respectively in those years.  Like 2022 with the first six months having the majority of sales, 2023 was no different due to interest rate hikes having their way. In the last half of 2023 there were 11,720 sales compared to 10,348 in the last half of 2022. While it’s early to call it, there is a sense of momentum change. What’s needed to help that shift in the market is more listings. There will be real estate transactions in 2024, just how many will be a function of the number of listings that come on. Sellers, buyers are waiting for you!
 
With current sales, we are in a balanced market with 7 months supply of homes overall in Greater Vancouver, ticking up from 6 months supply in November. With such a low volume of sales, it’s not surprising to see this. Vancouver’s West Side and West Vancouver are showing numbers above 7 months which indicates a buyer’s market. While North Vancouver, Burnaby Coquitlam, Port Coquitlam, and Pitt Meadows continue to see the shortage of listings resulting in seller’s market conditions with less than 5 months supply.  
 
There were only 1,355 new listings in December after 3,440 new listings in November, 4,752 new listings in October, and 5,557 new listings in September, and slightly higher than the number of new listings in December last year at 1,240. For the year, there were 50,883 new listings in Greater Vancouver, which was below the 55,028 in 2022, and 63,711 in 2021. It was also lower than the two previous down years of 2018 and 2019 where there were 55,057 and 53,267 new listings respectively. 
 
The number of new listings in December dropped to 25% below the 10-year average after being close to or above the average in the last 3 months: 3% below the 10-year average in November, 5% above the average in October and 6% above the average in September. For the year, new listings were 11% below the 10-year average. With these few listings it’s not surprising to see prices climb 5% year-over-year in Greater Vancouver even amid sales that were 23% below the 10-year average. A resilient market indeed.
 
There were 8,802 active listings in Greater Vancouver at the end of December after November finished with 10,931, compared with 11,599 active listings at the end of October and 11,382 active listings at the end of September. After several listings expired at the end of December, January started with 7,828 active listings. Last year at the end of December there were 7,791 active listings and January 2023 started with 6,853. While we do have more listings to work with currently, there are less than the 10,907 at the end of 2018 and far below the 13,902 active listing at the end of 2012. The detached market overall remains in buyer’s market territory with 9 months supply of inventory but during the month of December the absorption rate was at 91%. Townhomes and condos continue to sit just above 5 months supply of listings on the border of a seller’s market with 106% of new townhome listings selling in December and 104% of condo new listings selling that month.  
 
We do not have a speculation problem; we have a holding problem. More and more real estate is held instead of sold. After 25 years, the number of listings should be higher, the number of transactions should be higher. With our population growing and demographics shifting to produce more buyers, discouraging homeowners from selling will do more harm than good. The proposed anti-flipping tax tabled by the B.C. NDP along with other demand side policies will produce less listings for buyers and put more pressure on prices to increase. Government needs to entice sellers to come to the market and until policy shifts in that direction, we’ll continue to have a holding problem and with limited supply.

Here’s a summary of the numbers:

Greater Vancouver: Month-over-month, the house price index is down 2.9% in the last quarter but up 5.0% year-over-year.

Total Units Sold in December were 1,345 down from 1,702 (21%) in November 2023, down from 1,996 (33%) in October 2023, up from 1,303 (3%) in December 2022, down from 2,737 (51%) in December 2021, down from 3,157 (57%) in December 2020, down from 2,046 (34%) in December 2019, up from 1,094 (23%) in December 2018; Active Listings were at 8,802 at month end compared to 7,791 at that time last year and 10,931 at the end of November; New Listings in December were down 21% compared to November 2023, down 71% compared to October 2023, up 9% compared to December 2022, down 32% compared to December 2021, down 46% compared to December 2020, down 19% compared to December 2019 and up 7% compared to December 2018. Month’s supply of total residential listings is up to 7 month’s supply (balanced to buyer’s market conditions – detached homes up to 9 months supply, a buyer’s market) and sales to listings ratio of 99% compared to 49% in November 2023, 105% in December 2022 and 138% in December 2021. 

 

 

 

 

 

 

 

 

 

 

 

For other regions, contact Berna Yazgan

Özlem Kırmızı
Özlem Kırmızı
2024-01-14
Yurtdışına ilk kez çıkacaktım ve Vancouver´da kızımın okuluna yakın bir ev arıyordum. İngilizcemin yetersizliği, Kanada’daki ev sahipleri ve gayrimenkul şirketlerinin Türkiye'den yazılan mesajlara cevap vermemeleri beni strese sokmuşken Berna hanımla tanıştım. Güleryüzü, işini severek yapması, tecrübesi, özveri ile saat farkına bakmadan her adımda bizi bilgilendirmesi bende güven oluşturdu. 1 hafta gibi kısa süre içersinde kızımın okuluna yakın standartlarımıza uygun evi buldu. Resmi işlemleri birebir irtibat halinde hallettik ve kanadaya gelmeden evimiz hazırdı. Berna hanıma emekleri için çok teşekkür ederiz.
Fuat Berk KIRLI
Fuat Berk KIRLI
2024-01-05
Ailece Vancouver’a taşınma kararı aldığımız sürecin başında, burada yapılması gereken hemen tüm resmi işlerin adrese bağlı olduğunu öğrenmemiz bizde ciddi endişe yarattı. Çünkü yerleşmek istediğimiz ve küçük oğlumuzu göndermek istediğimiz okulun bulunduğu bölgede evler görece eski ve sonradan öğrendiğimiz dezavantajlara sahipti. İşlerimiz devam ettiği için, burada bizim kabul, kriter ve beklentilerimizi karşılayan, en doğru evi bulacak ve bizim buradaki hem gözümüz hem burnumuz 😀olacak birine ihtiyaç vardı. Bu noktada Berna hanım özverili bir şekilde, saat farkına rağmen, tüm seçenekleri birer birer yerinde bize göstererek çok yardımcı oldu. Hem doğru evin bulunması, hem de ev sahibi ile ilgili resmî işlerin takibi ve bilgilendirme sürecini onunla beraber sorunsuz olarak tamamladık. Kendisinin bilgi birikimi, ilişki yönetimi, ve doğru değerlendirmeleri bize bu süreçte çok önemli bir yol gösterici oldu. Vancouver a hayatını taşımayı düşünen ve ev kiralama ihtiyacı olacak herkese, Berna hnm ile çalışmalarını tavsiye ederiz. Bu süreçleri tek başınıza yüklenmeniz yorucu, zaman alan, bazen yanıltıcı olabilir diye düşünüyoruz. Bu anlamda, kendisine destek ve yönlendirmeleri için çok teşekkür ederiz.
Furkan Demirbay
Furkan Demirbay
2023-12-31
Berna hanım ile çalışmak harikaydı.Bizi en doğru şekilde yönlendirdi ve çok hızlı bir şekilde en güzel evi bulduk😊 Sayesinde yeni yıla yeni evimizde giriyoruz. 🙂
Basak Gorgun
Basak Gorgun
2023-11-29
Kanada’ya tasinma karari aldigimizda bizi en korkutan sey ev bulmanin zorlugu ve sureciydi.Yogun arastirmalara girdigim donemde Berna ile yollarimiz kesişti.Onun yonlendirmeleri sayesinde arama bolgelerimizi genişlettik kriterlerimizi revize ettik derken Bingooo Hayalini kurdugum bolgede tam da istedigim gibi bir evimiz var artik 💜 Sayesinde hayatimiza 1-0 onde basladigimizi hissediyorum:) Gönülden tavsiye ederim🙏 isini gerçekten iyi yapan insanlara denk gelmek zira gunumuzde cok zor .. Herkese bol sans
Wifak Tayeb
Wifak Tayeb
2023-10-10
Our experience with Berna finding a home was wonderful, Berna is so professional and detail oriented, she helped us rent a home while we were outside Canada, Thanks to her the process were very smooth and easy. We highly recommend her professional service
İsmail Yıldız
İsmail Yıldız
2023-10-06
We met Mrs. Berna with the suggestion of our friends. It was the most important part of our house finding process that started when we were still in Istanbul. It has come to a different place in our hearts with its constant support of positive energy and its very fast response to every question at any moment, if it is not even related to the finding home. You can establish this sincerity with very few people without seeing each other from 10000km away. This makes Berna very valuable to us. We felt his friendly attitude once again when we set foot in Vancouver, with the fact that he carried out our house finding process from beginning to end, taking us from that house to that house, directing the most suitable houses that can make us happy in terms of price performance. We would like to thank and strongly recommend Mrs. Berna, who provided us with all kinds of support in our home finding process.
Mehmet Can KAYA
Mehmet Can KAYA
2023-09-03
Not only she find us perfect home really quickly, she also gave us so many informations about Canada itself. She understands our needs and must-haves and rapidly find us places. We will definitely call her again before buying a house 🙂
Pelin Ayhan koc
Pelin Ayhan koc
2023-09-02
Settling down in a new country and finding a rental, especially in a place like Vancouver, can be incredibly challenging. However, Berna made this process remarkably easy for us. With her expertise and thoughtful consultations, I never felt lost or isolated. I was really worried to find a place that is pet friendly however thanks to Berna, we found our dream home in Vancouver. Working with her has been a joy, and She was my lucky charm in this new city. She did not just find us a home but also consult us how to settle and live in Vancouver. We wholeheartedly believe people who work with Berna will find their place to call home. ☺️
Edin Karabulut
Edin Karabulut
2023-07-03
Kanada’ya ayak basmadan, bize kiralık daire buldu. Çok calıskan, ilgili, günün her saati bize bilgilendirme yaptı. Simdi Kanada’dayız ve evimizdeyiz. Kesinlikle tavsiye ediyoruz.
G B
G B
2023-06-26
Berna is a great consultant. We were very worried as we came from Turkey. It was very valuable for us to feel your support regarding our concerns and expectations. She did a great job helping us rent the house we wanted. Thank you for helping us get off to a good start in our new life.

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