Market Highlights For January 2024

Jump Start to the Real Estate Market

  • Buyers are back! Sales in Greater Vancouver were up 39% from January 2023
  • Vancouver detached listings are at the lowest level since December 2015
  • The number of new listings were only up 15% from January 2023
  • When will the Bank of Canada cut its rate?
  • The total number of sales in West Vancouver were the lowest by month since 2008

A new year, a new real estate market. Sort of. As 2024 took hold, buyers appeared to embrace homebuying more so than they did when 2023 began Sales were up 39% in Greater Vancouver and 52% in the Fraser Valley year-over-year. Anticipation of future rate cuts were on the minds of many as they awaited the Bank of Canada’s first interest rate announcement in late January. While a rate cut wasn’t anticipated, the messaging of future rate cuts was on the minds of many. And while some predicted the next Bank of Canada meetings in March and April could be the first rate cut since the spate of increases starting in 2022, sticky inflation and a Canadian economy sidestepping a recession could keep the current Bank rate in check until June or July. Buyers don’t seem to want to wait though as market activity so far is indicating the pent-up demand can only hold off for so long.

There were 1,427 properties sold in Greater Vancouver in January this year. This was a 39% increase from the 1,030 properties sold last year in January. And this was the first month-over-month increase in sales since May of last year. You can only keep a good market down for so long. Even with the deep freeze and snow event last month, buyers made their way out to go through the limited supply of listings, many surprised at how many were no longer available. As the temperature in January rose to finish the month, the real estate market seemed to see its temperature rise as well. Will February produce the first month with more than 2,000 sales since August? Likely yes, but that will require a few more sellers to join jump into the market as well. With this increase in activity, sales in January were 22% below the 10-year average after sales in December were 37% below the 10-year average and November’s sales were at 35% below the 10-year average. The trends and numbers certainly show an increase in buyer activity. The stats don’t lie.

With current sales, we continue to be in a balanced market with 6 months supply of homes overall in Greater Vancouver, falling back from 7 months supply in December. Vancouver’s West Side was higher in the region at 8 months supply and West Vancouver with its lowest monthly sales since December 2008 clocked in at 21 months supply of homes available. A severe buyer’s market. While its neighbour next door, North Vancouver, maintained its 4 months supply, doing its best seller’s market imitation. Burnaby North and South, New Westminster, Port Coquitlam, and Ladner all finished January with 4 months supply of listings. Ladner didn’t see any condo sales in January, but then again there are only 8 active listings and there were no new listings in December, proving you can’t buy what isn’t available. Pitt Meadows has the lowest supply in the region with only 3 months worth of listings available for buyers shopping in that city.

With the precipitous drop in total listings we saw through the last two months of 2023, January saw 3,875 new listings. This was the third lowest number of new listings for the month of January since the year 2000. This after there were only 1,355 new listings in December after 3,440 new listings in November, but it was slightly higher than the number of new listings in January last year at 3,384.

The number of new listings in January were 13% below the 10-year average, which is an improvement from December with the number of new listings in that month being 25% below the 10-year average. But still below the averages in the 3 months preceding December: 3% below the 10-year average in November, 5% above the 10-year average in October and 6% above the 10-year average in September.

There were 8,633 active listings in Greater Vancouver at the end of January after seeing 8,802 active listings at the end of December. It’s rare to see the total number of active listings end with less in January then in December, but after several listings expired at the end of December, January started with 7,828 active listings. And with fewer new listings in January than is typical, that hole is hard to dig out of. Perhaps it’s a signal to sellers that the opportunity to list their home on the market is better than we’ve seen over the last year. Buyers are shopping and hoping that more sellers will list. The detached market overall remains in buyer’s market territory with 8 months supply of inventory, down from 9 months in December. Townhomes slipped down to 4 months supply and condos continue to sit just above 5 months supply of listings. The missing middle known as townhomes had a 42% absorption rate in January with sales up 82% compared to January last year. This was higher than detached at 33% absorption and sales 28% higher than January 2023 and condos at 37% absorption and sales 30% higher than January 2023. Perhaps the provincial government’s small-scale, multi-unit housing plan should have focused more on building more townhomes and row homes than 3 to 6 unit buildings scattered throughout the region.

As we start February, Ground Hogs in Canada indicated that we would see an early spring. Will we also see and early real estate market? The thought was it would depend on interest rates starting their decline, but with a little more uncertainty when that might happen, buyers seem to be wanting to get on finding their first or next home.

January was an indication that buyers are back, but the question remains – where are the sellers? A slower decline in interest rates may produce a more balanced market, as long we see more listings come on the market. The sudden rise in interest rates is keeping supply out of the real estate market, not just resale, but the much-needed new product that will fuel buyers in the years to come. Bank of Canada governor Tiff Macklem recently said that high-interest rates aren’t to blame for the housing crisis and that it can’t solve the housing crisis with interest rates. That seems to fly in the face of that fact that elevated interest rates are keeping new development at bay as higher interest rates add to the cost of housing and risk for developers. The extension of the Foreign Buyer ban announced on February 4, which will be until 2027 may also limit supply and not provide more. The host of government regulations have not helped to build more supply in the real estate market and is doing the opposite.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,427 – up from 1,345 (6%) in December, down from 1,702 (16%) in November 2023, up from 1,030 (39%) in January 2023, down from 2,329 (39%) in January 2022, down from 2,454 (42%) in January 2021, down from 1,602 (11%) in January 2020, up from 1,102 (29%) in January 2019; Active Listings were at 8,633 at month end compared to 7,862 at that time last year and 8,802 at the end of December; New Listings in January were up 186% compared to December 2023, up 13% compared to November 2023, up 15% compared to January 2023, down 9% compared to January 2022, down 16% compared to January 2021, down 3% compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 37% compared to 99% in December 2023, 30% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 4.6%.

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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