Greater Vancouver Market Update – January 2024

We have put together our monthly market update. You can find our 2-minute market update here – Click Here

The December Real Estate Market echoed a lot of the same statistics as November in Greater Vancouver. Sale continued to underperform relative to the 10-Year Averages while Active Inventory sits closer to normal levels. The market sits at 5.7 Months of Inventory (MOI), putting us in a ‘Balanced Market’ (a Balanced Market is between 5-8 Months of Inventory. Similarly to the last few months, the Detached segment has been the most sluggish segment as the Months of Inventory sits at 8.5 MOI – a ‘Buyer’s Market’ (Buyer’s Market is over 8 MOI). On the flip side, both Townhomes and Condos remain as the stronger segments with 4.6 and 4.7 Months of Inventory – both sitting in a ‘Seller’s Market’ (Under 5 MOI).

We are still seeing Buyer’s remain cautious in the market and stay relatively price sensitive, however we are still seeing homes that are priced competitively move quite quickly. It seems as though people are eager to get out viewing homes, but whether that translates to offers and closed deals remains to be seen. This will be an important month, as it will help set the stage for our Spring Market.

If you have any questions about the market or what is happening in your neighbourhood/sub segment, don’t hesitate to reach out!

604-340-8588

jeff@donohoe.ca