The Vancouver Real Estate Journal

Trends, Market Insights, and Top Picks

February 2024

MARKET OVERVIEW

January saw a significant increase in home sales, pointing to a shift towards a market favourable to sellers. While the activity level varied by region, the general trend was increased sales, indicating a resurgence in buyer interest. New listings were below the usual numbers, adding to the market's vibrancy. The expectation that interest rates will soon decrease brings an added dimension of anticipation, hinting at a possible boost in activity for buyers and sellers across different areas.

Greater Vancouver 

Kicking off 2024 with a rise in demand, the market transitioned from balanced at the end of 2023 to a more seller-oriented market as the new year began. In January, the Greater Vancouver resale market witnessed 1,427 transactions, a significant 38.5% increase from January 2023's 1,030 sales. Despite this growth, these figures are still 20.2% below the 10-year January average of 1,788 resales.

January saw the introduction of 3,788 new listings, which is 9.1% less than the 10-year average for this month. Nonetheless, the total inventory reached 8,633, closely matching the 10-year average. This listing count proved inadequate to meet the rising demand in home sales.

The MLS® Home Price Index (HPI) benchmark price for all residential properties in Greater Vancouver stands at $1,161,300, down 0.6% from the prior month but up 4.2% from last year. Detached homes saw the highest annual price growth at 7.3%, while attached homes and apartments saw increases of 4.3% and 4.4%, respectively, compared to January 2023.

The market is overall balanced but is leaning towards favouring sellers, with a sales-to-active listings ratio of 17.2%. Detached homes are still in a buyer's market with a ratio of 11.9%, whereas townhomes are firmly in a seller's market with a ratio of 22.0%. Apartments are on the cusp of a seller's market with a ratio of 19.9%.

Fraser Valley Market

Things are looking up in the Fraser Valley! In January, there was a boost in the number of homes sold - 938, to be exact. This was the first time sales went up in six months, even though they're still a bit lower than what's usually seen over ten years. This jump in sales is a good sign that more people are interested in buying homes again, and more buyers are coming back into the market.

Also, in January, a lot more people decided to sell their homes, with 2,368 new listings popping up. That's a huge 151% more than in December and the biggest increase we've seen in five years. Thanks to all these new homes for sale, the total number of homes available went up to 4,877, which is more than last year and more than what's typical for January. Even with all these new homes for sale, because there weren't many homes available before and more people are looking to buy, sellers of condos and townhomes in the Fraser Valley are finding themselves in a good spot, with lots of interest in their properties.

The average price of homes was pretty steady at $985,900 in January, dropping just a little bit from December and still 18% less than the highest prices back in March 2022. With people expecting that interest rates won't go up much more, we're likely to see more buyers and sellers getting back into the market, which should make things even more lively in the Fraser Valley.

Top Real Estate News

Extension of foreign buyer ban won't solve affordability woes, economist says

Ottawa’s decision to extend a ban on foreign homebuyers for an additional two years is a reasonable move, but will not go far to address the country’s housing affordability crisis because such buyers are not a major factor to begin with. ... Read More

Vancouver mayor says city could generate $100M via naming rights of buildings, parks

If that money were to be unlocked, Sim said, “you could have a situation where we actually have a property tax decrease in the future,” even with inflation running at three or four per cent....Read More

Fixed mortgage rates in Canada resume their decline amid economic volatility

The average nationally available deep-discount 5-year fixed rate available right now is 5.07% [...]. That’s down from 5.82% in October...Read More

 FEATURED PRESALE

Portico By Wanson Group

This 7-story, 1-3 bedroom wood-frame condominium residence boasts an expansive courtyard and lush greenery. It offers the freedom to express yourself within enclosable balconies, dens, and 10' high ceilings. 

Location: Kemsley Ave & Clark Road

Completion date: Late 2026

Deposit: TBD 

Strata fee: TBD

Assignment Fee: TBD

Status: Coming Soon

https://lifeatportico.ca

Reach out for early access!

Juno by Streetside

Situated within Surrey’s rapidly changing business district along 104th Avenue, this 34-storey residential high-rise and six-storey podium will bring over 340 condos to the market. Juno focuses on room to breathe – spacious studio to three-bedroom homes including smart lock-off suites, and an abundance of lush landscaped outdoor spaces and interconnected indoor amenities including coworking areas, a wellness centre, and rooftop sky lounge.

Location: 13870 104 Ave, Surrey

Completion date: Spring/Summer 2028

Deposit: 10% 

Strata fee: $0.59/sq.ft.

Assignment fee: 0% on the first 75 homes sold

Status: Contract Writing starting February 15th, 2024 **

Starting Price:

Studio | 374-383 SF | High $300k

One Bed | 488-540 SF | High $400k

One bed + Den | 549-608 SF | Mid $500k 

Jr. Two Bed | 600-624 SF | High $500k

Two Bed | 725-817 SF | High $600k 

Two Bed + Den | 837-859 SF | Low $800k

Three Bed/Three Bed Lock-off | 1200 SF | High $900k

Limited-Time Buyer Incentive: Upto $10k Discount!

Reach out for a free market evaluation of your home. 

Do you have questions about buying or selling? 

Alan He

Realtor

MLA Canada Realty

C 778-980-5863

E alanherealty@gmail.com