FROM JOSEPH
HAPPY NEW YEAR EVERYONE! Hope you were well rested and ready to take on the new year! Christmas might be over but I hear the snows are rolling in just around the corner!
Here are the numbers that wrapped up the 2023 Vancouver real estate market. Transactions totaled at 26,249. We had a slower-than-average year as we didn't even reach thirty thousand sales!
With that said, however, if you take into account the total homes listed for sale (at 55,047 homes listed on the MLS), it's quickly apparent that Vancouver real estate still has lots of pent-up demand. Why? Because almost one out of every two homes listed on the market, was sold within the year!
It's not hard to explain, then, that even with the decade high mortgage interest rates, Metro Vancouver had a 5% jump in property value.
So what's to be expected this year? With the forecasted interest rate cuts, and with a lot of the banks already reducing their mortgage rates (they are currently hovering around 5%), we are going to see quite a stimulated market as the weather starts warming up.
I have included the year-end stats report above for your further reading. If you have any real estate questions, feel free to reach out! Have a wonderful January, and talk to you again soon.
Your Favourite Realtor
Joseph Liang
1/5/2024