January 2024
Despite a slight monthly decline, Vancouver's housing market showcases resilience and growth, with average prices rising annually by 5% in December 2023.
By Sahar Faer
Feb 3, 2024, 08:45 AM PST
The Vancouver housing market continued to demonstrate resilience and growth in December 2023, with average home prices in Greater Vancouver reaching $1,242,527. This marked a notable 5% increase compared to the previous year, despite a slight 3.3% decline on a monthly basis.
The benchmark price of homes in Metro Vancouver stood at $1,168,700, indicating a 1.4% decrease from the previous month but reflecting a solid 5% annual increase. Although Vancouver's benchmark price has shown remarkable growth over the past three years, with a notable 20% increase, it remains 7.4% below the all-time high observed in April 2022.
Benchmark Price
Average Sold Price
Courtsey of: WOWA
Across housing types, detached homes saw an average price increase of 4% year-over-year, reaching $2.06 million, while attached homes experienced a substantial 10% increase to $1.28 million. Similarly, condo apartments witnessed a 4.5% year-over-year increase, with an average price of $801,000.
As of February 3, 2024, the lowest mortgage rate available in Vancouver is 5.09% for a 5-Year Fixed term, presenting favorable financing opportunities for prospective buyers and investors alike.
Overall, Vancouver's housing market continues to attract attention and investment interest, fueled by its coveted location on the Pacific Coast, robust economic fundamentals, and enduring appeal as one of Canada's most dynamic cities.
