The Vancouver and Fraser Valley Real Estate Markets Experience Shifts in January 2024

The real estate markets in Vancouver and the Fraser Valley saw some notable changes in January 2024, according to recent reports from the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVRB).

In Vancouver, the market shifted back in favor of sellers as newly listed properties struggled to keep up with home sales. Residential sales in January 2024 saw a significant 38.5% increase compared to the same month in the previous year. However, it’s important to note that January’s sales figure was still 20.2% below the 10-year seasonal average.

Although there was a 14.5% increase in newly listed properties compared to January 2023, it remained 9.1% below the 10-year seasonal average. The total number of properties listed for sale on the MLS system also experienced a 9.8% increase compared to the previous year.

Prices for single-detached houses in Ladner remained stable, with a benchmark price of $1,386,100, similar to the previous month. However, there was an impressive 11.6% increase compared to January 2023. In Tsawwassen, the benchmark price for a house in January 2024 was $1,545,500, slightly down from the previous month but up by 11.1% compared to the same month last year.

In the Fraser Valley, the market showed signs of recovery as home sales increased following six consecutive months of decline. The FVRB reported a 12% rise in transactions in January 2024 compared to the previous month. However, it was still below the 10-year average for sales in the region.

New listings in the Fraser Valley more than doubled, experiencing a remarkable 151% increase compared to December. This rebound marked the biggest month-over-month percentage increase in new listings in the past five years.

The benchmark price for a single-detached house in North Delta was $1,350,500 in January 2024, indicating an 8.8% increase compared to January 2023. For townhouses and condos in North Delta, the benchmark prices were $890,600 and $573,400, respectively.

These developments suggest that the real estate markets in both Vancouver and the Fraser Valley are experiencing shifts in favor of sellers, with increased sales and demand. However, it remains important to monitor these markets closely to ascertain the long-term impact of these changes.

An FAQ section based on the main topics and information presented in the article:

1. What were the changes in the real estate markets in Vancouver and the Fraser Valley in January 2024?
According to reports from the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVRB), both markets saw some notable changes. In Vancouver, the market shifted back in favor of sellers, with a significant increase in residential sales compared to the same month in the previous year. In the Fraser Valley, there was a recovery in home sales following six consecutive months of decline.

2. How did the residential sales in Vancouver perform in January 2024?
Residential sales in Vancouver saw a significant 38.5% increase compared to the same month in the previous year. However, it’s important to note that January’s sales figure was still 20.2% below the 10-year seasonal average.

3. Did the number of listed properties increase in Vancouver?
Although there was a 14.5% increase in newly listed properties compared to January 2023 in Vancouver, it remained 9.1% below the 10-year seasonal average. The total number of properties listed for sale on the MLS system also experienced a 9.8% increase compared to the previous year.

4. How did the benchmark prices for single-detached houses in Ladner and Tsawwassen change in January 2024?
In Ladner, the benchmark price for single-detached houses remained stable at $1,386,100, similar to the previous month, but saw an impressive 11.6% increase compared to January 2023. In Tsawwassen, the benchmark price for a house in January 2024 was $1,545,500, slightly down from the previous month but up by 11.1% compared to the same month last year.

5. What were the changes in the Fraser Valley market in January 2024?
In the Fraser Valley, the market showed signs of recovery, with a 12% increase in transactions compared to the previous month. New listings in the Fraser Valley more than doubled, experiencing a remarkable 151% increase compared to December.

6. What were the benchmark prices for properties in North Delta in January 2024?
The benchmark price for a single-detached house in North Delta was $1,350,500 in January 2024, indicating an 8.8% increase compared to January 2023. For townhouses and condos in North Delta, the benchmark prices were $890,600 and $573,400, respectively.

Definitions for key terms or jargon used within the article:
– MLS system: Short for Multiple Listing Service, it is a database used by real estate brokers to share information about properties for sale.

Suggested related links:
Real Estate Board of Greater Vancouver (REBGV)
Fraser Valley Real Estate Board (FVRB)