Housing market resilient in 2023, ends year in balanced territory
Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021.
“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade.”
Andrew Lis, REBGV director of economics and data analytics
Read the full report on the REBGV website!
The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. For last month’s update, you can check out our previous post!
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These infographics cover current trends in several areas within the Greater Vancouver region. Click on the images for a larger view!