The last month of 2023, Vancouver’s real estate market has been decreasing property listings and sales. In December 2023, home prices have continuously gone down since the summer months with an average of 1.2% from the previous month. From November 2023 to December 2023, Vancouver West saw the most decrease in price with around -2% while Vancouver East had the least decline in sales (-12.7%).
North Vancouver – Modest Price Adjustments, Marked Reduction in Property Listings, and a Substantial Dip in Real Estate Transactions!
The overall real estate prices in North Vancouver have experienced a modest decline (average of -0.7%), with townhouses showing the most significant decrease. However, the composite and detached housing segments have remained relatively stable.
- Residencial/Composite prices in North Vancouver: A modest decline of -0.4% suggests stability.
- Single Family detached prices in North Vancouver: A noteworthy 0.4% increase reflects resilience in this category.
- Townhomes prices in North Vancouver: A decrease of -1.9% may present opportunities for prospective buyers.
- Condo prices in North Vancouver: A marginal dip of -0.7% indicates relative stability.
The significant drop in listings across all property types in North Vancouver indicates a potential shortage in available properties. While sales have decreased (average of -32.2%), the decline is not as steep as the decrease in listings (average of -65.1%), suggesting a continued demand for homes in the area.
- Single family homes in North Vancouver: A substantial decrease of -71.1% in listings and -45.5% in sales indicates a tightening market.
- Townhomes in North Vancouver: A decrease of -67.3% in listings and -33% in sales suggests a slowdown in activity.
- Condos in North Vancouver: A decline of -56.8% in listings and -18.2% in sales points to a competitive condo market.
Vancouver East – Softening in Property Values, Decreased Housing Inventory, and a Slight Dip in Home Sales!
Similar to North Vancouver, Vancouver East has seen a decline in prices across various housing types with an average of -1.8%. Townhouses, in particular, have experienced a notable decrease in value.
- Residencial/Composite prices in Vancouver East: A decrease of -1.3% signals a softening market.
- Single Family detached prices in Vancouver East: A slight decline of -0.6% in this category.
- Townhomes prices in Vancouver East: A more substantial drop of -3.4% may attract cost-conscious buyers.
- Condo prices in Vancouver East: A moderate decrease of -1.8% suggests a nuanced market condition.
The decrease in listings (average of -64.2%) in Vancouver East, coupled with steady sales or slight decreases (average of -12.7%), suggests a market that may be stabilizing after a period of change.
- Detached homes in Vancouver East: A notable reduction of -68.7% in listings and -18.6% in sales signals a more selective market.
- Townhomes in Vancouver East: A decline of -66.2% in listings and no change in sales suggests stabilization.
- Condos in Vancouver East: A decrease of -57.6% in listings and -19.5% in sales indicates a competitive condo market.
Vancouver West – Observable Price Downturn, Significant Contraction in Available Properties, and a Notable Decrease in Real Estate Transactions!
Vancouver West has seen a more pronounced decline in prices with average of -2%, with apartments experiencing the greatest decrease. Single-family homes, however, have remained relatively resilient.
- Residencial/Composite prices in Vancouver West: A more substantial decrease of -2.1% signifies a market in transition.
- Single Family detached prices in Vancouver West: A marginal decline of -0.1% suggests resilience in this category.
- Townhomes prices in Vancouver West: A moderate dip of -2.5% signals adjustments in this market segment.
- Condo prices in Vancouver West: A noticeable decrease of -3.1% points to potential opportunities for buyers.
The West side of Vancouver is witnessing a significant reduction in both listings (average of -63%) and sales (average of -31.6%), indicating potential challenges in the current market.
- Detached homes in Vancouver West: A -60.6% decrease in listings and -36.4% in sales reflects a more selective market.
- Attached in Vancouver West: A decline of -64.2% in listings and -37.8% in sales indicates a cautious market sentiment.
- Condos in Vancouver West: A reduction of -64.1% in listings and -20.6% in sales points to a competitive condo market.
West Vancouver – Varied Trends in Property Valuations and Sales Activity, Accompanied by a Sharp Reduction in Available Listings!
West Vancouver showcases a mixed picture, with a slight decrease in composite and detached home prices, while apartments have seen an increase. The average price change is -0.33%.
- Residencial/Composite prices in Vancouver West: A modest decline of -1.4% suggests stability.
- Single Family detached prices in Vancouver West: A more significant decrease of -2.1% in this category.
- Condo prices in Vancouver West: An unexpected increase of 2.5% signals unique dynamics.
Despite a sharp decrease in attached property listings, the surge in condo sales may suggest a shifting preference for certain housing types in West Vancouver. The average decline of listing and sales are -67% and -12.9%.
- Single family homes in West Vancouver: A decrease of -61.9% in listings and -30.3% in sales indicates reduced market activity.
- Attached in West Vancouver: An -85.7% decrease in listings and -33.3% in sales reflects a cautious market.
- Condos in West Vancouver: A -53.3% decrease in listings and a surprising 25% increase in sales point to evolving trends.
Conclusion
The real estate market in North Vancouver, Vancouver and West Vancouver is dynamic and influenced by various factors. The data presented indicates a general trend of declining prices and reduced listings, while sales activity varies across different property types. As with any market, it’s essential for buyers, sellers, and investors to stay informed and adapt to changing conditions.
