Vancouver ends 2023 with greater residence gross sales, $1,168,700 common value

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The Actual Property Board of Larger Vancouver says December residence gross sales rose in contrast with a 12 months earlier because the area closed out 2023 with balanced market circumstances regardless of excessive borrowing prices.

The board says 1,345 houses modified fingers in December, a 3.2 per cent enhance from the identical month in 2022, however 36.4 per cent under the 10-year seasonal common.

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There have been 1,327 new listings of indifferent, hooked up and house properties final month, a 9.9 per cent enhance from a 12 months earlier, as new listings had been 22.7 per cent under the 10-year seasonal common.

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The composite benchmark residence value in December for Metro Vancouver was $1,168,700, a 5 per cent enhance from December 2022, however down 1.4 per cent from November 2023.

Andrew Lis, the board’s director of economics and information analytics, says greater borrowing prices haven’t been sufficient to dissuade consumers from getting into the market, however that “the story of 2023 is certainly one of too few houses out there relative to the pool of prepared and certified consumers.”

He says costs rose because of close to record-low stock ranges final spring after sellers had been reluctant to checklist their properties early within the 12 months, forcing consumers to compete for the out there houses.

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