Metro Vancouver Real Estate Trends and Price Forecast - What You Need to Know in 2024
Vancouver's housing market has been a rollercoaster in recent years, but the overall trend since 2022 has been downward. While experts say things are improving from 2023, activity is unlikely to match 2020's peak, and the market remains high-risk.
Key highlights:
Metro Vancouver is a high-risk market due to affordability constraints and rising interest rates.
Detached house prices have fallen significantly since their 2022 peak.
Condo apartment prices are trending downward as well, with purchases lower than in previous years.
New home prices are flat and unlikely to rise soon due to softening demand.
First-time homebuyers face major challenges due to affordability issues.
Market forecasts are uncertain, dependent on government decisions related to interest rates and population growth. In Vancouver, more uncertainty has been created by deregulating land use in the city and allowing multi-unit homes everywhere.
Selling earlier might be advantageous due to downward price trends and the annual real estate cycle favoring sellers in the first half of the year.
Buying now is a difficult decision as prices could fall further, but interest rates are high. Consider your long-term plans and negotiate effectively.
Read our full forecast report for:
Current market state and recent trends
Price forecast to 2026
Selling recommendation
Buying recommendation
Remember: The real estate market is complex, and this blog post is intended for informational purposes only. Consult with a professional for personalized advice.
