2024 January Real Estate Market Statistics and Trends: A Comprehensive Analysis
Welcome to QuadraRealty.ca's monthly real estate market update for January 2024. In this report, we will provide an in-depth analysis of the market statistics and trends for Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver, based on the latest data from reputable real estate boards. Whether you're a homebuyer, seller, or investor, understanding the current market conditions is crucial for making informed decisions. Let's dive in!
Victoria Real Estate Market
“A balanced market means opportunity for buyers and sellers in Victoria”
The Victoria real estate market in January 2024 saw a continuation of the trends observed in the previous months. According to the Victoria Real Estate Board (VREB), there were 341 number of sales, representing a 3.6% increase compared to December 2023.
There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.
“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”
One notable trend in Victoria is the continued demand for single-family homes, driven by factors such as low mortgage rates and lifestyle changes. The inventory of available homes remains tight, putting upward pressure on prices.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.
full report here
Nanaimo Real Estate Market:
“Normal January kicks off 2024 with optimistic outlook”
Nanaimo's real estate market continued to show strength in January 2024, with robust sales and price growth. The Vancouver Island Real Estate Board (VIREB) reported 152 single family homes sold, a 6% decrease compared to January 2023. The average selling price for residential properties in Nanaimo was $749,000, up 6% year-over-year.
Similar to Victoria, Nanaimo is experiencing strong demand for single-family homes, driven by factors such as affordability and quality of life. The market is also attracting buyers looking to relocate from larger urban centers to more relaxed and scenic locations.
full report here
Campbell River Real Estate Market:
In Campbell River, the real estate market remained competitive in January 2024, with strong demand and limited inventory.
Campbell River's appeal lies in its natural beauty and outdoor recreational opportunities, making it attractive to buyers seeking a laid-back lifestyle. The market is characterized by a mix of single-family homes, waterfront properties, and condominiums.
In Campbell River, the benchmark price of a single-family home was $650,500 last month, up seven per cent from the previous year. Apartment benchmark price: $319.300. Townhouse: $518,000
Vancouver Real Estate Market:
“Home sales across Metro Vancouver’s housing market off to strong start in 2024”
The Vancouver real estate market started the year with strong sales and price growth, driven by high demand and limited inventory. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1427 number of sales in January 2024, a 38.5% increase compared to January 2023. This was 20.2% below the 10 year seasonal average (1,788)
The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.
Vancouver's real estate market is characterized by its desirability among local and international buyers, particularly in the luxury segment. Despite affordability challenges, the market remains competitive, supported by strong demand and limited supply.
Calgary Real Estate Market:
“January sees strong sales fueled by boost in new listings”
The Calgary real estate market saw positive momentum in January 2024, with increased sales activity and price growth. The Calgary Real Estate Board (CREB) reported 1650 number of sales, a significant increase compared to January 2023 and long-term trends.
The average selling price for residential properties in the city of Calgary was $572,300, reflecting a 10% increase year-over-year. Detached homes: $702,200; an increase of 12.6% Y/Y; Semi detached: $625,000 at 11.3% increase Y/Y; Row houses: $426,400, 19.7% increase Y/Y; Apartments $324,000 a 18.7% increase Y/Y
One of the notable trends in Calgary is the rising demand for condominiums, driven by affordability and lifestyle preferences. The market is also benefiting from a stronger economy and job market, which is supporting housing demand.
Toronto Real Estate Market:
In Toronto, the real estate market remained competitive in January 2024, with high demand and limited supply. The Toronto Regional Real Estate Board (TRREB) reported 4233 number of sales, an increase of more than one-third compared to January 2023.
Average price area code (416) of a detached home $1,570,520; semi-detached $1,199,531; Townhouse $895,307; Condo $709,419.
Despite ongoing supply challenges, particularly in the single-family home segment, Toronto continues to attract buyers due to its strong economy, diverse population, and vibrant culture. Condominiums remain a popular choice for many buyers in the city.
In conclusion, the real estate markets in Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver showed positive trends in January 2024, with strong demand and limited inventory driving prices upward. Whether you're looking to buy, sell, or invest, it's essential to stay informed about the latest market conditions and trends. What worries me personally, is the drop in new construction starts. We should have much more inventory created to combat the shortage of inventory. We have been in a housing shortage for many years yet there seems to be no help on the horizon. The immigration to Canada far outreaches the supply of housing. Looks like 2024 will be another busy day with prices going up. We may not see huge price increases but on average prices will probably continue going up. Let’s see what Bank of Canada will do with interest rates on the next announcement on April 10.
Stay tuned for next month's market update!
Interesting topics to consider:
January monthly housing starts key highlights.
CHMC has a lot of interesting statistics, full reports here
The trend in housing starts was 244,827 units in January 2024, down 2% from 249,757 units in December 2023.
The trend measure is a 6-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.
Total SAAR housing starts were up 179% in Toronto, driven by a significant increase in multi-unit starts.
Montréal and Vancouver both posted declines of 28% and 55%, respectively, due to decreases in multi-unit starts.
Foreign Buyer Ban
The foreign buyer prohibition was just extended until January 2027, full announcement here
Is your property within the prohibition area? check here
Canada Just Saw the Largest Foreign Investor Sell Off EVER.
Canada is typically seen as a safe haven for investors but some of that sheen has begun to tarnish. Foreign investors sold a net of $48.7 billion worth of Canadian equities in 2023. That number doesn’t just sound astronomical, it would have been unimaginable in 2019. It’s the largest annual outflow on record ever for Canada. FULL ARTICLE HERE: Foreign Investments leaving Canada
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