The Real Estate Board of Greater Vancouver’s 2024 H1 Residential Market Forecast

2024 is thought to be a growth year for the residential market across the Real Estate Board of Greater Vancouver. Fundamental factors that drive our market will continue to help grow our niche climate in 2024. Factors such as household formation, population growth and employment growth remain strong.

A “key-ingredient” to our market are thethat have driven our market for 10 years.

Bargain Hunting

Housing affordability remains front-and-centre for most residents across the REBGV’s market. Despite elevated borrowing costs and record-low inventory across REBGV regions, we are likely to see price increases in 2024.

Finding the Road to Affordability

The BC NDP government recently announced measures aimed at boosting the supply of new homes to be constructed in the next 10 years. These new policies will not have an immediate impact on affordability or availability of new homes.

Home Price Forecast in the Greater Vancouver Area

The REBGV’s 2023 prediction was that average price across all products would increase modestly to $1.2M in 2023. The actual number was $1.24. With the increase in interest rates, forecasters speculated prices would decline – which they did not.  Wile inventory has crept upwards, we are still at historic lows. For this reason the 2024 forecasts expects prices to continue to increase.

(Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.)