Real Estate Market in Vancouver

Review of Condo Market Trends Across 9 Main Areas in Greater Vancouver

January 2022, 2023, and 2024

* House Price Index,

**Vancouver West including Coal Harbour, Yaletown, Downtown, Kitsilano, …

In January 2023, compared to 2022, the condo market in Vancouver witnessed a downward trend in most regions. While many areas experienced a price decrease or remained relatively stable, Richmond stood out with significant growth at 3.45%. This surge could be attributed to its appeal to individuals from East Asian countries like China and Hong Kong. In 2023, the pandemic prompted individuals from these regions to seek immigration to Canada, particularly in Vancouver and its suburbs like Richmond.

Conversely, Langley faced the most significant price drop in January 2023 compared to 2022. This decline may be attributed to its affordability for young buyers. However, economic crises such as the 2023 pandemic disproportionately affect this demographic, leading to reduced purchasing power and subsequent price drops. Additionally, market corrections during periods of rapid growth can contribute to sharper declines.

By 2024, a reversal of trends occurred with most regions experiencing price increases, except for Downtown, which saw a 1.8% decrease. Factors such as overcrowding and heavy traffic likely contributed to Downtown's decreased popularity.

Squamish, Langley, and West Vancouver emerged as the top areas in terms of price growth with 16.8%, 7.9% and 7.01%. Squamish's appeal lies in its exemption from foreign buyer taxes and government efforts to attract foreign investment for development and job creation in such areas. Langley's affordability, particularly for young buyers, drove increased demand and subsequent price growth.

Overall, in January 2024, most regions managed to surpass pre-pandemic price levels, except for Downtown. Richmond consistently experienced price growth each year, indicating a sustained upward trend from 2022 to 2024.