Metro Vancouver Market Update

April brought a substantial number of new listings to the area.

Wondering what changed in Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is...

   • Up 2.8% year-over-year (compared to April 2023).
   • Up 0.8% month-over-month (compared to March 2024).

2. Home sales in April were...

   • 12.2% below the 10-year seasonal average.
   • A 3.3% increase year-over-year (compared to April 2023)

    

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   Main Highlight:

   • Two of the three pillars of the market increased in price for a third month in a row; condos saw an extremely minor 0.1% decrease.
   • Year-over-year, compared to April 2023 prices are up across the board, and the number of monthly sales has increased.
   • Large influx of invnetory hasn't tipped market away from slightly favouring sellers as buyer demand remains high.
   • Home listings above 10 year seasonal average…but homes sales still below 10 year average.
   • If the market deems your home 'affordable' with 'desirable qualities' there is a good chance it will receive multiple offers.
   
    

   Metro Vancouver Market Highlights April 2024:

    

   
   

    

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   Synopsis:

   1. The main story this month is new listings. Greater Vancouver reached its highest number of listings since summer 2020. 
   2. Year-over-year sales are strong, buyers are active…but there is beginning to be more new listings than buyers. In that sense segments of the market are now slightly more balanced.
   3. From a pricing perspective there are still micro month-over-month increases between 0.1-2% growth a month. Condo’s did see their first micro decrease though…potentially a sign that townhomes will be reaching their peak next. With the increased competition it is inevitable.
   
   

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   More specifically this is what the REBGV had this to say:

   “It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said.

   “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”

   There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 percent increase compared to the 4,307 properties listed in April 2023. This was 25.8 per cent above the 10-year seasonal average (5,637).

   “Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”

   The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.”

   
   

   Increased Seller Active Creating Buyer Choice

   Greater Vancouver Homes Sales 2024 VS 2023

    

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   CLICK HERE FOR THE FULL GVR April 2024 STATISTICS PACKAGE

    

   Looking to make a change this spring?

   Reach out today and let us help you navigate through the ever changing market.
   

    

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
    [email protected]