News: Vancouver Real Estate Market

Inventory Reaches Highest Levels Since the 2020 Pandemic Summer

Active home listings on the MLS® in Metro Vancouver continued to rise in April, showing a 42% year-over-year increase, surpassing the 12,000 mark—a level last observed in the region during the summer of 2020.

Greater Vancouver REALTORS® (GVR) report that residential sales in the area totaled 2,831 in April 2024, marking a 3.3% increase from the 2,741 sales recorded in April 2023. However, this figure was 12.2% below the 10-year seasonal average of 3,223.

“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.” 

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

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1% increase from April 2023 (8,790), and 16.7% above the 10-year seasonal average (10,704).

The sales-to-active listings ratio for April 2024 across all property types is 23.5%. By property type, the ratios are 17.6% for detached homes, 31.0% for attached homes, and 26.0% for apartments.

Historical data analysis indicates that downward pressure on home prices occurs when the ratio falls below 12% for a sustained period, whereas prices tend to rise when the ratio exceeds 20% for several months.

“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, up 2.8% from April 2023 and 0.8% from March 2024.

Detached home sales in April 2024 reached 814, a 0.7% increase from the 808 sales in April 2023. The benchmark price for a detached home is now $2,040,000, up 6.3% from last year and 1.6% from March 2024.

Apartment home sales totaled 1,416 in April 2024, a 0.2% increase from the 1,413 sales in April 2023. The benchmark price for an apartment home is $776,500, up 3.2% from last year but down 0.1% from March 2024.

Sales of attached homes reached 580 in April 2024, marking a 16% increase from the 500 sales in April 2023. The benchmark price for a townhouse is $1,127,200, reflecting a 4.3% increase from April 2023 and a 1.3% increase from March 2024.

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