News: Vancouver Real Estate Market

Metro Vancouver home sales down in May while inventory continues to increase

The number of transactions on the Multiple Listing Service® (MLS®) saw a decline in May compared to the usual for this period in Metro Vancouver, contributing to the ongoing accumulation of homes available for sale, with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reported that residential sales in the region totaled 2,733 in May 2024, marking a 19.9% decrease from the 3,411 sales recorded in May 2023. Last month’s sales were also down 19.6% from the 10-year seasonal average for May (3,398).

"The May data revealed softer sales than expected for this time of year, while the number of newly listed homes for sale continued the momentum from April," noted Andrew Lis, GVR’s director of economics and data analytics. "These trends are influenced by various factors affecting buyer and seller decisions, from higher borrowing costs to economic concerns and government policy interventions."

There were 6,374 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024, marking a 12.6% increase compared to May 2023 and a 7% increase compared to the 10-year seasonal average.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver stands at 13,600, showing a 46.3% increase compared to May 2023 and a 19.9% increase above the 10-year seasonal average.

The sales-to-active listings ratio for May 2024 across all property types is 20.8%. By property type, the ratio is 16.8% for detached homes, 25.1% for attached, and 22.5% for apartment properties.

Historical data analysis indicates downward pressure on home prices when the ratio remains below 12% for an extended period and upward pressure when it exceeds 20% over several months.

"With market trends now leaning towards more balanced conditions as new listings outpace sales, slower price growth is expected in the coming months," Lis remarked. "Buyers who've been waiting for an opportunity might find more favorable conditions this summer despite elevated borrowing costs."

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,212,000, reflecting a 2.3% increase over May 2023 and a 0.5% increase compared to April 2024.

In May 2024, sales of detached homes reached 846, down 18.9% from May 2023, with a benchmark price of $2,062,600, up 5.9% from May 2023.

Sales of apartment homes in May 2024 totaled 1,338, down 22.7% from May 2023, with a benchmark price of $776,200, up 2.2% from May 2023.

Attached home sales in May 2024 totaled 523, down 14% from May 2023, with a benchmark price of $1,145,600, up 5.2% from May 2023.

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