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Vancouver Board April Stats: Lots of listings, buyers hesitant

VANCOUVER, BC – May 2, 2024 – Actively listed homes for sale on the MLS® in Metro
Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000
mark, a number not seen in the region since the summer of 2020.


Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled
2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was
12.2 per cent below the 10-year seasonal average (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.”


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 per
cent 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).


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


Across all detached, attached and apartment property types, the sales-to-active listings ratio
for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes,
31.0 per cent for attached, and 26.0 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over 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-overmonth,” 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.


Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808
detached sales recorded in April 2023. The benchmark price for a detached home is
$2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent
increase compared to March 2024.


Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to
the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This
represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to
March 2024.


Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500
sales in April 2023. The benchmark price of a townhouse3 is $1,127,200. This represents a 4.3
per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.


For market stats CLICK HERE!

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.