Greater Vancouver Monthly Statistics Package April 2024

by Vishav Brar

In April, the number of homes actively listed for sale on the MLS® in Metro Vancouver continued to rise, marking a 42 percent increase compared to the previous year and surpassing the 12,000 mark, a level not seen since the summer of 2020.

According to Greater Vancouver REALTORS® (GVR), residential sales in the region reached 2,831 in April 2024, showing a 3.3 percent uptick from the 2,741 sales recorded in April 2023. However, this figure was 12.2 percent lower than the 10-year seasonal average of 3,223 sales.

"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. 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."

-Andrew Lis, REBGV director of economics and data analytics

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

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver stands at 12,491, indicating a notable 42.1 percent increase compared to April 2023 (8,790), surpassing the 10-year seasonal average by 16.7 percent, set at 10,704.

Examining the sales-to-active listings ratio for April 2024 across all property types (detached, attached, and apartments), it sits at 23.5 percent. Breaking down by property type, the ratio stands at 17.6 percent for detached homes, 31.0 percent for attached properties, and 26.0 percent for apartments.

Historical data analysis suggests that downward pressure on home prices typically occurs when the ratio remains below 12 percent for an extended period, while upward pressure on prices tends to happen when it exceeds 20 percent 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-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.”

Currently, the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver stands at $1,205,800. This reflects a 2.8 percent increase over April 2023 and a 0.8 percent increase compared to March 2024.

In April 2024, sales of detached homes reached 814, marking a 0.7 percent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000, showing a 6.3 percent increase from April 2023 and a 1.6 percent increase compared to March 2024.

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

Attached home sales in April 2024 totaled 580, indicating a 16 percent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200, representing a 4.3 percent increase from April 2023 and a 1.3 percent increase compared to March 2024.

Greater Vancouver Monthly Statistics Package April 2024

by Vishav Brar

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