Greater Vancouver Monthly Statistics Package March 2024

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In Vancouver, BC, as of April 3, 2024, the number of homes listed for sale in Metro Vancouver on the MLS® has risen by nearly 23% compared to the previous year, offering increased opportunities for prospective buyers this spring.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region amounted to 2,415 in March 2024, marking a 4.7% decrease from the 2,535 sales recorded in March 2023. This figure also represents a significant deviation of 31.2% below the 10-year seasonal average of 3,512.

Andrew Lis, GVR’s director of economics and data analytics, remarks, "If you’re noticing a cooler market compared to last spring, you might take solace in the fact that it's not as scorching hot for buyers. Despite the welcomed increase in inventory, the market balance leans further towards sellers, indicating persistent demand for well-priced and well-located properties."

New listings for detached, attached, and apartment properties in Metro Vancouver reached 5,002 in March 2024, reflecting a notable 15.9% increase from March 2023's 4,317 listings. However, this figure remains 9.5% below the 10-year seasonal average of 5,524.

Currently, the total number of properties listed for sale on the MLS® system in Metro Vancouver stands at 10,552, marking a substantial 22.5% increase compared to March 2023's 8,617 listings. This figure exceeds the 10-year seasonal average by 6.3%.

The sales-to-active listings ratio for March 2024 across all property types sits at 23.8%. Broken down by property type, the ratio is 18.2% for detached homes, 31.3% for attached homes, and 25.8% for apartments. Analysis of historical data suggests that downward pressure on home prices occurs when the ratio remains below 12% for an extended period, while upward pressure is typically experienced when it surpasses 20% over several months.

Lis notes, "Despite the market cooling compared to last year, we're still witnessing modest month-over-month price increases of one to two percent on aggregate, which is noteworthy given the current elevated borrowing costs." He anticipates potential cuts to the Bank of Canada's policy rate in 2024, but cautions that even if implemented, they may not significantly improve affordability due to persisting constraints on borrowing power.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is presently $1,196,800, marking a 4.5% increase over March 2023 and a 1.1% increase compared to February 2024.

In March 2024, sales of detached homes reached 694, representing a 5.4% decrease from March 2023's 734 sales. The benchmark price for a detached home is $2,007,900, indicating a 7.4% increase from March 2023 and a 1.8% increase compared to February 2024.

Sales of apartment homes in March 2024 totaled 1,207, reflecting a 7.9% decrease compared to the 1,311 sales in March 2023. The benchmark price for an apartment home is $777,500, marking a 5.7% increase from March 2023 and a 0.9% increase compared to February 2024.

Attached home sales in March 2024 amounted to 495, showing a 6.2% increase compared to the 466 sales in March 2023. The benchmark price for a townhouse is $1,112,800, indicating a 5% increase from March 2023 and a 1.7% increase compared to February 2024.