Greater Vancouver Monthly Statistics Package March 2024

DOWNLOAD FULL STATS PACKAGE HERE 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.

Fraser Valley Monthly Statistics Package March 2024

DOWNLOAD FULL STATS PACKAGE HERE   In Surrey, BC, as we head into the spring market, home buyers in the Fraser Valley find themselves with a wealth of options, as inventory levels for March have reached their highest point in the last five years. However, March sales fell short of expectations, with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®). This marks a 13% increase over February but still stands 31% below the 10-year average. In fact, March sales were the second lowest recorded for the month in the past decade. Active listings have surged to 6,197, showing an 11% increase over the previous month and a significant 37% rise compared to March 2023.   Jeff Chadha, Chair of the Fraser Valley Real Estate Board, notes, "With inventory on the rise, buyers now have greater opportunities in both detached and attached markets compared to this time last year." Nonetheless, some buyers may be holding back, waiting for further stability in the financing landscape before diving back into the market.     March saw a 7% increase in new listings, totaling 2,986, yet this figure remains 12% below the 10-year average. The sales-to-active listings ratio, at 23%, indicates that the overall market conditions still favor sellers. Typically, a balanced market is indicated by a ratio ranging from 12% to 20%.   Baldev Gill, CEO of FVREB, emphasizes the importance for sellers to leverage the expertise of a professional REALTOR®, as appropriately priced properties are fetching multiple offers and selling swiftly. Gill encourages both buyers and sellers to engage with local REALTORS® who can navigate the evolving market dynamics and safeguard their interests. Moreover, the average number of days homes spend on the market continues to decrease. Single-family detached homes spend an average of 27 days, down from 35 days in February, while apartments and townhomes are also moving faster, spending 26 and 20 days on the market respectively. Benchmark prices have seen a modest increase, rising by 1.4% from February and by 4.6% compared to March 2023. MLS® HPI Benchmark Price Activity   Single Family Detached: At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 2.1 per cent compared to February 2024 and increased 8.8 per cent compared to March 2023. Townhomes: At $846,900, the Benchmark price for an FVREB townhome increased 1.9 per cent compared to February 2024 and increased 7.2 per cent compared to March 2023. Apartments: At $555,000, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to February 2024 and increased 6.9 per cent compared to March 2023.    

MARCH 2024 PRESALE REPORT: A WAVE OF ANTICIPATED PRESALE LAUNCHES

“In line with the resale market, the volume of new presale supply increased month-over-month, matching typical seasonality. On our active sites, foot traffic and deal activity are generally increasing, giving us confidence going into the Spring. We anticipate new project launches to double from February to March and give us an indication of market breadth for the remainder of 2024.” - Garde MacDonald, Director of Advisory   In February, there was a surpassing of expectations as strong absorptions within the same month were observed. In February, six presale programs were initiated, introducing a total of 590 residences to the market and achieving a 42.2% absorption rate within the same month. Particularly noteworthy was the launch of Juno, marking the debut of Surrey's first concrete tower of the year. Following weeks of early previews, Juno entered the market with 50% of its inventory already sold, demonstrating robust initial sales. Similarly, the Partington Creek development on Burke Mountain commenced sales between late January and early February. Its initial release introduced 24 residences to the market, many of which are listed on the MLS. To stimulate sales with compelling messaging, the initial pricing strategy for these residences averaged $700 per square foot. Despite their spaciousness at approximately 2,000 square feet, this pricing strategy positions the project competitively within the market, offering compelling value compared to other available options for prospective homebuyers. In 2023, the Okanagan real estate market underwent a period of adjustment characterized by dynamic shifts influenced by broader economic factors. Over the course of the year, 13 new projects initiated presales, introducing 1,319 units to the market. Of these, 43% were absorbed, resulting in 565 sales, indicating a positive market response. The majority of these projects were concentrated in the Central Okanagan, particularly in downtown cores and surrounding areas. Wood frame constructions were prevalent among these launches, catering to buyers seeking entry-level pricing or investment opportunities. However, investor sentiment experienced a slight shift following the Provincial Government's announcement of new short-term rental legislation in October. Resale activity in the Central Okanagan, notably Kelowna, saw a decline, with total resales decreasing by 27% compared to 2022 and by 50% compared to 2021. This decline was influenced by rising interest rates and changes in work-from-home policies. Despite these challenges and the impact of significant wildfires, the market demonstrated resilience, supported by the region's high quality of life and growing population. The impending short-term rental restrictions, effective May 2024, aim to address housing supply and affordability issues but present challenges for the tourism industry and the broader community. As the market prepares for potential shifts in interest rates and policy impacts in 2024, the Okanagan real estate sector finds itself at a critical juncture, navigating both opportunities and obstacles to sustain its attractiveness and vitality. MARCH MADNESS BRINGS WAVE OF NEW LAUNCHES  The Spring season typically heralds the peak activity in the real estate sector, and it appears that 2024 will follow suit. It is anticipated that 14 presale programs will debut in March, introducing a potential 2,150 units to the market. Unsurprisingly, a majority of these residences will be concrete condominiums, with significant launches including Reign by Wesgroup's north tower, Ethos by Anthem, and Bosa's Parkway 2 in Surrey. Amidst fierce competition within the market, developers are seeking ways to distinguish themselves by crafting unique narratives and innovative launch promotions. A noteworthy example is Reign's "Ticket to the Top" campaign, a clever homage to Willy Wonka's golden ticket. Prospective buyers purchasing on lower floors have the chance to win an upgrade to the penthouse of their chosen bedroom type. Such incentives generate excitement and leave a lasting impression. Overall, developer sentiment remains cautious. The current market environment is rife with uncertainties and lacks sufficient guarantees. Attention is primarily focused on the latter half of the year, when anticipated declines in interest rates are expected to reinvigorate sales activity, driven by pent-up demand.      

Sales, listings continue to pick up heading into spring

In Surrey, BC, home sales in the Fraser Valley saw a second consecutive rise in February, coinciding with a continual increase in new listings, which are slightly surpassing the 10-year seasonal average. The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, marking a 32% surge from January, yet still remaining 21% below the 10-year average for regional sales. New listings rose to 2,797 in February, an 18% increase from January and 4% higher than the 10-year average.     Narinder Bains, Chair of the Fraser Valley Real Estate Board, noted a sense of increased activity in the market, with more new listings and heightened traffic at open houses. However, buyers are proceeding cautiously. Active listings in February totaled 5,561, up 14% from the previous month and 26% from February 2023. With a sales-to-active listings ratio of 22%, overall market conditions are leaning towards a seller’s market, defined as balanced when the ratio is between 12% and 20%.   FVREB CEO Baldev Gill expressed optimism, anticipating a potential mid-year decrease in the Bank of Canada's overnight rate, which could benefit both buyers and sellers. As the spring market approaches, seeking guidance from a professional REALTOR® who can offer detailed market analysis is recommended.     The average number of days homes spend on the market is decreasing across property types, with single-family detached homes at 35 days (down from 44 in January), apartments at 29 days (down from 41), and townhomes at 28 days (down from 33). After six months of declines, overall Benchmark prices experienced a slight increase in February, rising 0.9% from January and 4.8% from February 2023. MLS® HPI Benchmark Price Activity • Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023. • Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023. • Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2   CLICK HERE TO DOWNLOAD COMPLETE STATS PACKAGE