20,000 homes now for sale in Metro Vancouver and Fraser Valley

Inventory soars: Nearly 20,000 homes now for sale in Metro Vancouver and the Fraser Valley

Views of the Metro Vancouver region from Simon Fraser University's campus atop Burnaby Mountain. (EB Adventure Photography/Shutterstock)

The number of homes actively listed in Metro Vancouver has reached an almost four-year high, according to Greater Vancouver Realtors (GVR), previously known as the Real Estate Board of Greater Vancouver (REBGV).

Today’s release of April 2024 market statistics shows there are now 12,491 homes listed for sale in GVR’s jurisdiction, representing a 42% increase from the same month in 2023 and a 24% increase from March 2024. The last time this figure soared over the 12,000 mark was in Summer 2020.

Over the month, there were 7,092 homes newly listed for sale — up from 5,002 in March 2024, and a 65% increase from April 2023. This was 26% above the 10-year seasonal average.

“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,” said Andrew Lis, the GVR director of economics and data analytics, in a statement.

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“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.”

GVR’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, Delta, and White Rock are part of the separate Fraser Valley Real Estate Board (FVREB).

The FVREB also saw a similar trend in the rising number of listings within its jurisdiction during April 2024, reaching a level not seen since September 2020. There were 7,313 active listings over the month, including 3,976 new listings, representing a 33% increase from March 2024. The overall number of active listings was 18% over March 2024 and 17% above the 10-year average.

Across the Lower Mainland, when GVR and FVREB jurisdictions combined, with the exception of Chilliwack, the number of active listings reached 19,804 in April 2024, and there were a total of 8,978 new listings over the month.

As for home sales, GVR saw gains in April 2024 for all home types — single-family detached houses, townhouses, and condominiums — compared to March 2024. A total of 2,831 units were sold in April 2024, representing a 3.3% increase from April 2023, but a 12% decrease from the 10-year seasonal average.

Sales in FVREB in April 2024 were the third lowest recorded for the month of April in the past decade, with 1,471 homes sold — an increase of 5% from March 2024, but down by 5% from the same month in 2023.

“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate.”

Lis added that single-family detached houses and townhouses saw price increases of about 1% to 2% compared to March 2024, but there was no uptick in the prices for condominiums in April 2024, which actually fell by 0.1% 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,” continued Lis.

In April 2024, the overall benchmark home price in GVR reached $1.206 million, representing a 2.8% increase from April 2023 and a 0.8% increase from March 2024, while the overall benchmark price in FVREB went up by 1.5% compared to April 2023 and up by 0.5% from March 2024.

Greater Vancouver Realtors: April 2024 statistics
- Detached homes
  - Number of units sold: 814 (+0.7% over April 2023)
  - Benchmark price: $2,040,000 (+6.3% over April 2023; +1.6% over March 2024)
  - Average days on market: 32 (down from 35 days in March 2024)
- Condominiums
  - Number of units sold: 1,416 (+0.2% over April 2023)
  - Benchmark price: $776,500 (+3.2% over April 2023; -0.1% over March 2024)
  - Average days on market: 25 (down from 26 days in March 2024)
- Townhomes
  - Number of units sold: 580 (+16% over April 2023)
  - Benchmark price: $1,127,200 (+4.3% over April 2023; +1.3% over March 2024)
  - Average days on market: 20 (same as March 2024)
Fraser Valley Real Estate Board: April 2024 statistics
- Detached homes
  - Number of units sold: 461 (-13.2% over April 2023; +1.3% over March 2024)
  - Benchmark price: $1,532,700 (+5.3% over April 2023; +1.0% over March 2024)
  - Average days on market: 23 (down from 27 days in March 2024)
- Condominiums
  - Number of units sold: 454 (-6.8% over April 2023; +11.3% over March 2024)
  - Benchmark price: $561,900 (+5.7% over April 2023; +1.2% over March 2024)
  - Average days on market: 23 (down from 26 days in March 2024)
- Townhomes
  - Number of units sold: 401 (+4.4% over April 2023; +4.7% over March 2024)
  - Benchmark price: $854,700 (+4.9% over April 2023; +0.9% over March 2024)
  - Average days on market: 19 (down from 20 days in March 2024)

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