"Surprise" softening of home sales in Metro Vancouver

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There continues to be a downward trend in the number of home sales and an upward trend in the number of listings across Metro Vancouver and the Fraser Valley.

Over the month of May 2024, there were 2,733 homes sold within the jurisdiction of Greater Vancouver Realtors (GVR) and 1,517 homes sold within Fraser Valley Real Estate Board (FVREB) for a combined total of 4,250 homes sold across the Lower Mainland.

This is below the 10-year seasonal average for the month for both jurisdictions — down by 19.6% for GVR and 21% for FVREB. Both totals for May 2024 also represent a decrease from April 2024.

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“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” said Andrew Lis, the director of economics and data analytics for GVR, in a statement.

Lis says the marketplace continues to be impacted by borrowing costs, economic uncertainty, and policy interventions by levels of government.

Jeff Chadha, the chair of the FVREB, added, “We are seeing an influx of inventory this spring, primarily due to slower-than-usual spring sales. Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

As for available listings, the total number of listings across the Lower Mainland reached 21,504 in May 2024 — up from 19,804 in April 2024. This includes 13,600 listings within GVR and 7,904 listings within FVREB.

New listings posted in GVR in May 2024 amounted to 6,374 units, representing a 12.6% increase from May 2023 and a 7% increase compared to the 10-year seasonal average, while new listings in FVREB over the month amounted to 3,760 units, which also represents a softening.

The overall benchmark price across all home types within GVR is now $1.212 million, representing a 2.3% uptick from May 2023 and a 0.5% uptick from April 2024.

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

Greater Vancouver Realtors: May 2024 statistics
- Detached homes
  - Number of units sold: 846 (-18.9% over May 2023)
  - Benchmark price: $2,062,600 (+5.9% over May 2023; +1.3% over April 2024)
  - Average days on market: 26 (down from 32 days in April 2024)
- Condominiums
  - Number of units sold: 1,338 (-22.7% over May 2023)
  - Benchmark price: $776,200 (+2.2% over May 2023; -0.3% over April 2024)
  - Average days on market: 24 (down from 25 days in April 2024)
- Townhomes
  - Number of units sold: 523 (-14% over May 2023)
  - Benchmark price: $1,145,500 (+5.2% over May 2023; +0.9% over April 2024)
  - Average days on market: 23 (up from 20 days in April 2024)
Fraser Valley Real Estate Board: May 2024 statistics
- Detached homes
  - Number of units sold: 431 (-10.3% over May 2023; +15.2% over April 2024)
  - Benchmark price: $1,530,200 (+2.9% over May 2023; +0.2% over April 2024)
  - Average days on market: 25 (up from 23 days in April 2024)
- Condominiums
  - Number of units sold: 447 (-13.4% over May 2023; -1.5% over April 2024)
  - Benchmark price: $555,100 (+2.9% over May 2023; -0.1% over April 2024)
  - Average days on market: 23 (same as April 2024)
- Townhomes
  - Number of units sold: 367 (-16.6% over May 2023; -8.5% over April 2024)
  - Benchmark price: $853,800 (+3.4% over May 2023; -0.03% over April 2024)
  - Average days on market: 20 (up from 19 days in April 2024)

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