Metro Vancouver saw a surge in new home listings last month
There was a notable uptick in the number of new home listings in Metro Vancouver in February 2024, according to Greater Vancouver Realtors (GVR), which is the new name of the organization previously called the Real Estate Board of Greater Vancouver (REBGV).
New listings in February 2024 went up by 31% year-over-year to 4,560 properties, which was also only 0.2% below the 10-year seasonal average.
The total number of homes currently listed for sale in Metro Vancouver is 9,634 units, which is a 16.3% increase compared to February 2023, and 3% above the 10-year seasonal average.
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“With new listings up about 31% year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets,” said Andrew Lis, the director of economics and data analytics for GVR. This follows a slow month in January 2024 for new listings.
The number of home sales for the month reached 2,070 units, representing a 13.5% increase from February 2023, but 23.3% below the 10-year seasonal average.
The benchmark price for all home types within GVR’s jurisdiction is $1.18 million, which is a 4.5% year-over-year increase, and a 1.9% increase compared to January 2024.
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 Fraser Valley Real Estate Board.
Within the Vancouver Westside, the benchmark home price in February 2024 reached $1.34 million, including $3.43 million for single-family detached houses, $1.53 million for townhouses, and $855,000 for apartments. In the Vancouver Eastside, the benchmark home price hovered at $1.196 million, including $1.83 million for single-family detached houses, $1.11 million for townhouses, and $710,000 for apartments.
Lis suggests the number of new home listings would have to be substantially higher to slow down the creek in home prices.
February 2024 home sales statistics: GVR
- Detached homes
- Number of units sold: 560 (+8.3 over February 2023)
- Active listings: 3,502
- Benchmark price: $1,972,400 (+7.2% over February 2023; +1.5% over January 2024)
- Average days on the market: 47
- Apartment homes
- Number of units sold: 1,092 (+17.7% over February 2023)
- Active listings: 4,222
- Benchmark price: $770,700 (+5.6% over February 2023; +2.5% over January 2024)
- Average days on the market: 34
- Townhomes
- Number of units sold: 403 (+10.1% over February 2023)
- Active listings: 1,443
- Benchmark price: $1,094,700 (+4.2% over February 2023; +2.6% over January 2024)
- Average days on the market: 32
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