Number of Metro Vancouver homes listed for sale up by 23%
The number of homes sold in Metro Vancouver reached 2,415 for the month of March 2024, according to the latest residential real estate market update by Greater Vancouver Realtors (GVR), which is the new name of the organization previously called the Real Estate Board of Greater Vancouver (REBGV).
This represents a 17% increase from February 2024 and an almost 5% increase from March 2023, but it is still 31% below the 10-year seasonal average.
The number of homes sold over the month was driven by strong movements in apartment and townhouse sales, which more than offset the slower performance in single-detached house sales.
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However, the strong growth in the number of homes newly listed for sale could provide more options for prospective homebuyers this spring. There were 5,002 homes of all types newly listed for sale in March 2024, representing a 10% increase from February 2024, and a 16% increase compared to the same month in 2023.
While this is still 31% below the 10-year seasonal average for new listings, the total number of Metro Vancouver homes currently listed is now up by nearly 23% compared to March 2023.
“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” said Andrew Lis, director of economics and data analytics for GVR, in a statement.
“Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”
The composite benchmark home price for all properties within GVR’s jurisdiction in March 2024 reached $1.197 million, which is a 4.5% increase from March 2023, and an uptick of 1.1% from February 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.
“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of 1 to 2% happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” continued Lis.
He also reaffirmed the growing expectations in the industry that the Bank of Canada will likely perform its first cuts to the policy interest rate at some point in 2024, with at least one or two “modest” cuts. However, as these initial cuts will likely be minor, they may not improve the affordability conditions for borrowing.
March 2024 home sales statistics: GVR
- Detached homes
- Number of units sold: 694 (-5.4% over March 2023)
- Benchmark price: $2,007,900 (+7.4% over March 2023; +1.8% over February 2024)
- Apartment homes
- Number of units sold: 1,207 (+7.9% over March 2023)
- Benchmark price: $777,500 (+5.7% over March 2023; +0.9% over February 2024)
- Townhomes
- Number of units sold: 495 (+6.2% over March 2023)
- Benchmark price: $1,112,800 (+5.0% over March 2023; +1.7% over February 2024)
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