April 2024 Greater Vancouver Realtors Statistics

Inventory reaches highest level since the pandemic summer of 2020 – April 2024 Greater Vancouver Realtors Statistics

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 % below the 10-year average seasonal sales (3,223).

“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. 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.” Andrew Lis is the director of REBGV’s economics and data analysis

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This is a 64,7% increase in comparison to the 4,307 listings made in April 2023.

This was 25.8% above the seasonal average of 5 637 over the past 10 years.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).

This is 16.7% higher than the seasonal average over the past 10 years (10,704).

Sales-to-active listings for April 2024 are 23.5 percent across all detached, attached, and apartment properties. The ratio varies by property type: 17.6 percent for detached homes, 31.0% for attached homes, and 26.0% for apartments.

Analyzing historical data, it is clear that home prices are often under downward pressure when the ratio falls below 12 percent for a sustained time period. However, home prices are often under upward pressure when the ratio exceeds 20 percent over a period of several months.

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said.

“The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline 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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8% increase over April 2023, and a 0.8% increase compared to the March 2024.

Sales of detached homes reached 814 in April 2024. This represents a 0.7 percent increase from the 808 detached homes sold in April 2023. The benchmark price is $2,040,000 for a detached residence. This represents an increase of 6.3 percent from April 2023. It also represents a 1.5 percent increase in comparison to March 2024.

In April 2024, apartment home sales reached 1,416. This represents a 0.2% increase over the 1,413 units sold in April 2023. The benchmark price for an apartment home is $776.500. This represents a 3.2% increase from April 2023, and a 0.1% decrease compared to the month of March 2024.

The number of attached homes sold in April, 2024 was 580. That’s a 16 per-cent increase from the 500 sales in 2023. The benchmark price is $1127,200 for a three-bedroom townhouse. This represents a 4.3% increase from April 2023, and a 1.3% increase from March 2024.

The Real Estate Board of Greater Vancouver includes Burnaby, Coquitlam and Maple Ridge as well as New Westminster, North Vancouver. Port Coquitlam Port Moody Richmond South Delta Squamish Sunshine Coast Vancouver West Vancouver Whistler.