Insights from April: Real Estate Market Update for Greater Vancouver

As we navigate through the complexities of the real estate landscape, it's crucial to stay informed about market trends and shifts. April brought forth notable developments in the Greater Vancouver real estate market, offering insights that both buyers and sellers should be aware of.

Inventory Surge:
The inventory of actively listed homes for sale on the MLS® in Metro Vancouver saw a significant increase in April, reaching heights not seen since the summer of 2020. With a +42% year-over-year rise, breaching the 12,000 mark, this surge indicates a shifting landscape for buyers and sellers alike.

Steady Sales Activity:
Despite the surge in inventory, residential sales in the region experienced a modest increase of +3.3% compared to April 2023. However, this figure was -12.2% below the 10-year seasonal average, reflecting the evolving dynamics of the market.

Market Dynamics:
Andrew Lis, GVR’s director of economics and data analytics, notes that while many anticipated higher inventory levels with aggressive rate hikes by the Bank of Canada, the climb has been steadier than expected. Surprisingly, demand remains robust, and homeowners have been reluctant to sell, even amidst the highest borrowing costs in over a decade.

New Listings and Total Inventory:
In April 2024, 7,092 properties were newly listed for sale, marking a substantial +64.7% increase from the previous year. The total number of properties listed for sale reached 12,491, up +42.1% from April 2023. These figures underscore the growing options available to prospective buyers.

Sales-to-Active Listings Ratio:
The sales-to-active listings ratio for April 2024 stands at 23.5%, signalling a market favouring neither buyers nor sellers. However, segmented by property type, detached homes exhibit a ratio of 17.6%, while attached homes and apartments show ratios of 31.0% and 26.0%, respectively.

Price Trends:
Despite the increase in inventory, home prices continue to climb across most segments. Detached homes saw a benchmark price of $2,040,000, representing a +6.3% increase from April 2023. Apartments, however, experienced a slight decline in prices, likely influenced by higher mortgage rates and increased inventory levels.

Stability in Median Days on Market (DOM): While changes unfold in sales and inventory levels, the median DOM remains stable at 11 days. This metric, consistent with historical trends over the past three years, underscores the efficiency of transactions within the market and reflects strategic pricing by sellers and sustained buyer interest.

Where there is change there is opportunity and the Greater Vancouver real estate market in April 2024 presents both challenges and opportunities for buyers and sellers alike. With inventory levels rising and sales momentum continuing, navigating this dynamic landscape requires expert guidance and strategic decision-making.

Reach out to your trusted Solutions Real Estate Agent today to leverage their expertise and maximize your success in this evolving market. Whether you're buying, selling, or investing, our team is here to ensure you achieve your real estate goals with confidence and clarity.