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Metro Vancouver Real Estate Market April 2024 Update

Updated: May 14

In April 2024, Metro Vancouver's real estate market showcased intriguing trends, marked by significant increases in inventory and resilient demand amidst rising borrowing costs. Let's delve into the latest data provided by Greater Vancouver REALTORS (GVR) and explore what these developments mean for prospective buyers and sellers.

Vancouver Real Estate Market April 2024

Inventory Surge

The month of April saw a remarkable surge in actively listed homes for sale on the MLS®, reaching over 12,000 properties—a milestone not seen since the summer of 2020. This surge represents a 42% increase year-over-year, signalling a notable shift in the region's housing landscape.

Sales Performance

Despite the uptick in inventory, residential sales in Metro Vancouver recorded a modest increase of 3.3% compared to April 2023, totalling 2,831 transactions. However, this figure remains 12.2% below the 10-year seasonal average, reflecting a nuanced market dynamic.

Market Dynamics

Andrew Lis, REBGV director of economics and data analytics, highlighted the unexpected strength of demand amid the highest borrowing costs in over a decade. This resilience, coupled with a steady climb in inventory, defied earlier predictions of rapid inventory growth following aggressive rate hikes by the Bank of Canada.

New Listings and Total Inventory

April 2024 witnessed a surge in newly listed properties, with a staggering 64.7% increase compared to the previous year. The total number of properties listed for sale reached 12,491, marking a 42.1% year-over-year increase.

Sales-to-Active Listings Ratio

The sales-to-active listings ratio for April 2024 stood at 23.5%, with varying ratios across property types. This metric provides insights into market dynamics, indicating potential shifts in pricing trends.

Price Trends

Despite the surge in inventory, home prices continued their upward trajectory across most segments. Detached homes saw a notable 6.3% increase in benchmark price compared to April 2023, reaching $2,040,000. However, apartment prices experienced a slight decline of 0.1% month-over-month, attributed to factors such as higher mortgage rates and increased inventory.

Segment Sales Performance

Sales of detached homes in April 2024 reached 814, marking a 0.7% increase from April 2023. The benchmark price for a detached home surged by 6.3% compared to April 2023, reaching $2,040,000. Additionally, there was a 1.6% increase compared to March 2024, indicating sustained market momentum in this segment.

Sales of apartment homes reached 1,416 in April 2024, reflecting a marginal 0.2% increase compared to April 2023. Despite this, the benchmark price of an apartment home saw a 3.2% increase from April 2023, reaching $776,500. However, there was a slight 0.1% decrease compared to March 2024, suggesting nuanced pricing dynamics in the apartment market.

Sales of attached homes in April 2024 totalled 580, representing a notable 16% increase compared to April 2023. The benchmark price of a townhouse surged by 4.3% from April 2023, reaching $1,127,200. Moreover, there was a 1.3% increase compared to March 2024, indicating robust demand and price appreciation in this segment.

If you have questions about getting into the Vancouver housing market, contact us, your Real Estate and Property Management experts!


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