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Metro Vancouver Real Estate Market March 2024 Update

According to The Real Estate Board of Greater Vancouver (REBGV), springtime in Metro Vancouver brings a bouquet of changes to the real estate landscape. With the arrival of March 2024, the region witnessed a notable surge in seller activity, presenting prospective buyers with a wealth of options. However, amidst the increased inventory, a nuanced narrative unfolds, revealing insights into market dynamics, pricing trends, and the delicate balance between buyer and seller advantage.

Metro Vancouver Real Estate Market March 2024 Update

Seller Activity and Buyer Opportunities

Comparing March 2023 to March 2024, residential property sales experienced a marginal decline of 4.7%. Yet, this slight dip in sales contrasted sharply with a remarkable 23% increase in housing inventory year-over-year. With 5,002 newly listed properties hitting the market, buyers found themselves navigating a landscape of expanded choices. Notably, the total number of properties listed for sale soared to 10,552, marking a 22.5% rise from March 2023.

Market Dynamics and Pricing Trends

Andrew Lis, Director of Economics and Data Analytics at Greater Vancouver REALTORS®, explained how market dynamics were evolving. Despite increased inventory, the market balance continued to favour sellers, albeit slightly. The sales-to-active listings ratio for March 2024 stood at 23.8%, underscoring persistent demand, particularly for well-priced and well-located properties. Notably, the MLS® Home Price Index revealed a 4.5% uptick in residential property prices compared to March 2023.

Detached Homes

Sales of detached homes in March 2024 totaled 694, marking a 5.4% decrease from March 2023's 734 sales. Despite this slight decline, the benchmark price for a detached home surged to $2,007,900, representing a significant 7.4% increase from March 2023 and a noteworthy 1.8% increase compared to February 2024.

Apartment Homes

March 2024 saw 1,207 apartment sales, reflecting a 7.9% decrease from the 1,311 sales recorded in March 2023. Despite the dip in sales volume, the benchmark price of an apartment home climbed to $777,500, indicating a resilient 5.7% increase from March 2023 and a steady 0.9% rise compared to February 2024.

Attached Homes

Attached home sales in March 2024 totaled 495, showcasing a 6.2% increase compared to March 2023's 466 sales. The benchmark price of a townhouse reached $1,112,800, demonstrating a solid 5% increase from March 2023 and a notable 1.7% increase compared to February 2024.

Challenges Amidst Opportunities

While buyers rejoiced in the abundance of choices, challenges loomed. Despite expectations of potential interest rate cuts, borrowing constraints remained a significant concern. Lis noted the likelihood of modest cuts to the Bank of Canada's policy rate, yet cautioned against expectations of a substantial boost to affordability. As Metro Vancouver transitions into the summer months, constrained borrowing power continues to pose a formidable challenge, shaping the dynamics of the real estate landscape.

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


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