Metro Vancouver Market Update
February Brought Activity Back To The Maerket!
Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is...
- Up 4.5% year-over-year (compared to February 2023).
- Up 1.9% month-over-month (compared to Jan 2024).
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Home sales in February were...
- 23.3% below the 10-year seasonal average.
- Up 13.5 year-over-year (compared to February 2023)
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Main Highlight:
- For the first time in six months there has been a month-over-month pricing increase in all areas of the market.
- Year-over-year, compared to February 2023, all aspects of the market saw a sizable improvement.
- Balanced market moves towards favouring sellers...but choice has also increased for prospective buyers.
Metro Vancouver Market Highlights February 2024:
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Synopsis:
So far 2024 is shaping up to be an active year for the Greater Vancouver market; both in terms of homes sold, and pricing increases. In January the number of buyers began to rapidly increase with the year taking an early start. In turn February saw sellers respond with the number of listings increasing dramatically. Still buyers are outstripping sellers which is a large reason that the market saw its first unanimous month-over-month increase in six months.
Spring has come early to the real estate market and while the REBGV originally predicted only a minimal price increase for the year it seems as though things may already be shifting. With potential interest rate decreases on the horizon we may be headed in to an extremely busy spring that favours sellers...unless we see a large influx in homes coming to market. However, we will need statistics from March sales to truly solidify a full spring market trajectory.
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More specifically this is what the REBGV had this to say:
“While Metro Vancouver1 home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market.
‘While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,’ Andrew Lis, GVR’s director of economics and data analytics said. ‘With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.’
‘Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,’ Lis said. ‘This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.’
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024.”
Both listings & sales pick up in Metro Vancouver:
Greater Vancouver Homes Sales 2024 VS 2023
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CLICK HERE FOR THE FULL GVR February 2024 & year-in-review STATISTICS PACKAGE
Looking to make a change in 2024?
Reach out today and let us help you navigate through the ever changing market.
Rod & Rhea: 604.240.1927
Ryan: 604.561.2127
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