Metro Vancouver Market Update
March brought increased supply, coupled with active buyers
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 March 2023).
- Up 1.1% month-over-month (compared to February 2024).
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Home sales in March were...
- 31.2% below the 10-year seasonal average.
- A 4.7% decrease year-over-year (compared to March 2023)
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Main Highlight:
- For second month in a row there has been a month-over-month pricing increase in all areas of the market (previous 6 months without unanimous increase).
- Year-over-year, compared to March 2023 prices are up across the board, but the number of sale (aside from condos) is down.
- Large influx of invnetory hasn't tipped market away from slightly favouring sellers as buyer demand remains high.
- While the market has picked up steam it is not as agressive as it was during the spring 2023 push.
Metro Vancouver Market Highlights March 2024:
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Synopsis:
- 2024 has been a busy year for buyers in the Greater Vancouver area as they returned in droves earlier than anticipated for a traditional year sales cycle. Although both February and March saw the number of active listings throughout municipalities multiple outstripping 2023…buyer numbers continue to grow at a quicker rate.
- Modern buyers are savvy. We are seeing competition for home’s listed at reasonable prices while others sit on the market for longer periods of time. Month over month pricing increases are coupled with a year-over-year reduction in sales. The March 2024 market is ‘slower’ than the March 2023 market…but the number of buyers is at a high. Meaning there is an increased pressure on only a pocket of all active listings; the ones buyers view as desirable.
- The current market is tipping towards both sellers and buyers depending on the product that the buyer is interested in. If buyers are looking outside of the ‘desirable’ bubble, there is a stagnant section of Greater Vancouver market.
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More specifically this is what the REBGV had this to say:
“The number of Metro Vancouver homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.
If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”
Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month- over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.”
Increased Seller Active Creating Buyer Choice
Greater Vancouver Homes Sales 2024 VS 2023
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CLICK HERE FOR THE FULL GVR March 2024 STATISTICS PACKAGE
Looking to make a change this spring?
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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