Metro Vancouver Market Update

May brought ever increasing listings & decreasing sales.

Wondering what changed in Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is...

   • Up 2.3% year-over-year (compared to May 2023).
   • Up 0.5% month-over-month (compared to April 2024).

2. Home sales in May were...

   • 19.6% below the 10-year seasonal average.
   • A 19.9% decrease year-over-year (compared to May 2023)

    

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   Main Highlight:

   1. Two of the three pillars of the market increased in price for a fourth month in a row; condos saw an extremely minor decrease for a second month.
   2. Year-over-year, compared to May 2023 prices are up across the board, but the number of monthly sales has now dramatically decreased (14-22.7%).
   3. After months of inventory increases matching massive buyer demand the scales have tipped; there are now more sellers than buyers.
   1. Home listings above 10 year seasonal average…but homes sales are well below 10 year average.
   
    

   Metro Vancouver Market Highlights May 2024:

    

   
   

    

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   Synopsis:

   1. The main story this month is new listings coupled with slow buyer growth.

   2. Right when buyer activity should be peaking for spring market activity it has dropped off; both compared to May 2023 and the larger 10-year average. Sales are simply down.

   3. From a pricing perspective are still micro month-over-month increases for townhomes and detached houses…but that growth is now between 0.9-1.3%...and condos are now forming a minor trend of micro monthly declines.

   4. The bottom line is that pricing growth is slowing, and leveling, as power shifts towards buyers. At this point in time the market is somewhat balanced. But if this pattern continues buyers will purely have the upper hand.

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   More specifically this is what the REBGV had this to say:

   The number of transactions on the Multiple Listing Service declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.

   “The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said.”

   “With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis said. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”

   The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also up 19.9 per cent above the 10-year seasonal average (11,344)

   The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver is currently $1,212,000. This represents a 2.3 per cent increase over May 2023 and a 0.5 per cent increase compared to April 2024.

   Increased Seller Active Creating Buyer Choice

   Greater Vancouver Homes Sales 2024 VS 2023

    

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   CLICK HERE FOR THE FULL GVR May 2024 STATISTICS PACKAGE

    

   Looking to make a change for the upcoming summer months?

   Reach out today and let us help you navigate through the ever changing market.
   

    

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
    [email protected]

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