Residential property sales in Metro Vancouver
Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42% year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3% increase from the 2,741 sales recorded in April 2023. This was 12.2% below the 10-year seasonal average (3,223).
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
— Andrew Lis, REBGV Director of Economics and Data Analytics
There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7% increase compared to the 4,307 properties listed in April 2023.
This was 25.8% above the 10-year seasonal average (5,637).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1% increase compared to April 2023 (8,790).
This is 16.7% above the 10-year seasonal average (10,704).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5%. By property type, the ratio is 17.6% for detached homes, 31.0% for attached, and 26.0% for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
Sales-to-Active Listings Ratio
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of 1 to 2% month-over-month,” Lis said.
“The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1% decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8% increase over April 2023 and a 0.8% increase compared to March 2024.
Sales of detached homes in April 2024 reached 814, a 0.7% increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3% increase from April 2023 and a 1.6% increase compared to March 2024.
Sales of apartment homes reached 1,416 in April 2024, a 0.2% increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2% increase from April 2023 and a 0.1% decrease compared to March 2024.
Attached home sales in April 2024 totalled 580, a 16% increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200. This represents a 4.3% increase from April 2023 and a 1.3% increase compared to March 2024.