April Market Update

Market Overview:

April 2024 witnessed a significant surge in inventory levels in Metro Vancouver's real estate market, reaching its highest point since the pandemic summer of 2020. Actively listed homes for sale on the MLS® climbed by 42% year-over-year, surpassing 12,000 units, a threshold unseen since 2020. Despite this substantial increase in supply, demand remains resilient, with residential sales in the region totaling 2,831, marking a 3.3% increase from April 2023, although falling 12.2% below the 10-year seasonal average.

Detached Homes:

Sales of detached homes in April 2024 saw a marginal 0.7% increase from the previous year, with the benchmark price rising by 6.3% compared to April 2023, reaching $2,040,000. This represents a 1.6% increase from March 2024.

Apartment Homes:

April 2024 witnessed a slight 0.2% increase in apartment sales compared to April 2023, with the benchmark price showing a 3.2% rise from the previous year, reaching $776,500. However, there was a marginal 0.1% decrease in benchmark prices compared to March 2024.

Attached Homes (Townhouses):

Sales of attached homes surged by 16% in April 2024 compared to April 2023, with the benchmark price rising by 4.3% year-over-year to reach $1,127,200. Additionally, there was a 1.3% increase in benchmark prices compared to March 2024.

Market Dynamics:

The sales-to-active listings ratio for April 2024 stands at 23.5%, indicating a continued sellers' market across all property types. Analysis suggests that home prices continue to rise, particularly in the detached and attached segments. Notably, the ratio for detached homes is at 17.6%, for attached homes it's at 31.0%, and for apartments, it's at 26.0%.



Current Listings and Prices:

The total number of properties listed for sale on the MLS® system in Metro Vancouver surged to 12,491, a notable 42.1% increase compared to April 2023, surpassing the 10-year seasonal average by 16.7%. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose to $1,205,800, marking a 2.8% increase over April 2023 and a 0.8% increase compared to March 2024.

In summary, April 2024 demonstrates a substantial increase in inventory levels, marking a notable shift in the market dynamics of Metro Vancouver's real estate sector. Despite this influx, demand remains robust, albeit with some moderation in price growth, particularly in the apartment segment. The continued strength of demand coupled with increased inventory levels presents both challenges and opportunities for buyers and sellers alike in a dynamic and evolving market environment.