Welcome to my Spring Real Estate Update!
As the vibrant colours of spring bloom around us, I am excited to bring you the latest updates and insights from the dynamic world of real estate. With the season of renewal upon us, there's a palpable energy in the air, and I am here to guide you through the opportunities it presents.
As we embrace the spirit of growth and transformation, it's worth noting that Mother's Day is just around the corner. This special occasion reminds me of the nurturing love and support that mothers provide, shaping not only our lives but also our homes. Whether you're a mother yourself or celebrating the mothers in your life, I extend my warmest wishes for a joyous and memorable Mother's Day.
So, grab your favourite beverage, settle into a cozy spot, and join me as I uncover the dynamics of the spring real estate market and sprinkle in some inspiration for honouring Mother's Day!
Metro Vancouver Market Highlights
GREATER VANCOUVER REALTORS
- April 2024 -
Inventory reaches highest level since the pandemic summer of 2020
VANCOUVER, BC – May 2, 2024 – Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent 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 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent 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,” Andrew Lis, GVR’s director of economics and data analytics said. “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.”
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 per cent increase compared to the 4,307 properties listed in April 2023.
This was 25.8 per cent 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 per cent increase compared to April 2023 (8,790).
This is 16.7 per cent 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 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-overmonth,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent 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.”
Benchmark Price
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 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.
Are you wondering how your area compares? Let's connect!
Fun Ideas for Mother's Day
Finding the perfect way to celebrate Mother's Day can sometimes feel like a challenge. But fear not! Below, I've curated a list of imaginative day trips and adventures that promise to create lasting memories, whether you're spending time with the whole family or treating your mom to a special day out.
Take a class together! | Share in an adventure! | Treat Yourselves |
Do something luxurious, such as high tea at one of Vancouver's many tea salons, brunch, or a trip to the spa.  |
Wendy de Haas
Real Estate Advisor
Professional Real Estate Negotiator (PREN)
604.518.8413
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