What happened in April 2024 in the Greater Vancouver Housing Market?
Listings Surge: April 2024 saw a significant increase in inventory, with new listings up by 64.7% and total inventory rising by 42% year-over-year, and a 16.7% above the ten-year average for April
Sales Trends: While sales rose modestly by 3.3% from last year, they have decreased by 12% compared to the ten-year average, indicating a slowdown relative to historical activity despite the influx of new listings
Pricing Dynamics: Despite broader market fluctuations, prices continued to rise, with detached homes increasing by 6.3%, condos by over 3%, and townhomes and duplexes by more than 4% year-over-year.
Market Divergence: The market is seeing a split between highly sellable properties and less desirable ones (e.g., tenanted properties or those on busy streets), which are contributing to the growing stale inventory.
Future Outlook: Moving forward, well-presented new properties are expected to maintain strong sales figures, while less attractive listings may need price adjustments. Upcoming interest rate decisions by the Bank of Canada in June could further influence market dynamics.
APRIL 2024 VANCOUVER REAL ESTATE STATS:
Sales are up 3.3%% from April 2023
New listings up 15.9% compared to April 2023
Total listings on the market up 42.1% compared to April 2023
Sales 23.3% below the 10 year seasonal average
Detached Market
- Benchmark price up 6.3%
- 17.6% sales to active ratio
Townhome Market
- Benchmark price up 4.3%
- 31.0% sales to active ratio
Condo Market
- Benchmark price up 3.2%
- 26% sales to active ratio
