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Real Estate Market Update in Vancouver, BC

Watch the latest real estate market video update and read the most up to date market update report from the Real Estate Board of Greater Vancouver*.  Updated every month to bring you the latest real estate market statistics.


March 4, 2024


This spring sees a resurgence of home sellers, replenishing the housing market with much needed inventory. 



In January, there was a hint of reluctance among home sellers in Metro Vancouver, but February saw a notable surge in new listings, marking a 31 percent increase compared to the previous year. This influx added a significant number of properties to the market.

The Greater Vancouver REALTORS® (GVR) reported a total of 2,070 residential sales in February 2024, reflecting a 13.5 percent rise from February 2023. However, this figure was 23.3 percent lower than the 10-year average.

Andrew Lis, GVR's director of economics and data analytics, noted that while January witnessed a slower pace of newly listed properties, February's substantial year-over-year increase alleviated concerns of the market veering towards overheating. The rise in listings offers buyers more options as the spring and summer markets approach.

February 2024 saw 4,560 detached, attached, and apartment properties newly listed for sale in Metro Vancouver, a 31.1 percent increase from the previous year. Meanwhile, the total number of properties listed for sale rose by 16.3 percent compared to February 2023.

Despite the increase in listings, inventory levels weren't sufficient to counteract price acceleration, with most market segments favoring sellers. Consequently, there was modest price growth across all segments, although benchmark prices remained below the peak observed in spring 2022.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose to $1,183,300 in February 2024, marking a 4.5 percent increase from the previous year.

Detached home sales reached 560 in February 2024, up 8.3 percent from February 2023, with a benchmark price of $1,972,400. Apartment home sales rose by 17.7 percent, totaling 1,092, with a benchmark price of $770,700. Attached home sales totaled 403, reflecting a 10.1 percent increase, with a benchmark price of $1,094,700.

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