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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.

May 2, 2024

Inventory has reached its highest level since the summer of 2020, during the peak of the pandemic

In April, the number of homes actively listed for sale on the MLS® in Metro Vancouver continued to rise, surging 42% year-over-year and surpassing the 12,000 mark, a milestone not seen in the region since the summer of 2020.

According to the Greater Vancouver REALTORS® (GVR), residential sales in the region totaled 2,831 in April 2024, showing a 3.3% increase from the 2,741 sales recorded in April 2023 but remaining 12.2% below the 10-year seasonal average.

Andrew Lis, GVR’s director of economics and data analytics, remarked on the milestone, stating, “It’s remarkable to see inventory finally climb above 12,000. Many anticipated higher inventory levels to materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re witnessing a steady increase in inventory in more recent data. The surprise for many market watchers has been the continued strength of demand, coupled with the fact that few homeowners have been compelled to sell despite facing the highest borrowing costs experienced in over a decade.”

In April 2024, 7,092 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver, reflecting a substantial 64.7% increase compared to April 2023 and exceeding the 10-year seasonal average by 25.8%.

The total number of properties listed for sale on the MLS® system in Metro Vancouver now stands at 12,491, marking a notable 42.1% increase compared to April 2023 and surpassing the 10-year seasonal average by 16.7%.

Across all property types—detached, attached, and apartments—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 homes, and 26.0% for apartments. Historical data indicates that downward pressure on home prices tends to occur when the ratio dips below 12% for an extended period, while home prices often experience upward pressure when the ratio surpasses 20% over several months.

Andrew Lis also noted another noteworthy trend in April's data, stating, “Prices continue to climb across most segments, with recent increases typically ranging from one to two per cent month-over-month. The one segment that didn’t see an uptick in prices in April was apartments, which experienced a 0.1% decline month-over-month. This moderation can be attributed 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, which have tempered competition somewhat.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800, representing a 2.8% increase over April 2023 and a 0.8% increase compared to March 2024.

In April 2024, detached home sales reached 814, a modest 0.7% increase from April 2023, with a benchmark price of $2,040,000—an increase of 6.3% from April 2023 and 1.6% from March 2024.

Apartment home sales totaled 1,416 in April 2024, showing a slight 0.2% increase compared to April 2023, with a benchmark price of $776,500—a 3.2% increase from April 2023 but a marginal 0.1% decrease compared to March 2024.

Attached home sales in April 2024 totaled 580, marking a substantial 16% increase compared to April 2023, with a benchmark price of $1,127,200—an increase of 4.3% from April 2023 and 1.3% from March 2024.

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