The Greater Vancouver real estate market showed signs of modest recovery in April, with the number of homes sold rising by 3.3% compared to the same period last year. Despite this uptick, total sales remained significantly below the 10-year average for April, indicating a market that is still finding its footing.
In April, the Greater Vancouver area recorded 2,831 home sales, a slight increase from the 2,741 sales in April 2023. This rise in sales coincided with a substantial increase in the number of homes listed for sale. Metro Vancouver saw a 42.1% year-over-year jump in listings, reaching 12,491 homes, which is 16.7% higher than the 10-year seasonal average. Notably, this is the first time since the summer of 2020 that the number of listings has surpassed the 12,000 threshold.
The surge in listings brought 7,092 new detached, attached, and apartment properties to the market, a remarkable 64.7% increase compared to the 4,307 properties listed in April 2023. This influx of new listings provides potential buyers with more options, possibly contributing to the stable demand seen in the market.
The composite benchmark home price in Greater Vancouver was $1,205,800 in April, marking a 2.8% increase from a year ago and a 0.8% rise from March. This steady price growth suggests a resilient market, even in the face of rising borrowing costs.
Andrew Lis, the board’s director of economics and data analytics, commented on the unexpected strength of demand. He noted that it has come as a “surprise” to many that demand has remained robust, and that relatively few homeowners have been compelled to sell despite the highest borrowing costs in over a decade.
Overall, the Greater Vancouver real estate market is showing resilience with increased listings and modest price growth, indicating that while challenges remain, the market is gradually recovering.
Key Takeaways for Vancouver Real Estate
- Home Sales: 2,831 homes sold in April 2024, up 3.3% from April 2023.
- Listings Surge: 12,491 homes listed for sale, a 42.1% increase year-over-year.
- New Properties: 7,092 new detached, attached, and apartment properties listed, a 64.7% rise from April 2023.
- Benchmark Price: Composite benchmark home price at $1,205,800, a 2.8% increase year-over-year.
- Market Resilience: Strong demand and stable prices despite high borrowing costs.
For those looking to buy or sell in the Vancouver real estate market, understanding these trends can provide valuable insights. The increased number of listings and steady price growth indicate a healthy market environment, offering opportunities for both buyers and sellers in Greater Vancouver.