April 2024 Vancouver Real Estate Market Update

While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 % increase from the 2,947 sales recorded in May 2022, and a 1.4 % decline from the 10-year seasonal average (3,458).

Andrew Lis, REBGV’s director of economics and data analytics, acknowledges the unforeseen surge in Metro Vancouver home prices, which were initially forecasted to modestly increase by about 2% by year-end 2023. However, prices have already risen by approximately 6% or more across all home types halfway through the year. Lis attributes this to the persistent shortage of resale homes due to high buyer demand relative to available inventory. Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1% 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.”Despite slower new listing activity this spring, MLS® sales in May approached historical averages, indicating a resilient market despite current mortgage rate constraints. Lis suggests that without these constraints, the market could resemble the peak periods of 2021/22 or even 2016/17.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver:

Market Type: Balanced Market at 15% Sales Ratio (1.5 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $600,000 – $700,000 with average 28% Sales Ratio (Sellers Market)
Opportunity for Buyers: Homes min $5mil, Coal Harbour and 3 bedroom properties
Opportunity for Sellers: Selling homes in Westend and up to 1 bedroom properties

Vancouver Westside:

Detached Housing

Market Type: Buyers Market at 16% Sales Ratio average (1.6 in 10 homes selling rate)
Housing Prices: Homes are selling on average 100% of list price
Most Active Price Band: Homes between $2.5mil – $2.75mil with average > 100% Sales Ratio (Sellers market)
Opportunity for Buyers: Homes between $5.5 – $6mil, Mackenzie Heights, Quilchena, Shaughnessy and min 7 bedroom properties
Opportunity for Sellers: Selling homes in Dunbar, Kerrisdale and up to 4 bedrooms

Attached Housing

Market Type: Balanced Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $700,000 to $800,000 with average 38% Sales Ratio (Sellers market)
Opportunity for Buyers: Homes between $2.5 to $3mil, Dunbar and minimum 4 bedroom properties
Opportunity for Sellers: Selling homes in Fairview, Mount Pleasant, Point Grey and up to 1 bedroom properties

Vancouver Eastside:

Detached Housing

Market Type: Balanced Market at 24% Sales Ratio average (2.4 in 10 homes selling rate)
Housing Prices: Homes are selling on average 2% above list price
Most Active Price Band: Homes between $2mil to $2.25mil with average 55% Sales Ratio (Sellers Market)
Opportunity for Buyers: Homes between $3mil to $3.5mil in Collingwood, South Vancouver and up to 2/ min 7 bedroom properties
Opportunity for Sellers: Selling homes in Hastings Sunrise, Main and 3 to 4 bedroom properties

Attached Housing

Market Type: Sellers Market at 28% Sales Ratio average (2.8 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $500,000 – $600,000 with average 36% Sales Ratio (Sellers Market)
Opportunity for Buyers: Homes between $400,000 to $500,000, Downtown, South Vancouver and minimum 4 bedroom properties
Opportunity for Sellers: Selling homes in Champlain Heights, Killarney, Victoria and 2 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on May 1, 2024 from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.

April 2024 Vancouver Real Estate Market Update