Vancouver Real Estate Market February 2024 Update

Vancouver Real Estate Market February 2024 Update

While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Andrew Lis from GVR stated that although home sales began strongly in the year, January saw a slower introduction of new listings. This trend could have led to an overheated market if it persisted into February. Fortunately, a 31% year-over-year increase in new listings in February alleviated some of January’s pressure, providing buyers with more options for the upcoming spring and summer. Nonetheless, the rise in listings couldn’t fully offset the swift pace of sales, leading to a seller’s market and modest price increases across all segments. It’s important to note that despite these increases, current prices still haven’t reached the highs seen in spring 2022, before the impact of the Bank of Canada’s tightening measures was fully realized.

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 2% below list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 41% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.25mil – $2.5mil, Coal Harbour and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Westend and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 15% Sales Ratio average (1.5 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 57% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 Shaughnessy, Southlands and up to 2 / minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Arbutus, Mackenzie Heights and 3 to 4 bedroom properties

Attached 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% below list price
• Most Active Price Band: Homes between $700,000 to $800,000 with average 60% Sales Ratio (sellers market)
• Opportunity for Buyers: Homes between $2.25 to $2.5mil, South Granville and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Fairview, False Creek and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $1.5mil to $1.75mil with average 67% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.5mil to $2.75mil in Collingwood, Killarney, and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Knight, Renfrew and 5 to 6 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 100% of list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 69% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $800,000- $900,000 in Downtown, Main, South Vancouver, Strathcona and 4 plus bedrooms
• Opportunity for Sellers: Selling homes in Fraser, Killarney and up to 1 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 March 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.