March 2024 Vancouver Market Update

Vancouver Real Estate Market March 2024 Update

The number of homes listed for sale on the MLS in Metro Vancouver surged by nearly 23 % year-over-year, offering increased opportunities for prospective buyers this spring.

​​The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5% increase over March 2023 and a 1.1% increase compared to February 2024.

Andrew Lis, GVR’s director of economics and data analytics, remarked, “If you’re feeling a cooler breeze compared to last spring, you might find solace in the fact that the market isn’t quite as heated as it was then, particularly for buyers. Despite the welcomed rise in inventory, the market balance continues to shift towards sellers’ market territory, indicating sustained demand for well-priced and well-located properties.”

While the market isn’t as heated as last year, we continue to observe modest month-over-month price gains of one to two percent at the aggregate level, despite ongoing high borrowing costs. Although potential cuts to the Bank of Canada’s policy rate are anticipated in 2024 due to favorable inflation trends, any reductions may not lead to significant improvements in affordability. Therefore, constrained borrowing power is likely to persist as a challenging hurdle as we head into the summer months.

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 18% Sales Ratio (1.8 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 44% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.75mil – $2.mil, 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 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $2.5mil – $2.75mil / $3mil- $3.5mil with average 39% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 Cambie, SW Marine, Shaughnessy and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Dunbar, Kitsilano, Point Grey and 5 to 6 bedroom properties

Attached Housing

• Market Type: Balanced Market at 26% Sales Ratio average (2.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: Homes between $500,000 to $600,000 with average 59% 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 Kitsilano, Quilchena and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 20% Sales Ratio average (2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 5% above list price
• Most Active Price Band: Homes between $1.5mil to $1.75mil with average 63% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $3.5mil to $4mil in Collingwood, Renfrew Heights and up to 2 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% above list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 45% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.25mil- $1.5mil in Downtown, Main, South Vancouver and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Champlain Heights, Hastings, Knight and minimum 4 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 April 2, 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.