May 2024 Vancouver Real Estate Market Update
Jun 05, 2024
May 2024 Vancouver Real Estate Market Update
May witnessed unexpected shifts in Metro Vancouver’s real estate market, with MLS® transactions declining compared to typical trends. Andrew Lis, GVR’s Director of Economics, notes softer sales amidst rising inventory and economic concerns. This confluence of factors suggests slower price growth ahead. Sales across segments have dipped to around 50% of the May average, highlighting a significant deviation.
“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”
“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis said. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”
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 $300,000 – $400,000 with average 50% Sales Ratio (Sellers Market)
- Opportunity for Buyers: Homes min $5mil, Yaletown 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 16% Sales Ratio average (1.6 in 10 homes selling rate)
- Housing Prices: Homes are selling on average 2% below list price
- Most Active Price Band: Homes between $2.5mil – $2.75mil with 37% Sales Ratio (Sellers market)
- Opportunity for Buyers: Homes minimum $7.5 mil, Cambie, Quilchena, Shaughnessy, South Granville and University
- Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano and 3 to 4 bedroom properties
Attached Housing
- Market Type: Balanced Market at 23% Sales Ratio average (2.3 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 55% Sales Ratio (Sellers market)
- Opportunity for Buyers: Homes between $1.75 to $2 mil, Marpole, Oakridge, SW Marine, South Cambie, and 4 plus bedrooms
- Opportunity for Sellers: Selling homes in Fairview, Kitsilano and up to 1 bedroom properties
Vancouver Eastside:
Detached Housing
- Market Type: Balanced Market at 19% Sales Ratio average (1.9 in 10 homes selling rate)
- Housing Prices: Homes are selling on average 1% above list price
- Most Active Price Band: Homes between $1.5 mil to $1.75 mil with average 33% Sales Ratio (Sellers Market)
- Opportunity for Buyers: Homes between $2.75 mil to $3.5 mil in Collingwood, Renfrew Heights and minimum 7 bedroom properties
- Opportunity for Sellers: Selling homes in Fraser, Hastings Sunrise, Mount Pleasant 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 100% of list price
- Most Active Price Band: Homes between $800,000 – $900,000 / $1 mil to $1.5 mil with average 33% Sales Ratio (Sellers Market)
- Opportunity for Buyers: Homes between $1.75 mil to $2 mil, Downtown, Kilarney, South Vancouver, Victoria and up to 1 bedrooms
- Opportunity for Sellers: Selling homes in Champlain Heights, Hastings, Main and minimum 4 bedrooms
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 June 3rd 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.
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