Last month, MLS listings in Metro Vancouver were up 42 per cent year-over-year to over 12,000, Greater Vancouver Realtors (GVR) reports. The region hasn’t seen levels like this since the summer of 2020.
Sales in April reached 2,831, which was 3.3 per cent higher than the same time the year prior and 12.2 per cent below the 10-year seasonal average.
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics notes.
“The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
Number of listings
7,092 detached, attached and apartment properties were newly listed for sale in April, a 64.7 per cent increase compared to the 4,307 properties listed the April before and 25.8 per cent above the 10-year seasonal average.
At the same time, 12,491 total properties were listed for sale, a 42.1 per cent increase compared to April 2023 and 16.7 per cent above the 10-year seasonal average.
Prices climbing except for apartments
Sales-to-active listings for all property types last month was 23.5 per cent, and the benchmark price for all Metro Vancouver properties is $1,205,800, a 2.8 per cent increase from April 2023 and 0.8 per cent more than March 2024.
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis says.
“The one segment that didn’t see an uptick in prices in April was apartments, which saw a 0.1 per cent 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.”
Sales and prices by home type
Detached home sales reached 814, 0.7 per cent higher than April 2023. The benchmark price of a detached home is $2,040,000 — 6.3 per cent more than from April 2023 and 1.6 per cent higher than March 2024.
Apartment home sales reached 1,416, 0.2 per cent higher than April 2023. The benchmark price of an apartment home is $776,500 — 3.2 per cent more than April 2023 and 0.1 per cent higher than March 2024.
Attached home sales reached 580, 16 per cent higher than April 2023. The benchmark price of a townhouse is $1,127,200 — 4.3 per cent more than April 2023 and 1.3 per cent higher than March 2024.
Read the full release here.
