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Greater Vancouver Real Estate Market Update: February 2024
Dated: February 4 2024
Greater Vancouver Real Estate Market Update: February 2024
The Greater Vancouver real estate market remained hot and competitive in February, with record-high prices and multiple offers for many properties. Buyers and sellers faced fierce competition and fast-paced transactions in the region.
According to the Real Estate Board of Greater Vancouver (REBGV), there were 3,424 residential home sales in the region in February 2024, a 8.1 per cent decrease from the 3,727 sales recorded in February 2023, and a 49.8 per cent increase from the 2,285 homes sold in January 2024. Last month’s sales were 26.9 per cent above the 10-year February sales average.
There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Greater Vancouver in February 2024. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2023 and a 31.2 per cent increase compared to January 2024 when 4,170 homes were listed.
The total number of homes currently listed for sale on the MLS system in Greater Vancouver is 6,742, a 19.3 per cent decrease compared to February 2023 (8,358) and a 19.1 per cent increase compared to January 2024 (5,663).
The sales-to-active listings ratio for February 2024 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $1,313,400, a 0.5 per cent increase from January 2024 and a 6.9 per cent increase from February 2023. The benchmark price for detached homes is $2,044,800, a 0.4 per cent increase from January 2024 and a 8.6 per cent increase from February 2023. The benchmark price for townhomes is $1,090,000, a 0.1 per cent decrease from January 2024 and a 6.9 per cent increase from February 2023. The benchmark price for apartments is $807,900, a 0.4 per cent increase from January 2024 and a 6.5 per cent increase from February 2023.
The average number of days homes spent on the market in February 2024 was 39, down from 47 in January 2024. Detached homes spent 44 days on the market, apartments spent 41 days on the market, and townhomes moved more quickly at 33 days on the market.
Taylor Biggar, Chair of the REBGV, commented on the February market trends: “With February sales on the rise, we are seeing hopeful signs that optimism is returning to the market. Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”
Baldev Gill, CEO of the REBGV, added: “Current balanced market conditions present opportunities for both buyers and sellers. In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR.”
If you are interested in buying or selling a home in Greater Vancouver, you can contact me for more information and guidance. I have the local market expertise and experience to help you achieve your real estate goals.
In this blog post, I will highlight three popular areas in Greater Vancouver: Vancouver West, Burnaby, and Richmond. These areas have seen high demand and strong price growth in the past year, as well as diverse housing options and amenities.
Vancouver West is the most expensive and prestigious area in Greater Vancouver, with a benchmark price of $3,512,200 for detached homes, $1,262,100 for townhomes, and $1,015,300 for apartments in February 2024. Vancouver West offers a variety of neighbourhoods, from the upscale Shaughnessy and Kerrisdale, to the trendy Kitsilano and Yaletown, to the vibrant Downtown and West End. Vancouver West is home to many attractions, such as Stanley Park, Granville Island, Robson Street, and the University of British Columbia.
Burnaby is the third-largest city in Greater Vancouver, with a benchmark price of $1,787,800 for detached homes, $1,003,100 for townhomes, and $715,400 for apartments in February 2024. Burnaby is a diverse and dynamic city, with four town centres: Metrotown, Brentwood, Lougheed, and Edmonds. Burnaby offers a mix of urban and suburban living, with shopping malls, parks, lakes, trails, and cultural venues. Burnaby is also a hub for education and technology, with Simon Fraser University and the BC Institute of Technology.
Richmond is the fourth-largest city in Greater Vancouver, with a benchmark price of $1,881,100 for detached homes, $1,029,800 for townhomes, and $688,900 for apartments in February 2024. Richmond is a coastal city, with a rich history and culture, especially in its Asian communities. Richmond offers a variety of housing options, from waterfront condos, to townhouse complexes, to single-family homes. Richmond is also known for its shopping, dining, entertainment, and recreation options, such as the Richmond Centre, the Richmond Night Market, the River Rock Casino, and the Steveston Village.
I hope you find this blog post helpful. Please let me know if you have any questions or feedback. 😊
D&T Real Estate GroupWith over 22 years of combined real estate service under our belt, Damian and Tricia can assure you that you are in good hands with us. Representing current and future homeown....
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Greater Vancouver Real Estate Market Update: February 2024The Greater Vancouver real estate market remained hot and competitive in February, with record-high prices and multiple offers for many