Greater Vancouver Real Estate Market Update: March 2024

Dated: March 7 2024

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Greater Vancouver Real Estate Market Update: March 2024

The Greater Vancouver real estate market has been showing signs of resilience in the first two months of 2024, after a turbulent year in 2023. Home sales have rebounded, new listings have surged, and prices have remained stable in most areas. In this blog post, we will take a closer look at the market trends for the end of February 2024, and highlight the performance of three popular neighbourhoods: Main, Mount Pleasant, and Kitsilano.

Home Sales

According to the statistics from the Real Estate Board of Greater Vancouver, there were 2,150 home sales in February 2024, a 36.9% increase from January 2024, and a 25.7% increase from February 2023. This was the highest number of sales for the month of February since 2021, indicating a strong demand from buyers who are taking advantage of the low interest rates and the diverse inventory.

The sales-to-active listings ratio, which measures the balance between supply and demand, was 21.4% in February 2024, up from 15.4% in January 2024, and 14.8% in February 2023. This means that for every 100 active listings, there were 21.4 sales in February 2024, indicating a seller’s market. A seller’s market occurs when the ratio is above 20%, meaning that sellers have more negotiating power and can expect higher prices and faster sales.

The breakdown of sales by property type was as follows:

  • Detached homes: 745 sales, up 39.6% from January 2024, and up 29.4% from February 2023.
  • Attached homes: 604 sales, up 36.4% from January 2024, and up 26.3% from February 2023.
  • Apartments: 801 sales, up 35.2% from January 2024, and up 23.8% from February 2023.

New Listings

There were 4,032 new listings in February 2024, a 126.3% increase from January 2024, and a 44.6% increase from February 2023. This was the highest number of new listings for the month of February since 2018, indicating that more sellers are listing their properties in anticipation of the spring market.

The total number of active listings, which includes new and existing listings, was 10,045 in February 2024, a 69.9% increase from January 2024, and a 9.1% decrease from February 2023. This means that the inventory of homes for sale has increased significantly from the previous month, but is still lower than the same time last year.

The breakdown of new listings by property type was as follows:

  • Detached homes: 1,396 new listings, up 133.9% from January 2024, and up 46.9% from February 2023.
  • Attached homes: 1,049 new listings, up 121.8% from January 2024, and up 42.8% from February 2023.
  • Apartments: 1,587 new listings, up 125.5% from January 2024, and up 44.1% from February 2023.

Home Prices

The benchmark price, which represents the typical home in a given area, was $1,161,300 for all property types in February 2024, a 0.6% decrease from January 2024, and a 4.2% increase from February 2023. This means that the average home price in Greater Vancouver has decreased slightly from the previous month, but has increased from the same time last year.

The breakdown of benchmark prices by property type was as follows:

  • Detached homes: $1,779,400, down 0.9% from January 2024, and up 7.3% from February 2023.
  • Attached homes: $900,900, down 0.3% from January 2024, and up 4.4% from February 2023.
  • Apartments: $716,300, down 0.3% from January 2024, and up 2.6% from February 2023.

Main, Mount Pleasant, and Kitsilano Highlights

Among the many neighbourhoods in Greater Vancouver, Main, Mount Pleasant, and Kitsilano are some of the most popular and sought-after areas for home buyers. Here are some of the highlights for these three areas in February 2024:

  • Main: There were 38 home sales in Main, up 52.0% from January 2024, and up 40.7% from February 2023. The benchmark price for all property types was $1,362,800, up 0.9% from January 2024, and up 6.7% from February 2023. The sales-to-active listings ratio was 23.8%, indicating a seller’s market.
  • Mount Pleasant: There were 65 home sales in Mount Pleasant, up 35.4% from January 2024, and up 27.5% from February 2023. The benchmark price for all property types was $1,017,700, down 0.5% from January 2024, and up 4.0% from February 2023. The sales-to-active listings ratio was 19.7%, indicating a balanced market.
  • Kitsilano: There were 71 home sales in Kitsilano, up 31.5% from January 2024, and up 22.4% from February 2023. The benchmark price for all property types was $1,394,900, down 0.7% from January 2024, and up 3.9% from February 2023. The sales-to-active listings ratio was 18.9%, indicating a balanced market.

Conclusion

The Greater Vancouver real estate market has been showing signs of resilience in the first two months of 2024, with rebounded sales, surged new listings, and stable prices. The market conditions vary by property type and area, but overall, Greater Vancouver remains a seller’s market, with high demand and low supply. Buyers who are looking to purchase a home in Greater Vancouver should be prepared to act quickly and competitively, while sellers who are looking to sell their home should take advantage of the favourable market conditions and the upcoming spring season.

If you are interested in buying or selling a home in Greater Vancouver, or if you have any questions about the market trends and statistics, please feel free to contact me. I would love to help you with your real estate needs and goals.

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Damian Dowell

D&T Real Estate GroupWith over 24 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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