April 2024 Real Estate Market Update: Inventory Growth Meets Steady Demand

April 2024 brought notable developments in the Metro Vancouver real estate market, marked by increased inventory levels and stable demand. This creates opportunities for both buyers and sellers across key markets like Burnaby, New Westminster, Vancouver East and West, and the Tri-Cities.

Inventory Hits Post-Pandemic Highs:

The number of homes listed for sale reached 12,491, representing a 42.1% increase year-over-year. This significant rise provides buyers with more options than seen in previous months, particularly in popular markets such as Burnaby North and Coquitlam.

Steady Sales Across the Region:

Residential sales totaled 2,831, reflecting a 3.3% year-over-year increase, though still 12.2% below the 10-year seasonal average.

Key Highlights:

• Burnaby:
  Burnaby East recorded notable price growth, with attached homes maintaining steady demand.

• New Westminster:
  Apartments in New Westminster remain a strong choice for first-time buyers, with stable prices and active competition.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Robust activity continued in the attached and apartment segments, with consistent interest from buyers.

• Vancouver East and West:
  Vancouver West maintained its reputation as a luxury hotspot, while Vancouver East showed solid activity in townhomes and apartments.

Resilient Price Trends:

• The MLS® Home Price Index composite benchmark price reached $1,205,800, up 2.8% year-over-year and 0.8% month-over-month.

• Detached Homes:
  $2,038,400 (+6.3% YoY, +1.2% MoM)

• Townhomes:
  $1,112,300 (+4.7% YoY, +0.6% MoM)

• Apartments:
  $772,800 (+3.1% YoY, -0.1% MoM)

Sales-to-Active Listings Ratio:

The market continues to favor sellers, with a sales-to-active listings ratio of 23.5%, particularly strong in attached homes and apartments:

• Detached Homes: 17.6%

• Townhomes: 31.0%

• Apartments: 26.0%

What Does This Mean for Buyers and Sellers?

• For Buyers:
  Inventory growth means more options in markets like Burnaby South and Port Moody, but competition remains strong in the townhouse and apartment segments. Acting decisively will be key to securing your ideal property.

• For Sellers:
  The market conditions remain favorable, especially for detached homes and townhouses in high-demand areas like New Westminster and Vancouver East. Strategic pricing and targeted marketing will maximize results.

Whether you’re considering selling a house in Burnaby, buying a condo in New Westminster, or investing in the Tri-Cities, understanding the current market dynamics is crucial. Contact me today to craft a plan that aligns with your goals.