As the flowers bloom and the season shifts into spring, Metro Vancouver’s real estate market shows signs of renewed activity. The latest stats from the Greater Vancouver REALTORS® (GVR) indicate a dynamic shift, with increased seller activity providing buyers with more choices, but the market remains firmly in seller's territory.

Key Highlights for March 2024:

• Increased Listings:
  The number of homes listed for sale rose nearly 23% year-over-year, offering more options for buyers. This aligns with the seasonal trend of higher activity as spring approaches.

• Sales Dip Below Seasonal Norms:
  Residential sales totaled 2,415, a 4.7% decrease compared to March 2023. This number remains 31.2% below the 10-year seasonal average.

Market Balance:

• Despite increased inventory, the sales-to-active listings ratio reached 23.8%, keeping the market in seller's territory.

  • Detached homes: 18.2%

  • Attached homes: 31.3%

  • Apartments: 25.8%

Price Trends:

• The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,196,800, reflecting:

  • A 4.5% increase year-over-year.

  • A 1.1% month-over-month increase.

• Detached homes: $2,007,900 (+7.4% YoY)

• Apartments: $777,500 (+5.7% YoY)

Performance in Focus Areas:

• Burnaby:

  • Burnaby East saw significant growth, with a 3.6% price increase from the previous month and an 8.2% annual gain.

  • Burnaby South recorded a steady 5.0% annual price increase, with attached properties remaining popular among buyers.

• New Westminster:

  • The benchmark price for all residential properties rose by 3.4% month-over-month, emphasizing strong demand in this growing community.

• Tri-Cities (Coquitlam, Port Coquitlam, Port Moody):

  • Coquitlam continues to see stable pricing, with apartments and townhomes drawing significant interest from buyers.

  • Port Coquitlam showed mixed results, with a slight decline in the detached market but resilience in the attached sector.

  • Port Moody remains steady, showcasing its appeal for both urban and suburban buyers.

• Vancouver East and West:

  • Vancouver East homes showed 6.7% annual price growth, with townhomes gaining attention from buyers.

  • Vancouver West remains a premium market with consistent activity.

What Does This Mean for Buyers and Sellers?

• For Buyers:
  The increased inventory provides more choices, but competition remains strong for well-priced and well-located homes. Act decisively to secure your ideal property.

• For Sellers:
  Elevated demand and stable price growth offer a prime opportunity to list your home, especially if it’s well-prepared for the spring market.