May 2024 brought a noticeable shift in Metro Vancouver’s real estate market, with trends pointing toward more balanced conditions. Elevated borrowing costs, economic uncertainties, and a significant increase in inventory have created a dynamic landscape for buyers and sellers alike. Here’s a breakdown of the most impactful changes and insights for the month.

Sales Activity Overview:

Home sales across Metro Vancouver totaled 2,733 in May 2024, marking a 19.9% decline from May 2023 and a 19.6% drop below the 10-year seasonal average. This softening demand reflects the multifaceted influences of higher interest rates, policy changes, and economic apprehension.

However, with increased inventory, buyers have a window of opportunity to negotiate. Whether it’s a detached home in Burnaby or a condo in New Westminster, there’s growing potential for more favorable conditions this summer.

Inventory on the Rise:

• May saw 6,374 new properties listed for sale, a 12.6% increase compared to the same month last year.

• Total active listings surged by 46.3%, reaching 13,600 homes. This increase provides buyers with more choices, while sellers must approach pricing strategically to remain competitive.

Sales-to-Active Listings Ratio:

• Detached homes: 16.8%

• Attached homes: 25.1%

• Apartments: 22.5%

Historically, downward price pressure occurs when the ratio falls below 12% for a sustained period, while upward pressure is observed when it surpasses 20%. With the current ratios hovering near balanced thresholds, price trends could stabilize in the coming months.

Benchmark Prices:

• Composite benchmark: $1,212,000 (+2.3% YoY)

• Detached homes: $2,062,600 (+5.9% YoY)

• Apartments: $776,200 (+2.2% YoY)

• Townhomes: $1,145,500 (+5.2% YoY)

Detached homes showed the most robust price growth, underscoring their enduring appeal despite economic headwinds.

Insights for Buyers and Sellers:

• For Buyers:
  Buyers who have been waiting for more favorable conditions may find this summer’s market more approachable, as rising inventory and slowing sales can provide leverage.

• For Sellers:
  Sellers should align pricing with current market conditions and be prepared for extended listing periods.

May 2024 encapsulates a market in transition, balancing the effects of slowing sales with rising inventory. For those ready to navigate the complexities, opportunities abound.

Thinking of buying or selling in Burnaby, New Westminster, or the surrounding areas? Let’s connect to create a strategy tailored to your needs.

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.

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.