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.

February 2024 saw the Greater Vancouver real estate market gaining momentum, with increased sales activity and a significant rise in new listings. As inventory levels rise, both buyers and sellers are presented with unique opportunities to navigate this dynamic market.

Highlights from February 2024:

• Sales Activity:
  Residential sales totaled 2,070, up 13.5% from February 2023. However, sales remain 23.3% below the 10-year seasonal average.

• New Listings:
  A total of 4,560 properties were newly listed, marking a 31.1% increase compared to February 2023.

Sales-to-Active Listings Ratio:

• Overall ratio: 22.4%, indicating a seller’s market, particularly in attached and apartment homes.

  • Detached homes: 16.0%

  • Attached homes: 27.9%

  • Apartments: 25.9%

Regional Highlights:

• Burnaby:
  Burnaby North saw steady demand for apartments, with a benchmark price of $765,800, up 5.3% year-over-year. Townhomes in Burnaby South performed well, reflecting a balanced ratio of demand and supply. Detached homes across Burnaby recorded modest price growth, with a benchmark of $2,111,200, up 4.8% year-over-year.

• New Westminster:
  Apartments remained a strong segment with a benchmark price of $648,000, a 6.1% increase year-over-year, continuing to attract first-time buyers.

• Tri-Cities:
  Port Moody and Coquitlam saw heightened activity in the townhome market, with Coquitlam recording a benchmark price of $1,112,400, up 4.4% annually. Apartments in Port Moody also gained momentum, reflecting its appeal as a hub for young professionals and downsizers.

• Vancouver East:
  Detached homes saw steady demand with a benchmark price of $1,906,000, up 7.5% year-over-year, while apartments and attached homes maintained strong price growth.

• Vancouver West:
  Luxury apartments and detached homes continued to drive market activity, with the benchmark price for apartments reaching $846,500, up 6.2% year-over-year.

What This Means for Buyers and Sellers:

• For Buyers:
  The increase in inventory offers more choices, but the competitive sales-to-active listings ratio means acting decisively is essential. Apartments and townhomes remain particularly strong value propositions for buyers.

• For Sellers:
  The seller’s market conditions in key segments, such as townhomes and apartments, provide an excellent opportunity to list and maximize your home’s value. Strategic pricing and marketing will be key to standing out as inventory grows.

Your Local Market Experts:

Whether you’re buying, selling, or investing in Burnaby, New Westminster, Vancouver, or the Tri-Cities, staying ahead of market trends is critical. Contact me to create a tailored strategy for your unique real estate goals.

The Metro Vancouver real estate market kicked off 2024 with an encouraging uptick in activity, signaling cautious optimism among buyers and sellers alike. January’s stats highlight growing demand amid constrained supply, setting the stage for an interesting spring market.

Key Highlights for January 2024:

• Sales Activity:
  Residential sales totaled 1,427, marking a 38.5% increase year-over-year. Sales remained 20.2% below the 10-year seasonal average, reflecting ongoing economic adjustments.

• New Listings:
  New listings reached 3,297, a 15.8% decrease compared to January 2023, underscoring supply constraints as buyers re-enter the market.

Sales-to-Active Listings Ratio:

• Across all property types: 17.2%, indicating balanced market conditions.

  • Detached: 11.9%

  • Townhomes: 22.9%

  • Apartments: 19.9%

Price Trends:

• MLS® Home Price Index composite benchmark price for all residential properties was $1,177,400, a 4.8% increase year-over-year but a 0.8% decrease month-over-month.

• Detached Homes:

  • $1,942,400 (+7.3% YoY, -1.1% MoM)

• Townhomes:

  • $1,066,700 (+4.3% YoY, -0.6% MoM)

• Apartments:

  • $751,900 (+4.4% YoY, -0.2% MoM)

Regional Insights:

• Burnaby:
  Burnaby East recorded the highest price growth among the Burnaby regions, with a 4.9% year-over-year increase in the composite benchmark price. Townhomes in Burnaby South remained competitive with steady sales and demand.

• New Westminster:
  The apartment market continued to thrive, with a benchmark price of $641,700, reflecting a 4.1% annual increase.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Coquitlam detached homes saw consistent interest, while Port Moody apartments experienced strong price resilience at $657,900.

• Vancouver East & West:
  Vancouver West apartments remained a hot commodity for investors and downsizers, with benchmark prices holding steady. Vancouver East saw balanced conditions, particularly in the detached market.

What This Means for Buyers and Sellers:

• For Buyers:
  The start of the year offers a window of opportunity as prices remain stable and new listings emerge. Townhomes and apartments, in particular, offer strong value in the current market.

• For Sellers:
  Inventory remains constrained, giving well-priced and well-marketed homes an edge. Now is an excellent time to prepare your home for sale and take advantage of growing buyer interest.

January 2024 sets a positive tone for the year ahead. With balanced conditions and increasing market activity, both buyers and sellers have opportunities to achieve their real estate goals.

Have questions about what this means for you? Let’s connect to craft a personalized strategy for your next move.

The Metro Vancouver real estate market wrapped up 2023 with a tale of resilience and balance. Despite navigating some of the highest borrowing costs seen in over a decade, the year-end data highlights a stable and desirable housing market.

December 2023 Key Highlights:

• Sales Activity:
  Residential sales reached 1,345 units in December, reflecting a modest 3.2% increase compared to December 2022. While this was 36.4% below the 10-year seasonal average, it demonstrated steady demand in a high-interest rate environment.

• New Listings:
  There were 1,327 properties newly listed for sale across all property types in December. This marked a 9.9% increase year-over-year, though it remained 22.7% below the 10-year average.

Home Prices:

• Detached Homes:
  The benchmark price reached $1,964,400, increasing by 7.7% year-over-year but dipping by 0.9% month-over-month.

• Apartments:
  With a benchmark price of $751,300, apartment prices rose by 5.6% compared to December 2022, despite a 1.5% monthly decline.

• Townhouses:
  At $1,072,700, townhouses saw a 6.4% annual increase, coupled with a 1.8% monthly decline.

Sales-to-Active Listings Ratio:

This ratio stood at 16% across all property types, indicating a balanced market. Detached homes reported an 11.1% ratio, while attached homes and apartments saw ratios of 18.7% and 19.6%, respectively.

Market Trends and Insights:

The most notable trend of 2023 was the shortage of available inventory relative to the strong buyer demand. This dynamic kept upward pressure on prices, particularly in the spring when inventory reached near-record lows.

Looking ahead, potential rate cuts forecasted for 2024 may provide much-needed relief for buyers, potentially re-energizing the market in the new year.

Local Highlights:

• Burnaby:
  Detached home prices rose to $2,115,900 (+4.6% YoY), while apartments saw an annual gain of 7.3% to reach $809,200.

• New Westminster:
  Apartments in this area remained competitively priced at $648,400, showing a 6.6% increase from December 2022.

• Tri-Cities:
  Coquitlam, Port Moody, and Port Coquitlam all exhibited strong price growth across property types, with Port Moody townhouses standing out at $1,007,800 (+3.2% YoY).

What This Means for Buyers and Sellers:

• For Buyers:
  Balanced market conditions provide opportunities for careful decision-making, though pricing remains competitive due to limited inventory.

• For Sellers:
  Steady price growth and continued demand make this a favorable time to consider listing your property.

As we approach the end of 2023, the Metro Vancouver housing market is experiencing a sense of balance, offering some of the best conditions for buyers in recent years. Inventory levels have steadily increased, creating greater opportunities for those searching for a home, even as the usual seasonal slowdown takes hold.

Market Highlights for November 2023:

• Home Sales:
  A total of 1,702 residential properties were sold, marking a 4.7% increase from November 2022. However, this remains 33% below the 10-year seasonal average, highlighting a tempered pace of sales.

• New Listings:
  Metro Vancouver saw 3,369 new listings in November, up 9.8% compared to the same period last year but slightly below the 10-year seasonal average.

• Inventory Growth:
  The total number of active listings reached 10,931, a 13.5% increase from November 2022 and a modest 3.7% above the 10-year seasonal average.

• Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver, notes:
  "The increased supply, coupled with the seasonal dip in sales, is creating a balanced market. Buyers have more choices than in previous years, and the flattening of prices since the summer months reflects these conditions."

Benchmark Prices and Trends:

• The MLS® Home Price Index composite benchmark price for all residential properties stands at $1,185,100, representing:

  • A 4.9% increase compared to November 2022.

  • A 1% decrease compared to October 2023.

By Property Type:

• Detached Homes:

  • Sales: 523 (up 7% year-over-year).

  • Benchmark Price: $1,982,600 (+6.8% year-over-year, -0.9% month-over-month).

• Apartments:

  • Sales: 850 (up 0.4% year-over-year).

  • Benchmark Price: $762,700 (+6.2% year-over-year, -1% month-over-month).

• Attached Homes:

  • Sales: 316 (up 12.5% year-over-year).

  • Benchmark Price: $1,092,600 (+6.9% year-over-year, -0.7% month-over-month).

What This Means for Buyers and Sellers:

• For Buyers:
  The combination of increasing inventory and stable pricing offers an excellent opportunity for those ready to enter the market. With mortgage rates potentially easing in 2024, now could be a strategic time to explore options.

• For Sellers:
  While price growth has leveled off, the market's balanced conditions and continued demand suggest it’s still a favorable time to sell. The right pricing strategy remains key in attracting serious buyers.

Local Area Highlights:

• Burnaby:
  Detached homes in Burnaby South recorded the highest benchmark price at $2,168,800, reflecting a 7.7% year-over-year increase.

• New Westminster:
  The benchmark price for detached homes sits at $1,504,200, with a 3.7% increase year-over-year.

• Tri-Cities:
  Coquitlam showed strong activity, with attached homes seeing a 4.9% annual price increase to a benchmark of $1,042,100.

• Vancouver East & West:
  Vancouver East experienced notable growth in detached home prices, up 8.9% annually, while Vancouver West's benchmark for apartments reached $842,800, a 4.5% annual increase.

As we move into the holiday season, the real estate market presents a unique opportunity for both buyers and sellers. Whether you’re considering entering the market or seeking advice on your next steps, we’re here to guide you through every stage.