Sales Dip:
Residential property sales in Metro Vancouver saw a slight decrease of 4.7% in March 2024 compared to March 2023, with 2,415 homes sold. This is significantly below the 10-year seasonal average.
Increased Listings:
There was a notable increase in homes listed for sale, with a 23% year-over-year rise in March 2024, offering more options for buyers. New listings in March were up 15.9% from the previous year, although still below the 10-year average.
Market Dynamics:
Despite the cooling, the market is inching towards a seller's market, with strong demand for well-priced and well-located properties. The sales-to-active listings ratio indicates a market that favors sellers, particularly for attached and apartment homes.
Price Dynamics:
The market continues to see modest month-over-month price gains of 1-2% at the aggregate level. The benchmark price for all residential properties in Metro Vancouver as of March 2024 is $1,196,800, marking a 4.5% increase from the previous year.
Property Type Insights:
Detached Homes: Sales decreased by 5.4% from March 2023, with the benchmark price rising to $2,007,900, a 7.4% year-over-year increase.
Apartment Homes: Sales fell by 7.9%, with the benchmark price at $777,500, up 5.7% from last year.
Attached Homes: Sales saw a 6.2% increase from the previous year, with the benchmark price at $1,112,800, a 5% increase from March 2023.
Outlook: With potential Bank of Canada rate cuts in 2024, the market may not see a significant boost to affordability. Borrowing power remains constrained, posing challenges as the summer months approach.
