🏡 Metro Vancouver Real Estate: February Sees Surge in New Listings, Easing Market Pressure 📈

VANCOUVER, BRITISH COLUMBIA, March 5, 2024 – The Metro Vancouver real estate market witnessed a notable shift in dynamics in February, with new listings soaring by 31% year-over-year. Despite a somewhat hesitant start by home sellers in January, the surge in newly listed properties is expected to provide a breath of fresh air for prospective buyers in the coming spring and summer markets.

Sales and New Listings Metrics 📊🏠

Greater Vancouver REALTORS® (GVR) reported a total of 2,070 residential sales in February 2024, marking a substantial 13.5% increase from February 2023. However, this figure was 23.3% below the 10-year seasonal average, reflecting the nuanced dynamics at play. Andrew Lis, GVR’s director of economics and data analytics, expressed relief at the 31% year-over-year increase in new listings, providing more choices for buyers.

In February 2024, 4,560 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®), indicating a 31.1% increase compared to the same month in 2023.

Inventory and Market Ratios 📉📈

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver rose by 16.3% compared to February 2023, reaching 9,634. The sales-to-active listings ratio for February 2024 stands at 22.4%, with variations by property type – 16% for detached homes, 27.9% for attached, and 25.9% for apartments.

Historical data analysis suggests that sustained ratios below 12% exert downward pressure on home prices, while ratios exceeding 20% over several months indicate upward price pressure.

Price Trends and Market Dynamics 💰🔄

Despite the increase in new listings, the competitive market dynamic has led to modest price growth across all segments. Benchmark prices for all residential properties in Metro Vancouver reached $1,183,300, reflecting a 4.5% increase over February 2023 and a 1.9% increase compared to January 2024.

Detached homes, apartments, and attached homes all experienced sales growth in February 2024, contributing to varying benchmark price increases.

Andrew Lis noted that while the increase in new listings has provided some relief, the competitive dynamic has maintained modest price growth. Benchmark prices, however, remain below the peak observed in the spring of 2022, prior to the full effect of the Bank of Canada’s tightening cycle.

The Metro Vancouver real estate market continues to evolve, presenting opportunities and challenges for both buyers and sellers in the dynamic landscape. 🌆🏠

 

Thinking of moving to Vancouver in 2024? Give us a call or sign up to get new listings.

 

 

#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊