25 Apr 2024
GVR Market Update For April 2024 – Highest Inventory Levels Since 2020
The April 2024 market report released by the Greater Vancouver Realtors (GVR) reflected the underlying trend of the current real estate market where listed homes have breached the 12,000 mark, which is the most inventory seen over the past 2 years. The overall market balance, however, continues inching deeper into a seller’s market territory. This suggests that demand remains strong for well-priced and well-located properties throughout the Lower Mainland.
“It’s a feat to see inventory finally climb above 12,000,” said Keith Stewart, an REBGV economist. He added, “Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the most recent data.
“The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
Home Sales
There were 2,831 residential property sales in April. This represented a 3.3% increase from the 2,741 sales recorded in April 2023. This was 12.2% below the 10-year seasonal average of 3,223.
The number of detached properties sold was 814, 0.7% more than the 808 detached property sales recorded in April 2023.
The number of apartments sold was 1,416, 0.2% more than the 1,413 apartment sales recorded in April 2023.
The number of attached properties sold was 580, 16% more than the 500 attached property sales recorded in April 2023.
Home Listings
There were 7,092 newly listed detached, attached and apartment properties for sale on the Multiple Listing Service (MLS) in Metro Vancouver. This was 64.7% higher than the 4,307 new homes listed in April 2023, and 25.8% above the 10-year seasonal average of 5,637.
The total number of homes listed for sale in April was 12,491, a 42% increase compared to April 2023 when 8,790 homes were listed, and 16.7% above the 10-year seasonal average of 10,704.
Sales-To-Active-Listings Ratio
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio in April was 23.5%. When broken down by property types, the ratio was:
- 17.6% for detached homes
- 31% for townhomes
- 26% for condos