Metro Vancouver Real Estate Market Update: April 2024

April has been a landmark month for Metro Vancouver's real estate market, witnessing inventory levels hitting the highest since the pandemic summer of 2020. The total number of properties listed reached 12,491, marking a 42.1% increase from last year.

Here are some key highlights:

Sales Volume: Residential sales saw a modest rise of 3.3% year-over-year, totaling 2,831, although this is still below the 10-year average.

New Listings: The region saw a significant 64.7% increase in new listings compared to April 2023, greatly surpassing the decade's average.

Market Dynamics: Despite high borrowing costs, market demand remains robust, preventing a forced sale scenario among homeowners.

Price Trends: Overall, property prices continued to climb, with detached homes seeing a 6.3% year-over-year increase and townhouses up by 4.3%. Apartments slightly declined by 0.1% month-over-month, reflecting the impact of rising mortgage rates and increased inventory
Sales-to-Active Listings Ratio: The overall ratio stood at 23.5%, indicating sustained market activity, with detached homes at 17.6%, attached homes at 31.0%, and apartments at 26.0%.

These metrics suggest a competitive but shifting market landscape, where prices are generally trending upwards despite some segments experiencing slight moderation due to increased supply and borrowing costs. As your local realtor, I'm here to help you navigate these changes and find opportunities in this dynamic market.