Metro Vancouver Real Estate Market Update - May 2024

Market Overview:
Home sales in Metro Vancouver saw a significant decline in May 2024, with transactions down 19.9% compared to May 2023. This decrease comes amidst an increasing inventory of homes, with over 13,000 properties now listed on the MLS®.

Sales Figures:

Total Sales: 2,733 residential properties, down from 3,411 in May 2023.
New Listings: 6,374 properties, a 12.6% increase from May 2023.
Current Listings: 13,600 properties, up 46.3% from May 2023.
Sales-to-Active Listings Ratio:

Overall Ratio: 20.8%
Detached Homes: 16.8%
Attached Homes: 25.1%
Apartments: 22.5%
Price Trends:

Composite Benchmark Price: $1,212,100, a 2.3% increase from May 2023.
Detached Homes: $2,063,400, a 5.9% increase from May 2023.
Apartments: $776,200, a 2.2% increase from May 2023.
Townhouses: $1,145,600, a 5.2% increase from May 2023.

Market Insights:
Andrew Lis, GVR’s director of economics and data analytics, notes that the current trends reflect a combination of factors, including higher borrowing costs and economic concerns. With inventory rising and demand softening, price growth is expected to slow, providing potential opportunities for buyers this summer.

Stay tuned for more updates and insights as we continue to monitor the evolving real estate market in Metro Vancouver.