Greater Vancouver Housing Market, May 2024: Winners and Losers
Kyle Mark *PREC
· 3 min read
Written in May 2024. Some details have changed since, so check current numbers before you act on this.
In May 2024, Greater Vancouver's winners were detached homes in West Vancouver and New Westminster and attached homes in Burnaby East and Pitt Meadows, while apartments in places like Ladner slipped. Listings were climbing much faster than sales, and that was the story to watch.
In a dynamic landscape such as the Greater Vancouver housing market, understanding the ebb and flow of market changes is crucial. This May 2024, we delve deep into the trends that shaped the market, identifying the winners and losers in various segments, and providing predictions that might help prospective buyers and sellers make informed decisions.
Were listings outpacing sales in spring 2024?
Skyrocketing Listings In a remarkable upturn, Greater Vancouver REALTORS® reported in its April 2024 release that active listings were up 42 per cent year over year, breaching the 12,000 mark, a level not seen since the summer of 2020. New listings in April hit 7,092 across detached, attached, and apartment properties, a 64.7 per cent increase from April 2023. The Kyle Mark Report shows today's inventory in your area.
Sales Trends Despite the substantial increase in listings, sales told a different story. The board counted 2,831 residential sales in April 2024, up 3.3 per cent from a year earlier but still 12.2 per cent below the 10-year seasonal average, highlighting a complex market scenario.
Who were the winners and losers by market segment?
Detached Homes The detached homes sector displayed resilience. The board's April 2024 Home Price Index had detached benchmarks up 7.8% in West Vancouver and 11.7% in New Westminster over one year.
Attached Homes (Townhouses and Duplexes) The board's April 2024 index had the townhouse benchmark up 8.0% in Burnaby East and 7.5% in Pitt Meadows over one year, and its sales-to-active ratio for attached homes stood at 31.0 per cent, which pointed to a strong seller's market.
Apartments The apartment sector saw moderate changes. While areas like Pitt Meadows saw a 6.9% one-year increase in the board's April 2024 apartment benchmark, places like Ladner faced marginal declines in property values.
Why was demand still strong despite high borrowing costs?
Demand in the housing market stayed strong that spring despite high borrowing costs, with inventory climbing steadily at the same time.
Market predictions for May and beyond
As the listings continue to grow, the reaction in terms of sales in the coming months will be pivotal. Observations suggest potential downward pressure on prices if the sales do not keep up with the rising inventory. Additionally, future policy announcements in June concerning interest rates could significantly impact the market, especially for those with variable-rate mortgages.
How should buyers and sellers approach the Vancouver market?
Navigating the Vancouver housing market requires understanding its complexities and being prepared for potential shifts. Whether you are a buyer or a seller, staying informed and anticipating market trends is key to making strategic decisions in real estate. My Buyer Blueprint and Seller Blueprint walk through how to play either side.
Ready to elevate your real estate ambitions in Vancouver? Dive deeper into your property search, schedule a strategic consultation, or gain more insights by visiting my YouTube channel. Explore properties in the app, book your strategy call with me directly right here, or immerse yourself in valuable content on my YouTube channel at https://www.youtube.com/@iamkylemark. Don't miss the chance to connect with me and start crafting your path to real estate success in Vancouver today!
NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.
