A significant number of new listings are hitting the Metro Vancouver property market, according to the latest data from the Greater Vancouver Realtors (formerly the Real Estate Board of Greater Vancouver).
Andrew Lis, the director of economics and data analytics with GVR, said the number of listings rose 31 percent year-over-year. He added that although home sales began the year with strong momentum, the rate of new property listings in January was comparatively sluggish.
If this trend had persisted into February, he said it may have raised concerns about the market potentially becoming overheated.
“This will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets,” he said of the listings increase.
However, low inventory is still driving up prices, Lis added.
“Even with the increase in new listings, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.”
Currently, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver sits at $1,183,300, marking a 4.5 percent increase from February 2023 and a 1.9 percent uptick compared to January 2024.
Sales of detached homes jumped to 560, marking an 8.3 percent rise from the 517 detached sales noted in February 2023. The benchmark price for a detached home stands at $1,972,400, reflecting a 7.2 percent surge from February 2023 and a 1.5 percent increase compared to January 2024.
Meanwhile, sales of apartments rose to 1,092, marking a notable 17.7 percent increase compared to the 928 sales recorded in February 2023. The benchmark price for an apartment is $770,700, a 5.6 percent rise from February 2023 and a 2.5 percent increase compared to January 2024.
Additionally, attached home sales in February 2024 totalled 403, marking a significant 10.1 percent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700, showcasing a 4.2 percent increase from February 2023 and a 2.6 percent increase compared to January 2024.