Real Estate Market Report | Vancouver | April 2024
Slow and steady for the Vancouver market
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of April 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Marginal improvements early in the year
With pricing over 5% up from last year, the Vancouver market remains strong and improving overall. This increase comes alongside an increase of listing activity levels (13% from the previous year) and almost 23% more inventory on the market, Vancouver continues to surprise the market. Combined with lots of pent up activity and a decrease in interest rates, Vancouver is already having a much more positive 2024.
Vancouver's Detached Homes
Listing activity remains strong at 13% year over year with more inventory coming to market at an increase of 13.5% year over year and 11.9% month over month. Supported by a moderate increase in pricing, detatched homes in Vancouver remain attractive to both buyers and sellers.
Vancouver's Apartments
Although significantly lower than that 5-year average, listing activity has increased by 14% year over year and 7.7% month over month. In combination with and almost $40k increase in pricing since 2023 (5% increase) apartments are still looking very attractive to buyers.
Vancouver's Attached Homes
Attached homes sales in Vancouver are improving at 22% month over month and 6.2% year over year, but nowhere near the record breaking spring of 2021. With a 5% increase in pricing year over year, attached homes match the average activity level across all asset types in the market.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home Easily?
Welcome to Bōde
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With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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