Real Estate Market Report | Vancouver | February 2024
Much better outlook for Vancouver in 2024
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 February 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 almost 5% up from last year, the Vancouver market remains strong and improving overall. This increase comes as a result of much lower levels (13% from the previous year) of listing activity and almost 10% 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 set to have a much more positive 2024.
Vancouver's Detached Homes
Listing activity remains strong with more inventory coming to market year over year and month over month. Supported by a moderate increase in pricing, detatched homes in Vancouver remain attractive to both buyers and sellers. As the year progresses, we should see more listings come to market and if pricing maintains, should prove a favorable result to both buyers and sellers.
Vancouver's Apartments
Although significantly lower than that 5-year average, sales have improved by 30% year over year and 3% month over month. In combination with and almost $30k increase in pricing since 2022 (4% increase) apartments are still looking very attractive to buyers.
Vancouver's Attached Homes
Attached homes sales in Vancouver are improving in the short term but nowhere near the record breaking spring of 2021. With so many months of supply on the market, signs are showing improvements with 5 months of supply available in contrast to last years 7.5 – transactions are happening and pricing is improving at almost $50K from the previous year
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
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
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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