Real Estate Market Report | Vancouver | March 2024
Moderate improvement in Vancouver, but certainly trending in the right direction
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 March 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
Early indications of improvement in the Vancouver real estate landscape suggest a brighter outlook for 2024. With pricing showing a notable increase compared to last year, the market’s strength and overall positive trajectory are evident. This uptick in pricing coincides with a slight increase in listing activity from the previous year, coupled with a significant rise in available inventory, which continues to defy expectations in Vancouver.
Vancouver's Detached Homes
The flow of listings entering the market, both year over year and month over month, reflects ongoing cooling, further supported by a moderate increase in pricing for detached homes. This segment remains appealing to both buyers and sellers alike. As the year unfolds, we anticipate a continued influx of listings, and if pricing trends persist, it bodes well for a favorable outcome for both parties involved in transactions.
Vancouver's Apartments
Despite sales figures being notably lower than the five-year average, there’s been a noteworthy improvement in listing activity both annually and on a monthly basis. Coupled with an increase in pricing for apartments since 2022, these properties retain their allure for prospective buyers.
Vancouver's Attached Homes
In the realm of attached homes, while short-term improvements are evident, they fall short of the record-breaking spring of 2021. However, there are promising signs of progress, notably evidenced by a increase in months of supply available on the market compared to the previous year. Transactions are indeed occurring, accompanied by an slight downturn in pricing, signaling positive developments in this segment compared to the preceding 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.
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