GVR Market Report For March 2024 – Home Sales Down As Prices Rise

This month, the Greater Vancouver Realtors (GVR) released its housing report for March 2024. Notable was the fact that homes sales were lower than from the previous year and that increased seller activity was giving buyers more choice to choose from.

In his monthly comment, Andrew Lis, GVR director of economics and data analytics said,” If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer. Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”

Home Sales
Residential home sales for March reached 2,415 units, which was a 4.7% decrease from the 2,535 units sold in March 2023. This was 31.2% below the 10-year seasonal average of 3,512.

Home Listings
There were 5,002 properties (detached, attached and apartments) newly listed for sale in March 2024 on the Multiple Listing Service (MLS). While it represented a 15.9% increase when compared to March 2023, it was 9.5% below the 10-year seasonal average of 5,524.

Andrew Lis further commented, “Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated.”

Sales-To-Active Listings Ratio
The March ratio was 23.8% for all property types across Metro Vancouver. By property type, the ratio was 18.2% for detached homes, 31.3% for townhomes and 25.8% for condos.

When the ratio is at 12% or below for a sustained period, there is downward pressure on home prices, and when it is above 20%, there is upward pressure.

House Prices
The MLS Home Price Index composite benchmark price for all residential homes in Metro Vancouver for March 2024 was $1,196,800. This increased by 4.5% when compared to the same month last year and increased by 1.1% when compared to February 2024. The benchmark price of an apartment in March 2024 was $777,500, the benchmark price of an attached unit was $1,112,800 and the benchmark price of a detached unit was $2,007,900.

Sales of apartment homes in March 2024 – 1,207, which were 7.9% lower than the 1,311 sales in March 2023.
Sales of attached homes in March 2024 – 495, which were 6.2% more than the 466 sales in March 2023.
Sales of detached homes in March 2024 – 694, which were 694, 5.4% less than the 734 sales in March 2023.

The full report is available here.

If you are thinking of buying or selling a home, or have any real – estate related questions, please contact us by email.  
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