REBGV Market Update February 2024 – Rise In New Listed Properties In The Market

The Greater Vancouver Realtors (GVR) report released for February 2024 marked a surge in Vancouver real estate listings taking pressure of a tightening market.

Andrew Lis, GVR director of economics and data analytics said “While the price of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions.” 

Home Sales
The GVR reported that residential home sales in the region totaled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3% below the 10-year seasonal average of 2,699 sales. Sales of detached homes in February 2024 reached 560, an 8.3% increase over February 2023 sales of 517. Sales of apartment homes reached 1,092 in February 2024, a 17.7% increase over February 2023 sales of 928. Sales of attached homes totalled 403 in February 2024, a 10.1% increase over February 2023 sales of 366. 

New Listings
In the month of February, there were 4,560 detached, attached and apartment newly listed properties on the Multiple Listing Service® (MLS®). This represented a 31.1% increase compared to the 3,478 homes listed in February 2023. This was 0.2% below the 10-year seasonal average of 4,568 homes.

Total Listings
The total number of properties listed for sale on the Vancouver MLS system in February 2024 was 9,634. This represented a 16.3% increase when compared to the 8,283 homes listed in February 2023 and was 3% above the 10-year seasonal average of 4,568.

Sales-To-Active Listings ratio
This ratio explains the relationship between supply and demand that influences price. The ratio for February was 22.4% across all property types.  For each property type the ratio was:

Detached homes 16%
Town homes 27.9%
Condominiums 25.9%

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

Home Prices
For the month of February 2024, The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,183,300. This was 4.5% higher than February 2023and a 1.9 % increase over January 2024.

If you are looking to get into this market before prices start escalating, we are offering a wide range of homes suitable for any budget. Visit our website and browse our wide range of listings.

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