Vancouver Housing Market Update 2024 February – While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. 

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace 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,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” 

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). 

Vancouver Housing Market Update
Vancouver Housing Market Update

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352). 

在所有獨立屋、連棟別墅和公寓類型的房產中,2024年2月的銷售與活躍房源的比率為22.4%。根據房產類型,獨立屋的比率為16%,連棟別墅為27.9%,公寓為25.9%。 

對歷史數據的分析表明,當比率在持續一段時間低於12%時,房價會受到下行壓力,而當比率在幾個月內超過20%時,房價往往會受到上行壓力。 

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024. 

2024年2月,獨立屋的銷售量為560套,較2023年2月的517套增加了8.3%。獨立屋的基準價格為1,972,400加元。這較2023年2月增加了7.2%,較2024年1月增加了1.5%。 

公寓的銷售量在2024年2月達到1,092套,較2023年2月的928套增加了17.7%。公寓的基準價格為770,700加元。這較2023年2月增加了5.6%,較2024年1月增加了2.5%。 

2024年2月,連棟別墅的銷售量為403套,較2023年2月的366套增加了10.1%。連棟別墅的基準價格為1,094,700加元。這較2023年2月增加了4.2%,較2024年1月增加了2.6%。 

Reference Resources From REBGV & https://wowa.ca/vancouver-housing-market

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