Courtesy of Dennis Bowles

Home sellers awaken this spring, bringing much-needed inventory to the housing market.

$770,700 apartment UP 5.6% year-to-year

$1,972,400 detached UP 7.3% year-to-year

BENCHMARK PRICES

$1,094,700 Townhouse UP 4.2% year-to-year

9,634 ACTIVE LISTINGS 2,070 SOLD LISTINGS

detached 560 1,092 apartment

detached 3,502

4,222 apartment

4.7 MONTHS OF INVENTORY

4,560 NEW LISTINGS

21.5% SALES TO ACTIVE LISTING RATIO

47 DAYS ON MARKET (detached)

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. Sales of detached homes in February 2024 reached 560. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023. Sales of apartment homes reached 1,092 in February 2024. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023. Attached home sales in February 2024 totalled 403. The benchmark price of a townhouse is $1,094,700, up 4.2 per cent from February 2023. Statistics reflect market activity in February 2024 | Source: REBGV ® Real Estate Board of Greater Vancouver | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Vancouver, March 4, 2024 – 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. “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.” Residential sales in the region totalled 2,070 in February 2024.

DENNIS BOWLES Real Estate Professional DennisBowles@royallepage.ca

www.DennisBowles.ca Cell 604.671.5371

Send your friends and family my way. I treat every client to the same high level of service and effort. No matter the value of the home they are buying or selling. What matters most is my clients satisfaction. Nothing else.

Privacy Disclosure: We respect your privacy. The sponsor indicated on the front panel provides a complimentary subscription of this publication to you, a valued client. If at any time or for any reason you do not want to receive this publication, please contact the sponsor using any of the contact info on the front panel, and your personal information will be removed from the mailing list immediately. Without response to this cancellation offer, we assume your implied consent and permission to continue provision. Disclaimer: This publication is distributed for the purpose of information only. It is not intended to solicit buyers or sellers currently under contract by a real estate firm or under contract with another Broker or Mortgage Specialist, nor is it intended to cause or induce breach of any existing agreement. Distributed by: dmsmarketing.ca Copyright© 2024 All Rights Reserved / Printed on recyclable material. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by CREA and identify real estate professionals who are members of CREA. Privacy Disclosure: We respect your privacy. The sponsor indicated on the front panel provides a complimentary subscription of this publication to you, a valued client. If at any time or for any reason you do not want to receive this publication, please contact the sponsor using any of the contact info on the front panel, and your personal information will be removed from the mailing list immediately. Without response to this cancellation offer, we assume your implied consent and permission to continue provision. Disclaimer: This publication is distributed for the purpose of information only. It is not intended to solicit buyers or sellers currently under contract by a real estate firm or under contract with another Broker or Mortgage Specialist, nor is it intended to cause or induce breach of any existing agreement. Distributed by: dmsmarketing.ca Copyright© 2024 All Rights Reserved / Printed on recyclable material. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Made with FlippingBook HTML5