In February 2024, Metro Vancouver’s housing market saw a notable increase in new listings, alleviating concerns about potential overheating. According to Greater Vancouver REALTORS® (GVR), new listings rose by 31% year-over-year, reaching 4,560 properties listed for sale on the Multiple Listing Service® (MLS®). This surge in listings provided buyers with more choices as the spring and summer markets approached.
Residential sales in the region totaled 2,070 in February 2024, marking a 13.5% increase from the previous year. However, this figure was 23.3% below the 10-year seasonal average, highlighting a slower pace compared to historical trends. GVR’s director of economics and data analytics, Andrew Lis, expressed relief at the increase in new listings, stating that it would ease the pressure that had built up in January.
Despite the rise in listings, the total number of properties currently listed for sale on the MLS® system in Metro Vancouver increased by 16.3% compared to February 2023, totaling 9,634 properties. This was 3% above the 10-year seasonal average. The sales-to-active listings ratio for February 2024 stood at 22.4%, with varying ratios for detached homes (16%), attached homes (27.9%), and apartments (25.9%).
Lis noted that the increase in new listings did not sufficiently counterbalance the pace of sales to prevent price acceleration. Consequently, the market remained in sellers’ territory, contributing to modest price growth across all segments. However, benchmark prices were still below the peak observed in the spring of 2022, before the full impact of the Bank of Canada’s tightening cycle was internalized.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver reached $1,183,300, reflecting a 4.5% increase from February 2023. While there was modest price growth across all property types, benchmark prices remained below the 2022 peak.
Detached home sales increased by 8.3%, reaching 560 in February 2024, with a benchmark price of $1,972,400. Apartment home sales saw a 17.7% increase, totaling 1,092, with a benchmark price of $770,700. Attached home sales reached 403, marking a 10.1% increase, with a townhouse benchmark price of $1,094,700. Overall, the market demonstrated resilience, showing both increased supply and demand, with moderate price growth in February 2024.