Vancouver Real Estate Market Update – February 2024

Vancouver real estate market update February 2024

More Homes For Sale In Greater Vancouver

There has been a significant jump in the number of home listings within the latest real estate update February 2024, compared to the same time last year. There 4,560 condos and houses listed for sale in Greater Vancouver, which is about a 31% increase over the February 2023. Last year definitely wasn’t a record breaking year in terms of properties listed, but this could indicate a trend of most homes available going forward. 

So what does this mean? Well, due to the lack of home for sale in Greater Vancouver, prices were increasing and buyers were experiencing more competition. 2024 started with increased home sales in January and without reasonable supply, competition would continue to increase. If a trend of more MLS listings continue, buyers will have more choice going into the spring/summer period. That’s a good thing and healthy for our real estate market.

 

Enough Real Estate For Sale?

Even with the increased number of MLS listings to hit the market, it’s still not enough. With the current standing inventory levels, it is not enough compared to the relative pace of sales. Based on the standard tool used to measure what’s appropriate levels home home for sale, we use the sales-to-active listings ratio. This tool looking at the number of sales against the number of homes available.

The sales-to-active listings ratio states that downward pressure on home prices occur when this ratio dips below 12% for a sustained period of time. Prices start to increase when the ratio is 20% or above for a sustained period of time. The ratio for the month of February 2024 ended with a ratio of 22%. This would indicate the market is in favour of home sellers. If we investigate based on property type, detached family homes 16%, attached duplexes & townhouses, 28%, and regular condos 26%. So we can confidently say the market is very hot for all detached properties, condos, townhouses and duplexes.  

 

 

Comments About February Home Statistics

You would think home prices would have softened over the past year due to higher interest rates. That hasn’t been the case. As of end of February 2024, property prices have increased 4.5%. Yes, when you take into account the inflation, it could be said, home prices have been somewhat flat. It’s still amazing how resilient our Greater Vancouver housing market has been. Prices have not dipped although we’ve seen sharp interest rate hikes. 

The lack of property listings has allowed our market to remain stable. I believe so man homeowners were hesitant to make a move if they were locked into a lower mortgage rate. Plus, for some, executing an upgrade wasn’t desirable due to the higher costs of borrowing.  It seems there will be some relief from the lack of homes for sale but we need the market to open up even more. 

Conclusion

I feel over the next number of months we’ll see a gradual increase in the number of MLS listing to be added. As the rates slowly drop throughout the year, our market will become hotter, more buyers entering and a steady stream of new properties for sale. I wouldn’t be surprised to see more multiple offers and slight price increases throughout the year.

 If you are interested in getting a market update report regarding a specific area contact us directly. If you are thinking of selling you home in Vancouver we offer a complimentary home evaluation sent to you via email. 

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Jacob & Jacky
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