Metro Vancouver Real Estate Update: May 2024

Hey everyone,

We’ve got the latest scoop on the Metro Vancouver real estate scene, and it’s a mixed bag this May! Here’s what’s buzzing:

Sales Dip While Listings Soar:

• Home sales in Metro Vancouver took a breather in May, dropping 19.9% from last year. Only 2,733 homes exchanged hands this month, quite the dip from the 3,411 sales in May 2023.

• However, the inventory is building up! Over 13,000 homes are now listed on the MLS®, a whopping 46.3% increase from last year.

What’s Cooking in the Market?

• Andrew Lis from Greater Vancouver REALTORS® explains the sales dip is due to a cocktail of higher borrowing costs, economic jitters, and new government policies.

• Despite the slowdown, new listings are on the rise, with a 12.6% increase from last year. Looks like sellers are feeling optimistic!

Price Trends:

• The MLS® Home Price Index (HPI) benchmark for all residential properties sits at $1,212,000. That’s a 2.3% bump from last year and a slight 0.5% rise from April.

• Detached homes are going for around $2,062,600, a 5.9% hike from last year.

• Apartments are priced at $776,200, up 2.2% year-over-year.

• Townhouses are now at $1,145,600, marking a 5.2% increase.

Sales-to-Listings Ratio:

• The overall sales-to-active listings ratio is 20.8%, indicating a balanced market. By property type, detached homes are at 16.8%, attached homes at 25.1%, and apartments at 22.5%.

• Historically, prices climb when this ratio is over 20% for several months, so keep an eye out!

What’s Next?

• With inventory rising and demand softening, we might see slower price growth in the coming months. Good news for buyers looking for a summer deal, even with those high borrowing costs!

Stay tuned for more updates and happy house hunting!

Mild Homes