Inventory reaches highest level since the pandemic summer of 2020 VANCOUVER, BC – May 2, 2024 – Actively listed homes for sale on the MLS® in Metro Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223). “It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,”
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
Andrew Lis, REBGV director of economics and data analytics
Buyers’, sellers’, and balanced markets
These terms describe whether the market is putting upward, downward, or no pressure on home prices. Buyers’ markets typically occur when the sales-to-active listings ratio dips below the 12 per cent mark, while sellers’ markets tend to occur when it surpasses 20 per cent for sustained periods.
Greater Vancouver Market Stats show all markets
Detached Sales to Active Ratio is 17.6% – Balanced
Sales in the detached market are only up less than 1% from 2023. Seller’s do not have to sell and are hesitant to move if they cannot find a place to move to. As mortgage renewals come to fruition, we may see more detached homes go up for sale.
Townhomes Sales to Active Ratio 31% – Sellers Market
No major changes in sales in the condo area from 2023 to 2024. There is a huge influx of condos especially in the presale market.
A lack of numbers in sales could be attributed to first time home buyers having a difficult time getting into the market at the price point of the market. With higher interest rates, buyers are waiting to see what the end of 2024 and beginning of 2025 will take place.