March 2024 – Monthly Vancouver Real Estate Update

The quick start to the year stalled a bit in March.

Sales rose to 709 which was up +13.6% from February but down -4.3% from a year ago. This was also a very significant -30% below the 10-year average.

While sales continue to increase month over month as we enter the busier spring market, they are trending down vs the 10-year average.

New Listings reached 1,576 which was +7.5% higher than February and +13.7% higher than a year ago. It was also down -6.9% from the 10-year average. Meanwhile, total active listings rose to 3,432 which was +15.5% over the 10-year average.

The result is that despite sales being behind where we normally are, supply of homes is dropping. That drop in supply is putting upward pressure on prices.

In fact, most market segments have shifted into a seller's market. The only segment still showing a degree of weakness are westside houses...but even there prices are rising.

Every category of home in Vancouver jumped up in price from February (most significantly East Vancouver townhouses that rose +3.7%) except Westside townhouses that fell -2.8%.

In the coming months we are likely to see more options come to the market.

Buyers appear to be hungry for quality and well-priced listings...and so options will be out there, but competition is likely to be increasingly fierce for the most attractive properties...and prices are likely to continue to rise.