{"id":1232,"date":"2024-05-02T10:39:14","date_gmt":"2024-05-02T17:39:14","guid":{"rendered":"https:\/\/www.ownre.ca\/blog\/?p=1232"},"modified":"2024-05-02T10:39:14","modified_gmt":"2024-05-02T17:39:14","slug":"inventory-reaches-its-highest-level-since-the-pandemic-summer-of-2020","status":"publish","type":"post","link":"https:\/\/www.ownre.ca\/blog\/inventory-reaches-its-highest-level-since-the-pandemic-summer-of-2020\/","title":{"rendered":"Inventory reaches its highest level since the pandemic summer of 2020"},"content":{"rendered":"

Actively listed homes for sale on the MLS\u00ae in Metro Vancouver continued climbing in April, up 42 percent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.\u00a0<\/span><\/p>\n

Greater Vancouver REALTORS\u00ae (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 percent increase from the 2,741 sales recorded in April 2023. This was 12.2 percent below the 10-year seasonal average (3,223).\u00a0<\/span><\/p>\n

It\u2019s 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\u2019re 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.<\/span><\/p>\n

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in April 2024. This represents a 64.7 percent increase compared to the 4,307 properties listed in April 2023.\u00a0\u00a0<\/span><\/p>\n

This was 25.8 percent above the 10-year seasonal average (5,637).\u00a0<\/span><\/p>\n

The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 12,491, a 42.1 percent increase compared to April 2023 (8,790).\u00a0\u00a0<\/span><\/p>\n

This is 16.7 percent above the 10-year seasonal average (10,704).\u00a0<\/span><\/p>\n

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 percent. By property type, the ratio is 17.6 percent for detached homes, 31.0 percent for attached, and 26.0 percent for apartments.\u00a0<\/span><\/p>\n

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when\u00a0<\/span>it<\/span>\u00a0<\/span>surpasses<\/span>\u00a020 percent over several months.\u00a0<\/span><\/p>\n

Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two percent month-over-month. The one segment that didn\u2019t see an uptick in prices in April\u00a0<\/span>were<\/span>\u00a0apartments, which saw a 0.1 percent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.\u00a0<\/span><\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 percent increase over April 2023 and a 0.8 percent increase compared to March 2024.\u00a0<\/span><\/p>\n

Sales of detached homes in April 2024 reached 814, a 0.7 percent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 percent increase from April 2023 and a 1.6 percent increase compared to March 2024.\u00a0<\/span><\/p>\n

Sales of apartment homes reached 1,416 in April 2024, a 0.2 percent increase compared to the 1,413 sales in April 2023.\u00a0<\/span><\/p>\n

The benchmark price of an apartment home is $776,500. This represents a 3.2 percent increase from April 2023 and a 0.1 percent decrease compared to March 2024.\u00a0<\/span><\/p>\n

Attached home sales in April 2024 totalled 580, a 16 percent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200. This represents a 4.3 percent increase from April 2023 and a 1.3 percent increase compared to March 2024.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Actively listed homes for sale on the MLS\u00ae in Metro Vancouver continued climbing in April, up 42 percent year-over-year, breaching the 12,000 mark, a number not …<\/p>\n","protected":false},"author":2,"featured_media":1233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[54,46,47,48,49,50,51,52,53,45,55,56,57,58,59,60,61,26,44,43,42,41,40,39,38,37,36,35,34,33,32,31,30],"class_list":["post-1232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-selling-a-home-in-coquitlam","tag-port-moody-realtor","tag-buying-a-home-in-port-moody","tag-pitt-meadows-realtor","tag-buying-a-home-in-pitt-meadows","tag-coquitlam-condo","tag-coquitlam-events","tag-coquitlam-houses","tag-coquitlam-housing-market-stats","tag-housing-market-stats","tag-selling-a-home-in-citadel-heights","tag-selling-a-home-in-port-coquitlam","tag-selling-a-home-in-port-moody","tag-selling-a-home-in-pitt-meadows","tag-selling-a-home-in-maple-ridge","tag-selling-a-home-in-langley","tag-vanvcouver-real-estate-market","tag-vancouver-real-estate","tag-first-time-home-buyer","tag-coquitlam-real-estate-blog","tag-community-citadel-heights","tag-buying-a-home-in-citadel-heights","tag-citadel-heights-townhome","tag-citadel-heights-home","tag-citadel-heights-rowhome","tag-citadel-heights-real-estate","tag-citadel-heights","tag-citadel-heights-realtor","tag-coquitlam","tag-buying-a-home-in-port-coquitlam","tag-port-coquitlam-realtor","tag-buying-a-home-in-coquitlam","tag-coquitlam-realtor"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t