May 2024 - Vancouver Real Estate Market Update

cari mai market update for may 2024 vancouver realtor

Hi, I'm Cari Mai and this is your Vancouver real estate market update for May 2024.

Current Inventory Levels

We just saw the highest inventory of homes for sale in 4 years with over 12,000 units actively listed. 
We never saw a sudden influx of inventory come to market when the Bank of Canada started their aggressive rate hikes,  only a steady increase in listings and this behaviour shows us that demand is still strong and not that many people are being forced to sell while borrowing costs are its highest in 10 years.

Sales Volume Trends

Sales volumes were up 3.3% from last April and increased 16% from March 2024. This is a contrast from the typical seasonal 8% drop in sales between the months of March to April. Townhouses saw the highest sales volumes at a 16% increase from April 2023.

Price Movements

The Benchmark Price stands at $1,205,800 for all homes types in Greater Vancouver, a 2.8% increase from April 2023 and a 0.8% rise from this March.  

Prices continued to increase for detached homes and townhouses between 1 and 2 percent month over month. Condos saw a slight 0.1% decrease. This is due to many factors impacting this more affordable segment of the market; higher interest rates, an increase in inventory levels hence creating more competition, and a wave of policy changes which likely triggered some owners to sell.

And that's your market update. See ya!