Greater Vancouver’s Real Estate Surprise: Home Sales Up 3.3% from Last Year

Today, we’re diving into some interesting developments in the world of real estate, right here in Greater Vancouver. If you’ve been following the housing market (or even if you haven’t!), there are some surprising trends worth chatting about. Let’s break it all down and see what this means for our community.

The Unexpected Rise

So, guess what? The number of homes sold in Greater Vancouver in April rose by 3.3% compared to last year. While this might seem like a small uptick, it’s actually quite significant given the current economic climate. We’re talking about 2,831 homes changing hands last month, up from 2,741 in April 2023. Andrew Lis, the real estate board’s director of economics and data analytics, called this a “surprise” – and for good reason! Despite the highest borrowing costs in over a decade, demand for homes has stayed strong, and not many homeowners are being forced to sell. It’s a testament to the resilience of our market and the desire of people to own homes here.

More Homes on the Market

Now, let’s talk about listings. The number of homes listed for sale in Metro Vancouver has skyrocketed by 42.1% year-over-year, reaching 12,491. This is quite a jump and, interestingly, it’s 16.7% above the 10-year seasonal average. For the first time since the summer of 2020, we’ve crossed the 12,000 listings mark.

Price Trends

If you’re curious about home prices, here’s the scoop: the composite benchmark price of a home is now $1,205,800. This is up 2.8% from a year ago and a modest 0.8% increase from March. While prices are still high, these figures show a steady market with incremental growth, rather than the dramatic spikes we’ve seen in previous years.

New Listings Surge

In April alone, there were 7,092 new listings for detached, attached, and apartment properties. That’s a whopping 64.7% increase from the 4,307 properties listed in April 2023. It’s clear that more homeowners are deciding to put their properties on the market, perhaps encouraged by the sustained demand and favorable conditions.

What Does This Mean for You?

Whether you’re a potential buyer, seller, or just an interested observer, these trends highlight a resilient market that’s full of opportunities. If you’re looking to buy, now might be a good time to explore, given the increase in available properties. For sellers, the strong demand means it could be a favorable time to list your home. Looking Ahead As we move forward, it’s essential to keep an eye on these trends and how they evolve. The real estate market is always changing, and staying informed can help you make the best decisions for your situation.

Here’s to hoping for continued stability and growth in Vancouver’s housing market!

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