Actively listed homes for sale in Metro Vancouver 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.
That’s according to Greater Vancouver Realtors (GVR), formerly Real Estate Board of Greater Vancouver, in its monthly market report for April.
The GVR reports that residential sales in the region last month saw a 3.3 per cent increase from the sales recorded in April 2023, although it was 12.2 per cent below the 10-year seasonal average.
“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,” said Andrew Lis, GVR’s director of economics and data analytics, in a news release.
“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.”
According to the GVR, the benchmark price of a single-detached house in Ladner this April was $1,447,400, up 7.4 per cent from April 2023. The benchmark price for a house in Tsawwassen last month was $1,643,400, up 6.2 per cent from the previous year.
The April 2024 benchmark price for a townhouse in Ladner and Tsawwassen was $1,014,300 and $1,011,600 respectively. The benchmark price last month for a condo in Ladner and Tsawwassen was $685,100 and $700,400 respectively.
Meanwhile, The Fraser Valley Real Estate Board (FVRB) is reporting that the supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020, the FVRB noted, adding that active listings were up by 18 per cent over the previous month and 17 per cent above the 10-year average.
According to the FVRB, the benchmark price for a single-detached house in North Delta was $1,411,900, up 3.9 per cent from April 2023. The April 2024 benchmark price for a townhouse and condo was $920,500 and $586,900 respectively.
