Monthly Market Trends - March 2024

In February, real estate markets across Greater Vancouver, the Fraser Valley, and Victoria exhibited signs of recovery, marked by consecutive months of sales growth. Sellers began to actively participate, leading to a shift towards seller's markets and increased sales-to-listings ratios. Despite varied price trends, all three regions demonstrated positive momentum, hinting at a more optimistic outlook as they enter the Spring market.

Greater Vancouver 

In Greater Vancouver, the housing market continued to recover, with sales momentum from January to February. This resulted in a second month of increased sales activity, with 2,070 properties sold. However, this is still 23.3% lower than the 10-year February average of 2,699 sales.

February saw an average level of new listings, indicating more sellers are entering the market. There was a significant 34.6% increase in new listings from the previous month, totalling 4,560. By the end of February, there were 9,634 active listings available.

Despite more listings being added, the market has shifted from balanced to favouring sellers, driven by demand keeping up with the growing supply. The overall sales-to-listings ratio was 22.4%. 

When looking at specific types of homes, townhomes had a ratio of 31.3%, and condominiums were at 25.9%, highlighting the stronger demand in these segments.

The average price for all types of residential properties in the area is now $1,183,000. This is a 1.9% increase from the previous month but still 6.3% below the peak prices seen in April 2022.

Fraser Valley Market

In February, the Fraser Valley's resale housing market saw an increase in sales, though it still lagged behind the long-term averages. This uptick comes as inflation data improves, and there's anticipation for interest rate cuts, encouraging some hesitant buyers to re-enter the market. 

The region recorded 1,235 property sales in February, a 32% increase from January but still 21% below the 10-year average. This rise in sales is partly due to the seasonal upturn as we enter the spring market. Active listings in February rose to 5,561, a 14% increase from January and a 26% rise from the same time last year. 

The market has shifted from the balanced conditions usually seen in the winter to a seller's market, as evidenced by a sales-to-listings ratio of 22% in February. 

Additionally, the average time it takes to sell a home decreased significantly from 28 days in January to just 13 days in February, indicating a growing optimism and faster-paced transactions.

The average price for homes, as measured by the MLS® HPI benchmark, increased by 0.9% month-over-month to $994,600. This ends a six-month trend of declining prices. Year-over-year, home values have increased by 4.8%, although they are still 16.9% below the peak market values observed in March 2022.


Monthly Market Trends - February 2024

The Vancouver Real Estate Journal

Trends, Market Insights, and Top Picks

February 2024


January saw a significant increase in home sales, pointing to a shift towards a market favourable to sellers. While the activity level varied by region, the general trend was increased sales, indicating a resurgence in buyer interest. New listings were below the usual numbers, adding to the market's vibrancy. The expectation that interest rates will soon decrease brings an added dimension of anticipation, hinting at a possible boost in activity for buyers and sellers across different areas.

Greater Vancouver 

Kicking off 2024 with a rise in demand, the market transitioned from balanced at the end of 2023 to a more seller-oriented market as the new year began. In January, the Greater Vancouver resale market witnessed 1,427 transactions, a significant 38.5% increase from January 2023's 1,030 sales. Despite this growth, these figures are still 20.2% below the 10-year January average of 1,788 resales.

January saw the introduction of 3,788 new listings, which is 9.1% less than the 10-year average for this month. Nonetheless, the total inventory reached 8,633, closely matching the 10-year average. This listing count proved inadequate to meet the rising demand in home sales.

The MLS® Home Price Index (HPI) benchmark price for all residential properties in Greater Vancouver stands at $1,161,300, down 0.6% from the prior month but up 4.2% from last year. Detached homes saw the highest annual price growth at 7.3%, while attached homes and apartments saw increases of 4.3% and 4.4%, respectively, compared to January 2023.

The market is overall balanced but is leaning towards favouring sellers, with a sales-to-active listings ratio of 17.2%. Detached homes are still in a buyer's market with a ratio of 11.9%, whereas townhomes are firmly in a seller's market with a ratio of 22.0%. Apartments are on the cusp of a seller's market with a ratio of 19.9%.

Fraser Valley Market

Things are looking up in the Fraser Valley! In January, there was a boost in the number of homes sold - 938, to be exact. This was the first time sales went up in six months, even though they're still a bit lower than what's usually seen over ten years. This jump in sales is a good sign that more people are interested in buying homes again, and more buyers are coming back into the market.

Also, in January, a lot more people decided to sell their homes, with 2,368 new listings popping up. That's a huge 151% more than in December and the biggest increase we've seen in five years. Thanks to all these new homes for sale, the total number of homes available went up to 4,877, which is more than last year and more than what's typical for January. Even with all these new homes for sale, because there weren't many homes available before and more people are looking to buy, sellers of condos and townhomes in the Fraser Valley are finding themselves in a good spot, with lots of interest in their properties.

The average price of homes was pretty steady at $985,900 in January, dropping just a little bit from December and still 18% less than the highest prices back in March 2022. With people expecting that interest rates won't go up much more, we're likely to see more buyers and sellers getting back into the market, which should make things even more lively in the Fraser Valley.


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