The quantity of homes listed for sale on the MLS® in Metro Vancouver surged by almost 23 percent compared to the previous year, presenting increased opportunities for homebuyers searching for their ideal property this spring.
According to the Greater Vancouver REALTORS® (GVR), residential sales in the area reached 2,415 in March 2024, marking a 4.7 percent decline from the 2,535 sales reported in March 2023. This figure stood 31.2 percent lower than the 10-year seasonal average of 3,512.
In March 2024, Metro Vancouver saw 5,002 newly listed properties (including detached, attached, and apartment properties) for sale on the Multiple Listing Service® (MLS®). This indicates a notable uptick of 15.9 percent compared to March 2023, when 4,317 properties were listed. However, this figure fell short of the 10-year seasonal average by 9.5 percent, which stands at 5,524 properties.
In Metro Vancouver, the total number of properties currently listed for sale on the MLS® system stands at 10,552, marking a substantial 22.5 percent increase compared to March 2023 when there were 8,617 listings. This figure also exceeds the 10-year seasonal average by 6.3 percent, which sits at 9,923 listings.
Examining the sales-to-active listings ratio for March 2024 across all property types—detached, attached, and apartments—reveals a ratio of 23.8 percent. Broken down by property type, this ratio stands at 18.2 percent for detached homes, 31.3 percent for attached properties, and 25.8 percent for apartments.
Analysis of historical data indicates that downward pressure on home prices tends to occur when the ratio remains below 12 percent for an extended period, while upward pressure on home prices is often observed when the ratio surpasses 20 percent over several months.
Here is a snapshot showing a Sellers market in March 2024;
