Despite Vancouver home sellers showing some hesitancy in January, there was a notable increase in new listings in February across all housing types, contributing to a significant influx of properties onto the market.
As per previous report, a continuation of January’s slow pace of newly listed properties would have been concerning, as it could quickly tilt the market towards overheated conditions. But, with the overall increase in new listings, this will minimise some of the pressure that was building in January and increase the choices of buyers as we step into spring and summer markets.
Let’s analyse the latest statistics concerning Vancouver offering insights into price movements, listing, and sales activities in Vancouver East and Vancouver West.
Vancouver East
Price Analysis:
House/Detached:
The benchmark price for a house in Vancouver East stood at $1,831,800, marking a slight decrease of -0.5% from January 2024. However, year-over-year, there was a solid 8.1% increase, reflecting the region’s resilience and long-term growth.
You can browse Vancouver East single family homes under $1,830,000 here, and priced over $1,830,000 here.
Townhouse/Attached:
Townhouses experienced a significant increase in prices, rising by 4.8% compared to the previous month, with a benchmark price of $1,108,100. On an annual basis, there was a commendable 5.0% increase.
Take a look at townhouses for under $1,100,000 in Vancouver East here or over $1,100,000 here.
Condo/Apartments:
Condos also witnessed a healthy price appreciation, with a 2.5% increase from January 2024, reaching a benchmark price of $709,500. Year-over-year, there was a respectable 4.6% increase, indicating sustained demand.
You can find Vancouver East condos under $710,000 here or priced over $710,000 here.
New Listings and Sales:
February 2024 saw a notable increase in new listings, in Vancouver East market, across all property types compared to the same period last year. Particularly, condos in East Van experienced a significant surge of 36.6% year-over-year. East Van Townhouses experienced a substantial increase of 28.3%. Detached homes saw the lowest increase, yet considerable, with 19.3%.
While the sales ratio remained robust across property types, there were slight variations compared to February 2023. Sales ratio for houses, townhouses, and condos stood at 47.4%, 42.1%, and 47.6%. Notably, townhouses saw a considerable increase in the sales ratio with 20.1% compared to the same month last year, reflecting heightened buyer interest. Conversely, detached homes and apartment’s relative sales ratio decreased by -9.3% and -26.5%, respectively.
Vancouver West
Price Analysis:
House/Detached:
Vancouver West experienced a notable increase in house prices, with a benchmark price of $3,434,700, marking a 4.1% increase from January 2024. Year-over-year, there was a steady 5.2% increase.
Discover Vancouver West homes under $3,400,000 here or priced over $3,400,000 here.
Townhouse/Attached:
Townhouses also witnessed a significant price surge, with a 5.5% increase from the previous month, reaching a benchmark price of $1,526,500. On an annual basis, there was a commendable 9.7% increase.
You can browse Vancouver West townhomes under $1,520,000 here, and priced over $1,520,000 here.
Condo/Apartments:
Condos continued to appreciate in value, with a 2.9% increase from January 2024, reaching a benchmark price of $854,500. Year-over-year, there was a respectable 5.3% increase, showcasing sustained demand in the segment.
Take a look at condos for under $850,000 in Vancouver West here or over $850,000 here.
New Listings and Sales:
Vancouver West saw an increase in new listings across all property types compared to February 2023. Particularly, Vancouver West condos experienced a significant year-over-year increase of 27.5%. House new listings had the lowest increase with 9.2%, while Townhouse in Vancouver West new listings went up by 18.8%.
While sales ratios remained healthy, there were slight fluctuations compared to the same period last year. Detached houses, townhome and condos’ sales ratios were very similar, with 40.5%, 41.1% and 40.0%, respectively. Notably, townhouses saw the highest decrease in the sales ratio with -15.1%, even though still maintaining strong buyer interest. Houses and condos relative sales ratios also experienced decreases with -9.2% and -7.8% each.
Conclusion
February 2024 showcased a dynamic real estate market in both Vancouver East and Vancouver West, with notable increases in property prices and continued buyer interest across different segments. Despite slight fluctuations in sales ratios, the overall market remained resilient, underlining Vancouver’s enduring appeal as a desirable place to live and invest in real estate.
