As we step into the heart of spring, the Vancouver real estate market presents an intriguing blend of stability and change. This report delves into the details of these market dynamics, providing a comprehensive analysis of prices, new listings, and sales performance for both Vancouver East and Vancouver West.
Vancouver East – Moderate price growth and stable new listings
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver East increased by 1.0% compared to April 2024, reaching $1,879,000. Year-over-year, house prices saw a growth of 3.4%, indicating a steady appreciation in this segment.
Explore Vancouver East single family homes under $1,879,000 here, or priced over $1,879,000 here.
Townhouse/Attached:
Townhouse prices, however, experienced a slight decline of -0.8% from the previous month, bringing the benchmark price to $1,134,500. Over the past year, townhouse prices have risen by 2.2%, reflecting a consistent demand.
Browse townhouses in Vancouver East under $1,134,500 and over $1,134,500 here.
Condo/Apartments:
The benchmark price for condos in Vancouver East saw a minor increase of 0.1%, reaching $719,200. Year-over-year, condo prices grew by 2.6%, demonstrating stable market conditions.
View Vancouver East condos under $719,200 here or priced over $719,200 here.
New Listings and Sales: overall less new listings and lower sales ratio
In Vancouver East, the real estate market experienced a mixed performance in May 2024. There were 236 new listings for houses, a slight increase of 1.3% compared to May 2023, although this was a decrease from the previous month’s 303 new listings in April 2024. Despite the drop, the numbers still indicate an active market. Townhouse new listings in Van East rose by 19.3% year-over-year, with 197 new listings in May 2024, down from 213 in April 2024. Similarly, condo new listings increased by 14.2% year-over-year, with 288 new listings in May 2024, a decrease from 340 in April 2024.
However, sales performance did not mirror the increase in new listings. House sales in May 2024 totalled 97, resulting in a sales ratio of 40.1%, marking a relative decrease of 12.5% compared to the same month last year. Townhouse sales were at 56, with a sales ratio of 36.4%, showing a significant relative decrease of 38.5% from May 2023. Condo sales reached 349, yielding a sales ratio of 38.0%, a relative decrease of 30.0% compared to May 2023. This discrepancy between the rise in new listings and the decline in sales ratios suggests a potential imbalance in the market, with supply outpacing demand.
Vancouver West – mixed trends in prices and decline in sales ratios
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver West rose by 1.0% from April 2024, reaching $3,548,900. Year-over-year, house prices saw a notable increase of 6.1%, indicating robust demand in this high-end market.
Check out Vancouver West homes under $3,548,900 here or priced over $3,548,900 here.
Townhouse/Attached:
Townhouse prices showed a marginal increase of 0.1%, with the benchmark price at $1,492,200. Over the past year, townhouse prices have grown by 5.0%.
Discover Vancouver West townhomes under $1,492,200 here, or priced over $1,492,200 here.
Condo/Apartments:
Condo prices experienced a decrease of -0.9% from April 2024, with the benchmark price at $844,300. The year-over-year growth was minimal at 0.2%.
You can browse condos for under $844,300 in Vancouver West here and over $844,300 here.
New Listings and Sales
In Vancouver West, the real estate market saw a varied influx of new listings in May 2024. There were 242 new house listings, a slight increase of 1.7% compared to May 2023. New townhouses in Van West listings surged significantly to 154, representing a 25.3% year-over-year rise, while condo listings saw a healthy increase with 918 new listings, up 10.6% from May 2023.
Despite this increased supply, sales activity showed a downward trend. House sales in May 2024 totaled 97, resulting in a sales ratio of 40.1%, a relative decrease of 12.5% compared to the same month last year. Townhouse sales were at 56, with a sales ratio of 36.4%, showing a significant relative decrease of 38.5% from May 2023. Condo sales reached 349, yielding a sales ratio of 38.0%, a relative decrease of 30.0% compared to May 2023.
This contrast between the rising number of new listings and declining sales ratios highlights a potential shift in market dynamics, possibly indicating a cooling period or a shift in buyer preferences.
Conclusion
The Vancouver real estate market in May 2024 shows mixed trends across its eastern and western regions. Vancouver East continues to see moderate price growth and stable new listings, though sales ratios indicate a cooling market compared to the previous year. Vancouver West, while demonstrating significant year-over-year price increases in the house segment, faces a decline in condo and townhouse sales ratios, suggesting a shift in buyer behaviour. As we move forward, it will be crucial to monitor these dynamics to understand their long-term implications on the market.
Featured Buildings
