VANCOUVER EAST APRIL HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise that this April, absent lower interest rates, an inventory increase is seen. Also noted, it is NOT owners retreating from the higher cost of borrowing that is motivating them to sell. Higher inventory is being met with continued strength in demand and for most segments of the market this has resulted in upward pressure on prices. Last month recorded 64.7 percent more new listings than April 2023. Total inventory is up 42.1 percent. Residential sales are 3.3 percent higher April to April. The composite value of all properties rises 2.8 percent year to year.
The graph illustrates a 1.2 percent decrease from March to April for the average price of Metro Vancouver detached properties. The benchmark price for houses in April 2024 is 6.3 percent more than the previous April. Year to year the volume of detached home sales is up 0.7 percent.
April 2024 versus the previous April, east side house prices are 5.3 percent higher. Year over year Vancouver east detached sales rise 56 percent. April to April east side inventory jumps 82.5 percent.
From March to April east side house sales improve 51.9 percent. Month to month east side inventory increases 70.2 percent.