VANCOUVER WEST 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.
Last month versus April 2023, Vancouver west detached prices are up 6.2 percent. West side house sales are 5.2 percent lower year to year. April 2024 versus the previous April, inventory shoots up 65.8 percent.
From March to April west side house sales drop 40.6 percent. Month to month detached inventory rises 55 percent.