VANCOUVER WEST MARCH HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that this spring there is less market activity than last. But with modest month to month price gains, also assesses the market balance as moving in favour of Sellers, albeit slowly. Even while Buyers are increasingly presented with more choice, price gains are slow due to interest rate headwinds that limit borrowing power and they may not get much relief even with a reduction from the Bank of Canada. Last month recorded 23 percent more new listings than March 2023. Total inventory is up 22.5 percent. Residential sales are 4.7 percent lower March to March. The composite value of all properties is 4.5 percent higher year to year.
The graph illustrates a 2.2 percent increase from February to March for the average price of Metro Vancouver detached properties. The benchmark price for houses in March 2024 is 7.4 percent more than the previous March. Year to year the volume of detached home sales is down 5.4 percent.
Last month versus March 2023, Vancouver west detached prices are up 5.5 percent. West side house sales are 31.9 percent lower year to year. March 2024 versus the previous March, inventory is down 4.5 percent.
From February to March west side house sales decrease 3 percent. Month to month detached inventory rises 3.7 percent.