Following the same trend from the previous month, actively listed homes for sale on the MLS® in Vancouver East and Vancouver West continued climbing up in April, reaching a level not seen in the region since the summer of 2020. Prices continue climbing across most segments of properties.
Let’s delve into the key insights for each area to gain a comprehensive understanding of the market dynamics.
Vancouver East – High Sales Ratio and price rising!
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver East saw a notable uptick of 1.1% compared to the previous month, settling at $1,873,100. Year-over-year, the market displayed robust growth, recording a 5.3% increase, indicating sustained demand in this segment.
You can find Vancouver East single family homes under $1,873,100 here, or priced over $1,870,000 here.
Townhouse/Attached:
Townhouses witnessed a marginal increase of 0.1% in prices, with the benchmark price reaching $1,149,400. Over the past year, townhouse prices have shown steady growth, rising by 3.6%.
You can browse townhouses for under $1,149,400 in Vancouver East and over $1,150,000 here.
Condo/Apartments:
Condominium prices experienced a slight uptick of 0.3%, with the benchmark price resting at $716,700. The year-over-year growth stood at 3.2%, reflecting a stable market for condos in Van East.
Take a look at Vancouver East condos under $716,700 here or priced over $716,700 here.
New Listings and Sales:
In April 2024, Vancouver East saw a significant surge in new listings across all property types compared to the same period last year. Notably, the number of new house listings in Van East soared by 45.2%, while townhouses and condos also witnessed substantial increases of 54.5% and 35.0% year over year, respectively.
Despite the increase in new listings, sales activity in Vancouver East remained robust. House sales surged by 38.6% compared to April last year, with a relative change in the sales ratio of -14.5%. Similarly, townhouse and condo sales showed positive growth, with sales ratios of 41.8% and 42.1%, respectively, albeit with relative changes of -48.7% and -17.7%.
Vancouver West – Healthy Sales Ratio with modest rising prices!
Price Analysis:
House/Detached:
Vancouver West saw a modest increase of 0.5% in house prices, with the benchmark reaching $3,527,900. Over the past year, house prices have risen by 5.2%, indicating sustained demand in this segment.
Take a look at Vancouver West homes under $3,527,900 here or priced over $3,527,900 here.
Townhouse/Attached:
Townhouse prices experienced a more pronounced growth of 2.8%, reaching a benchmark price of $1,525,800. However, the year-over-year increase was more moderate at 1.5%.
Discover Vancouver West townhomes under $1,525,800 here, or priced over $1,525,800 here.
Condo/Apartments:
Condominium prices remained relatively stable with a benchmark price of $855,900, witnessing a marginal decrease of 0.1% compared to the previous month. Nevertheless, year-over-year growth stood at 1.9%, reflecting a resilient condo market in Van West.
You can browse condos for under $855,900 in Vancouver West here and over $855,900 here.
New Listings and Sales:
Vancouver West witnessed a notable increase in new listings across all property types compared to April last year. House listings surged by 39.7%, while townhouses and condos in Vancouver West experienced substantial increases of 52.3% and 42.6%, respectively, compared year-over-year.
Despite the increase in new listings, sales activity in Vancouver West presented a mixed picture. House sales saw a relative decrease in the sales ratio by -42.9%, while townhouse sales remained relatively stable with a slight decrease of -3.1%. Condo sales, however, experienced a notable decline, with a relative change in the sales ratio of -47.0% compared to April 2023. Sales ratios for House, Townhouses and Condos stood at 34.4%, 30.7% and 31.0%, respectively
Conclusion
In conclusion, the Vancouver real estate market in April 2024 reflects a dynamic landscape characterised by price growth, increased listings, and varying sales activity across different property types. As we move forward, it will be essential to monitor these trends closely to understand the evolving dynamics of the market.
