Market Highlights For April 2024

  • Spike in new listings in April – 64% above last year.
  • Buyers slowly moving back into the market
  • Townhomes showed a surge in sales in April
  • Vancouver’s East/West divide in sales activity

With more listings, there must be more sales! Not often talked about but the term pent up supply is something that showed to be true with the surge of listings in April. New listings came on last month like we haven’t seen since the fast-paced market of 2021. With new listings in Greater Vancouver up 41% compared to March, buyers had far more to choose from in many areas. Even with the continued hesitation from the Bank of Canada with perhaps signs of that first interest rate cut coming further out, buyers have some decisions to make. Wait it out or take advantage of long sought after listings and jump on the almost 2% lower fixed rate mortgages that have been available in 2024. Almost like the Canucks waiting for the perfect shot, buyers hesitate for a rate cut that realistically doesn’t impact the mortgage product of almost all buyers since fixed rates are not tied directly to the Bank of Canada Rate. Perhaps the Bank of Canada’s first interest rate cut is a psychological move for buyers more than anything. Ask a mortgage broker, buyers are not taking up variable rate mortgages right now. That pent up demand can only wait so long.

On April 16 the federal government released their annual budget. With a host of promises on building more housing, renter protections and the biggest change proposed being the change in how capital gains are taxed. Going from 50% of the gains being taxed to two thirds being taxed on gains above $250,000 signals that wealth is the target of the Federal Liberal Government. There were ripples through the property market as some owners sought to sell properties prior to the June 25th potential change in capital gains treatment. Short term gain for long term pain. While an attempt to fund programs and perhaps housing, this will be a disincentive to sell property and limit an already tight housing market from seeing more resale homes available for buyers. Metro Vancouver and many parts of Canada do not have a speculation problem, they have a property holding problem. Homeowners focus on keeping the properties they purchase, and this tax change will only intensify that focus. And with new federal and provincial anti-flipping taxes, again, this creates more of a disincentive to sell. Wrong policies at the wrong time. For those with the ability to purchase, it will only add to the value of the property you buy. As much as government policy tries to change the market, supply and demand will ultimately determine what the values are.

And for renters, expect to see landlords selling at a greater pace and less buyers investing to provide private rental stock in the future. Today’s policies, both federally and provincially, do not bode well for the supply of homes going into the future. With less strata resale homes being built, more onerous regulations for landlords, and a signal that investment in the property market is not welcome by our governments, expect this to impact the supply of rental and resale homes.

There were 2,831 properties sold in Greater Vancouver in April after seeing 2,415 properties sold in Greater Vancouver in March and 2,070 properties sold in February this year. This was a 3% increase from the 2,741 properties sold last year in April after a year-over-year decline in March. This is the 4th straight month-over-month gain in the number of properties sold, showing more buyers being enticed to the market by greater selection and adjustments to the current fixed rate mortgages. And in looking at the sales during the month, the pace moved quicker after mid-month which should lead to May producing yet again a month-over-month gain in the number of homes sold. It’s likely we could see a repeat of the sales in last May at 3,400 – which would be the first month over 3,000 sales since then. With the added number of listings, there will be more sales. Just don’t tell the Bank of Canada after their reluctance to decrease its rate during the spring for fears of heating up the spring market.

With April sales up from last year, they were 12% below the 10-year-average after being 30% below the 10-year average in March and 23% below the 10-year-average in February. With demand increasing and even with an increase in the number of listings, multiple offers are still occurring. Some areas and product types continue to be in short supply leaving buyers with the spectre of competition. We are still not yet at balance overall in the market, but buyers have the greatest opportunity they have seen in long time – even with interest rates where they are. Detached homes and condos showed the same level of sales in April compared to last year while townhouse sales were up 16% year-over-year.

Even with the increased listings in April compared to the previous month, there are still only 4 months supply of homes overall in Greater Vancouver, which had fallen from 5 months in February and 6 months in January. Technically this is a seller’s market, but about as streaky a seller’s market as we’ve seen. It makes the Canucks look like a model of consistency. Vancouver’s West Side stayed at 6 months supply, even with a 54% increase in the number of new listings in April compared to March. Vancouver’s East Side stayed at 4 months, still a technical seller’s market, even with a 44% surge in listings compared to March and 78% more compared to April last year. It was the 22% increase in sales month-over-month that kept it at a seller’s market. Amazing how much of a divide there is within the city itself. North Vancouver continues at 3 months supply, surprising given the 82% increase in the number of new listings compared to March. Burnaby climbed to 4 months supply, on the heels of total sales lagging March and April last year, a similar story in New Westminster. Buyer’s take note in those areas! Port Moody showed a 62% month-over-month gain in sales while new listings were up 53% which pushed this market back to 3 month’s supply from 4. And the small markets of Port Coquitlam and Pitt Meadows remain at 2 months supply.

If it seemed like there were more for sale and open house signs out there, that’s because there were 7,229 new listings in Greater Vancouver that came out in April. This was way above last year’s total of 4,399 new listings, producing another consecutive month of year-over-year increase in new listings. And this was the highest number of new listings by month since the spring of 2021, which was a real estate market like no other we’ve seen. Is this rush of listings fuel for a significant increase in sales? It will certainly add to the number of transactions and likely keep prices relatively flat over the next few months.

The number of new listings in April were 29% above the 10-year average after March was at 9% below the 10-year average and February was right at the 10-year average. There was a feeling that many sellers were waiting for the spring market to come before listing, and that came to fruition in April. This is likely a result of pent-up supply and likely some sellers reacting to changes to government legislation for short term rental bans, tenancy changes, property flipping taxes and capital gains changes – oh my. What’s changed in real estate this year? More like what hasn’t.

There were 12,491 active listings in Greater Vancouver at month end, compared to the 10,552 actives at the end of March and 9,634 at the end of February. The count of active listings is up significantly year-over-year though, with there being nearly 3,700 more at the end of April, or 42% more than the end of April 2023. The detached market overall has moved up to 6 months supply from 5.5 in March, keeping it in a balanced market. Vancouver’s East Side is bucking this trend though, sitting with 4 month’s supply and producing some interesting multiple offer sales. Townhomes remain at 3 months supply and condos stayed at 4 months supply – keeping both in seller’s market conditions.

This is not yesterday’s real estate market. And while the numbers overall show seller’s market conditions, savvy buyers, and sellers with the help of their Dexter agent will find market activity will depend on the area and type of property. Look closely at the numbers to understand the market where you are. Absorption rates for detached were down to 33% from 44% while townhouses and condos were 44% and 42% from the previous month at 53% and 48% respectively. There simply are not enough townhomes being built in Metro Vancouver, and this will continue to be one of the most competitive segments of the market.

If April was the bell weather month for listings, will those April listings translate into May sales? Or will the continued hangover of the Bank of Canada pulling their interest rate carrot away from Buyers keep many on the sidelines until that signal comes to start buying. Ask yourself if you are a buyer though, do you want to wait for everyone else or take advantage of a market that’s finally given some choice.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,831 – up from 2,415 (17%) in March, up from 2,070 (37%) in February, up from 2,741 (3%) in April 2023, down from 3,281 (14%) in April 2022, down from 5,010 (44%) in April 2021, up from 1,119 (153%) in April 2020, up from 1,850 (53%) in April 2019; Active Listings were at 12,491 at month end compared to 8,790 at that time last year (up 42%) and 10,552 at the end of March (up 18%); New Listings in April were up 41% compared to March 2024, up 64% compared to April 2023, up 15% compared to April 2022, down 10% compared to April 2021, up 201% compared to April 2020, and up 23% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 39% compared to 47% in March 2024, 62% in April 2023, and 52% in April 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months up 0.8%.

For other regions, contact Berna Yazgan

İlhan Ömeroğluİlhan Ömeroğlu
19:23 08 Oct 24
Ms. Berna has managed our house rental process very well with her meticulous, devoted, patient and positive approach from the first day. She has always been there for us by sharing her experiences and experience in our other needs related to social life. Our family would like to thank her and express our gratitude.
Zeynep KabaağaçZeynep Kabaağaç
03:08 05 Oct 24
Ms. Berna was extremely caring and helped us in everything. She found the exact place we wanted and thanks to her, our rental process was much more comfortable and faster. Endless thanks to her.
Özgen YamanÖzgen Yaman
01:43 04 Oct 24
It's been about 15 days since my wife and I came to Vancouver. The visa application process was very difficult, we were extremely tired. When our visas were issued, we were afraid of how we would find a house this time. Thanks to forums and social media, we were very scared at first. We met Ms. Berna while we were in Turkey through our consultant. He was incredibly helpful, incredibly descriptive, and so warm and friendly. Thanks to you, we learned about all the procedures here. He not only took care of our house finding process, but also helped us endlessly regarding our arrival and what we needed to do when we arrived. We even received information from him for our own private affairs. Now we have a very cute house and a sweet landlord, thanks to us. He waited for us at our house as soon as we got off the field. So that we can get through our first day comfortably. We miss him now and can't wait to drink coffee. Thank you very much for your interest, Ms. Berna. As Yaman Family, we love you very much. Ms. Berna is our only advice to anyone who reads this comment about finding a house/real estate. Endless thanks again. Gift Özgen & Volkan Yaman
Kerim ŞahinbaşKerim Şahinbaş
16:32 24 Sep 24
Berna is very proffessional and helped us through in our move in process. She found us a beautiful unit near the sea in a very short time. I strongly recommend her services.
Liya OzsoylerLiya Ozsoyler
08:40 24 Sep 24
Kind, caring, sincere and professional. She helped us find our new home on the second day of our research which was pretty amazing. I would definitely recommend Berna’s services, you won’t be disappointed.
Deniz UralDeniz Ural
19:20 22 Aug 24
I had a great experience working with Berna virtually to find an apartment in downtown Vancouver. Despite the challenges of a virtual search, she found the perfect place that met all my requirements. Her detailed videos, thorough descriptions, and honest opinions made the process smooth and reassuring. She worked tirelessly to present numerous options, was always prompt in her responses, and maintained a high level of professionalism. I’m thrilled with my new home and highly recommend her services to anyone looking for their ideal place.
sıla tosunsıla tosun
22:13 07 Jul 24
Ms. Berna Yazgan guided us through house tours while my husband and I were still in Istanbul, perfectly aligning with our expectations and preferences for our new home. With her expertise, we found an exceptional 1-bedroom apartment in Yaletown's high-rise, surpassing all our hopes. Her support throughout the entire process was invaluable. We couldn't be more grateful.
Hulya TosunHulya Tosun
18:54 07 Jun 24
We were extremely pleased with Berna Yazgan's service. She quickly understood our requirements and showed us properties that met our needs, effectively saving us a significant amount of time. Throughout the entire process, Berna provided unwavering support and guidance. We are delighted with our new home and know that we could not have found it without her assistance.
Vldn B.Vldn B.
07:18 04 May 24
We realised the comfort of working with Berna when we came to Canada. I am glad we found and met with her. She lightened our moving with her kindness, sincerity and tolerance, not only renting a house also in every question that she can help. Our house was ready before we arrived and with Berna's support, we are in a home exactly what we want. Both location and home. We are very grateful for understanding our lifestyle without seeing us and providing this. I'm glad we got to know her————
Tuğba AkdenizTuğba Akdeniz
22:02 03 May 24
First of all, Berna is a really, really good person. Why am I saying this because she drew us a road map when it was a few months before we came to Canada, and we contacted her a month before. We have a baby, she not only showed us the most suitable houses for us, but also visited those houses tirelessly and added her personal comments, saying if it was good, it was good, if it was bad, it was bad. Moreover, she always gave her true opinion about the houses we liked but should not have. The most important point for us was that she found beds suitable for our child and sent them a link, and when the time came, she found a job for us and shared the link on LinkedIn. I think we are one of the lucky people to have loved our house very much and to have met Berna before coming to Canada. She always shared with us the links we needed for the house we rented, including electricity, water and internet, and we would like to thank her for always being accessible. I'm glad fate brought you to us, thank you. We deeply appreciated her 🙏🏽🎈❤️
Ece OkuyucuEce Okuyucu
17:35 27 Apr 24
Berna is extremely professional and a wonderful person. While helping us find our new home, she cared as if she were searching for a home for herself, not just a client. She provided advice on the best options considering the market conditions and our financial situation, while also making an extraordinary effort to find a home we would be happy living in. She would show homes over video calls and, in cases of time differences, she would send detailed videos, asking questions about the home that we might never have thought of ourselves. Moving to a new country can be psychologically challenging, and it's easy to panic and start settling for less. Here, Berna's friendship and experience really stand out. With her proper guidance, she helps ease your anxiety, encouraging you to continue searching until you find the perfect ending. Working with Berna was an amazing experience.
Ümmühan KahramanÜmmühan Kahraman
18:46 12 Apr 24
We met Ms. Berna upon her recommendation and reached her through social media, then we immediately made an appointment and started the house hunting process. She was patient from the beginning to the end of our process and helped us find the home that best suited our needs. Not only about the house, but also for our new move from Turkey to Vancouver, she did her best to help us handle many of our jobs remotely, and apart from finding a house, I really loved her energy and friendliness. I'm glad we got to know you, Ms. Berna, thank you very much.
Dilek KacarDilek Kacar
07:41 07 Apr 24
We worked with Berna when we were trying to find our first home and she was so helpful and quick in action. Finally, we’ve bought our first home in GVA and we can’t thank her enough for her help and effort. She is detail-oriented and friendly. She also keeps helping us after we close the sale and answering our questions and finding the solution. We highly recommend her for anyone who is looking for their dream home.
G BG B
20:27 26 Jun 23
Berna is a great consultant. We were very worried as we came from Turkey. It was very valuable for us to feel your support regarding our concerns and expectations. She did a great job helping us rent the house we wanted. Thank you for helping us get off to a good start in our new life.
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