The number of active listings in the Greater Vancouver real estate market hit levels not seen since the COVID-19 surge in Summer 2020. April saw a significant increase in new listings, reaching 7,092 compared to March’s 5,002. However, demand slightly lagged behind with 2,810 home sales, though still an improvement from March 2024 and April 2023. Despite higher borrowing costs, demand remains strong just slightly below the 10-year April average. Market indicators suggest a shift towards buyers, with the sales-to-new-listings ratio dropping to 39.6%.
Prices continue to rise, except for condominiums, which experienced a slight 0.1% decline. The composite residential benchmark price stands at $1,205,800, with single-detached homes leading at $2,040,000, followed by townhouses at $1,127,200, and condominiums at $776,500. Despite a slight decline in condominium prices from March to April, all property types show a year-over-year growth between 3.2% and 6.3%.
