February 2024 Market Insights

February 2024 Market Insights – Watch GVR February 2024 overview of housing market activity in Metro Vancouver: “While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR) reports that residential sales3 in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).”

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions.”  — Andrew Lis, REBGV Director of Economics and Data Analytics

* Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Sales-to-active listings ratio for February 2024

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 % for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. You can see more details on Greater Vancouver Realtors®.

Detached Houses for sale, houses for sale, Residential properties

16 % – Balanced Market

New Listings Townhouses for Sale

27.9% – Seller’s Market

New Listings Condos for sale, Residential properties

25.9 % – Seller’s Market

Check our Market Statistics page to see detailed February 2024 market insights for Greater Vancouver & Fraser Valley, broken out by city and housing type (detached homes, condos, townhouses) .  The movements in prices, sales, number of days a listing is on the market, and sales to active ratio by city will give you a real understanding of how the market is shifting neighbourhood by neighbourhood.   This is really important:  Greater Vancouver is made up of a lot of local markets, which can move very differently!  For example, the market might be HOT in Maple Ridge and slow in Vancouver, or HOT for condos and slow for detached homes… and it is shifting all the time!  Sometimes the shifts are small, other times they are very significant.  We track movements across the entire region – contact us for further insights!

Check our other blogs under Videos  – that might give you answers about buying or selling a home.

If you are interested in Real Estate in general, and want to get updates, check out our:

If you plan on Buying a home:

If you plan on Selling your home:

  • Check first what our clients are looking for on Sell my house FAST page. Our clients are qualified and ready to write offers at the market price!
  • Check the Listing Prices and the Sell Prices of similar properties in your neighbourhood on the Search by Map page.