Monday Market Report

Monday Market Report

Summary for April 2024

It seems like Vancouver's housing market is experiencing some interesting shifts. Despite a rise in inventory, prices are still showing some resilience, with slight fluctuations both monthly and annually. Here's a breakdown:

  1. Average Home Price in Greater Vancouver:

    • Annual change: Up by 0.6%

    • Monthly change: Down by 1.2%

    • Current average price: $1,302,794

  2. Benchmark Price in Metro Vancouver:

    • Monthly change: Up by 0.8%

    • Annual change: Up by 2.8%

    • Current benchmark price: $1,205,800

  3. Long-term Trend:

    • Over the past four years, the benchmark price has seen a significant increase of 30%, although it's currently 4.5% lower than the all-time high recorded in April 2022.

  4. Average Prices by Housing Type:

    • Detached homes: Decreased by 1.1% year-over-year to $2.18M.

    • Attached homes: Increased by 4.8% year-over-year to $1.27M.

    • Condo apartments: Increased by 0.9% year-over-year to $811k.

  5. Mortgage Rates:

    • As of May 21, 2024, the lowest mortgage rate in Vancouver is 4.59% for a 5-Year Fixed mortgage.

These figures suggest some complexity in the market dynamics. Despite the increase in inventory, prices are showing resilience in certain segments, while others experience slight declines or increases. The mortgage rate remains a crucial factor for potential buyers, affecting affordability and demand.

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