Real Estate Trends in Greater Vancouver and Fraser Valley

In Greater Vancouver, despite a rise in sales over the past four months, there's been a decrease in demand. This April, the region saw around 2,800 home sales, which is 12.2% lower than the ten-year average for the month. Meanwhile, the number of listings reached a peak not seen since the summer of 2020, with over 12,000 homes on the market, which is 17% above the average. Even with this surge in listings and slower sales, prices for most types of homes have continued to climb slightly, except for condos, which saw a slight drop of 0.1%. The current overall market price is set at $1,205,800.

Over in the Fraser Valley, the market is a bit different. Sales were sluggish in April, sitting 17% below the ten-year average and making it one of the slowest Aprils in a decade. Despite fewer sales, the number of homes listed is high, indicating a shift towards a buyer's market. However, the market is starting to show signs of recovery. The time homes stay on the market has decreased, and prices have marginally increased by 0.5% from the previous month, bringing the average price to $1,013,600. Condos in particular saw a notable price increase of 1.2%.

These nuanced shifts in the real estate landscapes of Greater Vancouver and the Fraser Valley highlight the dynamic nature of the housing market, influenced by a combination of economic factors and buyer sentiment. 

Data Source: 

GVR-Stats-Package-April-2024.pdf (hubspotusercontent-na1.net) ,

Statistics Package 2024-04 - Fraser Valley (hubspotusercontent-na1.net)