February’s Real Estate Market Update for 2024
The latest numbers for Metro Vancouver are in and despite the much needed increase in new listings across all 3 property types (detached, townhomes, condos) the standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory and month over month pricing increasing by as much as 2.6%
This competitive dynamic has led to price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.
Listings are taking fewer days to sell and my guess is that a lot of buyers are trying to secure a property before interest levels drop and the housing market accelerates even faster back into a Sellers Market.
Timing the market is difficult but if you know the trends and analyze these statistics month over month you can gain some valuable insight in when might be an optimal time to Buy and or Sell.
