Greater Vancouver Area

My post contentIn May 2024, the average home price in Greater Vancouver reached $1,348,624, reflecting a 2.9% annual increase and a 3.5% rise from the previous month. Breaking down by property types, the average sale prices were $2,225,682 for detached houses, $1,252,755 for attached houses, and $831,545 for apartments. Compared to April 2024, these figures represent changes of 2%, -1.4%, and 2.6%, respectively, while on an annual basis, they increased by 2.9%, 1.2%, and 1%.

The benchmark home prices in Metro Vancouver for May 2024 offer a comprehensive view of the market's performance. The benchmark home price stood at $1,212,000, marking a 0.5% monthly increase and a 2.3% rise year-over-year. Detached houses in Vancouver exhibited significant growth, with a robust 5.9% annual increase and a 1.3% monthly rise, bringing the benchmark price to $2,062,600 in May 2024. The benchmark price for attached homes climbed by 5.2% annually to $1,145,500, accompanied by a 0.9% monthly increase. Apartments saw a 2.2% year-over-year rise in benchmark prices, reaching $776,200, despite a slight 0.3% decline from the previous month.

Vancouver's real estate market was particularly active in May 2024, with a total of 2,733 home sales. This total includes 846 detached homes, 1,338 apartments, and 523 attached homes, highlighting a high level of market activity and a promising investment landscape.

Moreover, the number of active listings in Metro Vancouver reached 13,600 by the end of May 2024, a substantial 46% increase from the previous year and an 8.9% rise from the previous month. These figures, notably higher than the long-term average, underscore the thriving and dynamic nature of Vancouver's real estate market. The increase in inventory, coupled with robust sales figures, indicates a healthy market environment, offering a range of opportunities for buyers and investors alike.