Posted on
April 8, 2024
by
Anna Litvak
The number of homes listed for sale on the MLS® in Metro Vancouver surged by almost 23% compared to the previous year, presenting increased opportunities for buyers in search of a new home this spring.
Detached Home Sales- In March 2024, sales of detached homes totaled 694, marking a 5.4% decline from the 734 detached sales recorded in March 2023. Concurrently, the benchmark price for a detached home stood at $2,007,900, reflecting a notable 7.4% upturn from March 2023 and a modest 1.8% increase compared to February 2024.
Apartment Home Sales- In March 2024, sales of apartment homes totaled 1,207, indicating a 7.9% decrease compared to the 1,311 sales recorded in March 2023. Meanwhile, the benchmark price of an apartment home stood at $777,500, reflecting a 5.7% increase from March 2023 and a marginal 0.9% rise compared to February 2024.
Attached Home Sales- In March 2024, sales of attached homes reached 495, marking a notable 6.2% increase compared to the 466 sales recorded in March 2023. Additionally, the benchmark price of a townhouse stood at $1,112,800, indicating a 5% escalation from March 2023 and a 1.7% increase compared to February 2024.
Even with the market showing signs of cooling compared to previous years, there are still modest month-over-month price gains ranging from one to two percent at the aggregate level. This trend is notable considering the persistently high borrowing costs. Despite expectations of one or two modest cuts to the Bank of Canada's policy rate in 2024, as indicated by the favorable direction of recent inflation numbers, these adjustments may not necessarily translate into significant improvements in affordability. Consequently, constrained borrowing power is anticipated to continue posing challenges as we transition into the summer months.
Fraser V
alley
Greater Va
ncouver
Metro Vanc
ouver
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ABOUT ANNA LITVAK JOSEPH
Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and throught the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.
With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a Medallion Club Member in 2018, 2019, 2020, 2021, 2022, and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.
Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.
About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.
Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.
BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.
BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.