In May, the number of transactions on the Multiple Listing Service® (MLS®) in Metro Vancouver decreased compared to the usual levels for this time of year. This decline has led to an accumulation of homes for sale, with over 13,000 properties now actively listed on the MLS® in the region

Detached Home Sales- In May 2024, sales of detached homes reached 846, an 18.9% decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is now $2,062,600, representing a 5.9% increase from May 2023 and a 1.3% increase compared to April 2024.

Apartment Home Sales- In May 2024, sales of apartment homes reached 1,338, marking a 22.7% decrease compared to the 1,730 sales in May 2023. The benchmark price for an apartment home is $776,200, which represents a 2.2% increase from May 2023 and a 0.3% decrease compared to April 2024.

Attached Home Sales- In May 2024, attached home sales totaled 523, a 14% decrease compared to the 608 sales in May 2023. The benchmark price for a townhouse is $1,145,600, which represents a 5.2% increase from May 2023 and a 0.9% increase compared to April 2024.

Market trends now shifting toward more balanced conditions as new listings outpace sales, the price growth expected to be slower in the coming months. With increasing inventory levels and weakening demand, buyers who have been waiting for an opportunity might find more favorable conditions this summer, even if borrowing costs remain high.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets discuss all the available options. 

Please contact us today at 604-442-9422

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 through 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. 

MEET TEAM MEMBERS

Listings  | Selling a Home  | Home Evaluation  | Moving to BC  | Investors 

Market Statistics  | Customized Market Insights