In January, home sellers in Metro Vancouver were not very active. However, in February, new listings increased by 31 percent when compared to the same period last year. This resulted in a significant number of newly listed properties being available in the market. According to Greater Vancouver REALTORS® (GVR) report, there were 2,070 residential sales in the region in February 2024. This is a 13.5 percent increase from the 1,824 sales recorded in February 2023. However, this number is 23.3 percent below the 10-year seasonal average, which is 2,699.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions.”
Andrew Lis, REBGV director of economics and data analytics
In February 2024, there were 4,560 properties (detached, attached, and apartment) listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This is a 31.1% increase compared to the number of properties listed in February 2023, which was 3,478.