Vancouver real estate market update- May 2024
- Barton Lui
- May 9, 2024
- 2 min read
Benchmark price increased slightly
According to the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver. Property prices have increased by 0.8% when compared to March 2024. However, as you all may know, this number doesn’t mean much as different neighbourhoods and property types have different pricing. Please reach out if you have a specific area you would like to explore. Below are just some neighbourhood-specific data I have compiled for you.
Neighbourhood specific data
This section is broken down into three different property types stating out the median sold price.
Apartment Median Sold Price (M-M change)
City of Vancouver: $794,750. (- 0.22%)
Burnaby: $755,000. (+ 1.28%.)
New Westminster: $626,000. (- 2.95%)
Richmond: $690,000 (- 6.23%)
City of Surrey: $550,000 (- 0.63%)
Coquitlam: $ 675,000 (- 4.93%)
Townhouse Median Sold Price (M-M change)
City of Vancouver: $1.55m (- 2.21%)
Burnaby: $1.088m (+ 12.16%)
New Westminster: $1.07m (- 8.41%)
Richmond: $1.16m (- 2.86%)
City of Surrey: $893k (+ 0.68%)
Coquitlam: $1.19m (+ 3.4%)
Detached home Median Sold Price (M-M change)
City of Vancouver: $2.34m (- 5.26%)
Burnaby: $2.21m (No change)
New Westminster: $1.66m (+ 4.14%)
Richmond: $2.06m (- 1.72%)
City of Surrey: $1.565 (- 0.95%)
Coquitlam: $1.82m ( -2%)
*Compared to March 2024
Key findings:
Richmond buyers are actively searching for townhouses while the median price for apartments went down. But make no mistake, the Richmond condo market is still very active with the sales count going up 26.6% month to month. Entry-level condos in great areas are selling like hotcakes. In April, we had 607 listings on the market while last year April only had 478 apartments listed for sale.
The City of Vancouver experienced a slight drop in median price across all property types. Detached home sales went up 59.76% Y-O-Y. We last had that many detached home sales (207 properties sold) in May 2023. Despite the higher interest rate environment, single-family house buyers can’t wait to move.
Are you looking for a place to invest and do you have cash? Buy land. Buy as far west and as large as you can. You can’t go wrong because you can’t produce more land.
Burnaby Metrotown apartment sales went down from 66 sold in March to 51 in April 2024 but the median sold price went up 10.96% in that area. This suggests that even though fewer transactions occurred, the sales were concentrated in higher-priced segments of the market (2-bedroom larger units), pushing prices up. Expect more competition when shopping for higher-priced properties.
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