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METRO VANCOUVER HOUSING MARKET HIGHLIGHTS | APRIL 2024

MARKET UPDATE: Inventory Reaches Highest Level Since the Pandemic Summer of 2020

Source: GVR

Actively listed homes for sale on the MLS® in Metro Vancouver¹ continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.

Greater Vancouver REALTORS® (GVR)² reports that residential sales³ in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”

Andrew Lis, REBGV director of economics and data analytics

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.

This was 25.8 per cent above the 10-year seasonal average (5,637).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).

This is 16.7 per cent above the 10-year seasonal average (10,704).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said.

“The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.

Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.

Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.

Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse3 is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.

¹ Areas covered by the Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

² On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.

³ In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by GVR in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

CLICK HERE – Full GVR April 2024 Housing Market Update

Vancouver BC – May 2, 2024

Have a look at the GVR April 2024 Market Update Insights!

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Metrotown Mall’s Owner Proposes Construction of 15 Highrises on Site

Historic Proposal: First Residential Towers Planned for Metropolis at Metrotown Site

Source: Vancouver Sun, Burnaby Now

Get Ready for Expansion: Metrotown Set to Grow Significantly!

Proposal of the full buildout for the Metropolis at Metrotown master plan in Burnaby.Ivanhoé Cambridge

Exciting plans have been unveiled by Ivanhoe Cambridge, the owner of Burnaby’s prominent shopping center, revealing a proposal to erect 15 towering structures on its sprawling 35-acre site by 2054.

Map of Metrotown mall: Phase 1 (2025-2054) of the master plan development highlighted in pink. By Ivanhoé Cambridge

Maxime Allaire, Director of Asset Management Retail at Ivanhoe Cambridge, shared insights into the initial phase, stating, “We’re envisioning 12,000 units across the 15 towers, with 2,000 units earmarked for Burnaby’s inclusionary rental program, ensuring affordability for residents. We anticipate accommodating approximately 20,000 individuals in these residences.”

This groundbreaking initiative marks the inception of the first residential towers on the actual Metropolis at Metrotown site, distinguishing it from surrounding developments constructed by different entities.

While the master plan undergoes refinement in collaboration with the City of Burnaby, Ivanhoe Cambridge has launched a new public engagement platform to solicit feedback on their vision.

Proposed landscape plan for the Metropolis at Metrotown master plan in Burnaby.Ivanhoé Cambridge

“Allaire emphasized, “This master plan establishes our vision for the site, aligning with the city’s downtown plan. However, we’re yet to proceed to the construction phase, awaiting further permits.”

Although specifics regarding tower heights are absent from the online presentation, renderings suggest structures potentially exceeding 60 stories.

Nonetheless, it’s crucial to note that these plans remain conceptual, pending approval and detailed design.

“Allaire clarified, “While the renderings provide a glimpse of our aspirations, discussions with the city are ongoing to refine the proposal.”

Situated between Kingsway, Central Boulevard, Station Street, and Bonsor Avenue, the Metropolis at Metrotown Mall anchors the area, with the new towers slated for construction across seven distinct parcels within the property’s northwest, southwest, southeast, and eastern regions over the next three decades.

The final phase of the redevelopment project will encompass the transformation of the mall itself post-2054, coinciding with the expiration of leases held by key anchor tenants.

During this transitional period, Metrotown will maintain its operational status, welcoming over 20 million visitors annually to explore its array of 341 stores and eateries.

Julie Bourgon, Ivanhoe Cambridge’s Head of Retail, emphasized the mall’s integral role within the community, stating, “Metrotown serves as a hub where individuals converge to shop, socialize, and seek refuge from inclement weather. Our commitment is to uphold these community-centric features.”

In 2017, Burnaby unveiled a comprehensive plan designating Metrotown as the city’s official downtown. Aligning with the Metro Vancouver Regional Growth Strategy, which aims to accommodate an additional 125,000 residents by 2041, Burnaby’s plan positions Metrotown as a focal point for future urban expansion, although specific population targets for the area remain unspecified.

Ivanhoe Cambridge’s development blueprint, as outlined in its online presentation, aims to cultivate a dynamic nucleus of economic vitality, amenities, and public spaces, underpinned by five core values: vibrant retail, access to nature, environmental and social sustainability, embracing the arts, and fostering connections.

Central to the development’s design is an enhanced pedestrian network, fostering a pedestrian-friendly downtown ambiance. The integration of interconnected plazas, green spaces, and four gateway entrances along Kingsway and Central Boulevard will enrich the urban experience.

Central Boulevard’s streetscape in the Metropolis at Metrotown master plan for Burnaby.Ivanhoé Cambridge

Additionally, the plan incorporates the creation of a neighborhood park along Sussex Avenue, enhancing the area’s livability and fostering community engagement.

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