Downtown Vancouver Condo Market Statistics



February 2024 Statistics 

While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market. 

 

Greater Vancouver Realtors® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3% below the 10-year seasonal average (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, GVR’s director of economics and data analytics said. “With new listings up about 31% year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” 

Focusing on the Downtown Vancouver condo market in February 2024, the median price has bounced back due more activity in the $3 to $5 million range and the under $900,000 market remains hot.

The under $900,000 market is selling at 24%, 79 out of 334 homes are selling, down 1% from last month. 

The $900,000 to $1,000,000 market is selling at 12%, 9 out of 77 homes are selling, up 2% from last month. 

The $1,000,000 to $1,250,000 market is selling at 23%, 20 out of 86 homes are selling, up 21% from last month. 

The $1,250,000 to $2,000,000 market is selling at 9%, 18 out of 190 homes are selling, up 1% from last month.

The $2,000,000 to $2,500,000 market is selling at 3%, 2 out of 60 homes are selling, down 6% from last month.

The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 40 homes are selling, down 8% from last month.

The $3,000,000 to $5,000,000 market is selling at 7%, 15out of 67 homes are selling, up 6% from last month.

The $5,000,000 plus market is selling at 0%, 0 out of 37 homes are selling, now change from last month.

Total unit sales in Downtown Vancouver were up 34% from last month and have increased by 16% from February 2023. 

Those who are priced correctly for this market are selling on average at a rate of 17 days which is down from 24 days last month.

The median price decreased 6% from last month, and the median price has decreased 6% from February 2023. 

The average price per square foot increased from $1,048 in January to $1,062.

Our Downtown Vancouver inventory increased by 16% from last month with 891 active listings and up 23% from February 2023. 

Sellers’ best bets still remain 1 bedroom condos in the West End. And the buyers’ best bets are units priced between $2.25 and $2.5 million. 

I hope you find this helpful, but should you have any questions please don’t hesitate to ask.

My best,

Ian

  

  

 

 

Everything You Need to Know

The Vancouver Real Estate Market Statistics are available for Downtown, Yaletown, Coal Harbour, and the West End as well as other areas are provide by Ian Watt and SnapStats™. The following is only a sample.

Monthly Market Statistics Report 

         To request last month's Market Statistics Report, please email ianwatt@ianwatt.ca.