February 2024 Market Update
This February, benchmark sale prices across all residential properties increased approximately 1.9% relative to January 2024 but are still slightly below the peak numbers in 2022 prior to the interest rate increases.
The number of new listings and number of sales picked up during February but this is somewhat historically common as we enter the spring market. Inventory is still limited, particularly in North Vancouver. With the Bank of Canada having held rates again, price growth seen in recent months may remain steady in the short term but could possibly pick up speed once rates begin to come down.
Townhouse and duplex prices rose 2.6%, condo prices rose 2.5%, and detached home prices rose 1.5% during the month.
This February at Ballard360, we worked with buyers and sellers in North Vancouver, West Vancouver, East Vancouver, Salt Spring Island, and Downtown Vancouver.
Do you have any questions or want to discuss real estate?
We’re happy to help, give us a call!
Mark – 604-341-3147
James – 604-360-7529
Source: The Real Estate Board of Greater Vancouver
West Vancouver
North Vancouver
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