March 2024 Market Update
This March, benchmark sale prices increased approximately 1.1% since February 2024. This represents a slightly slower increase than the 1.9% increase seen during February 2024 – spring break vacations and Easter long weekend may be partially behind the slower price growth this month. Buyers continuing struggle with affordability coupled with an increase in active listings may also be contributing to this slightly slower rate of price growth.
Benchmark townhouse + duplex prices rose 1.7%, condo prices rose 0.9%, and detached home prices rose 1.8% since February 2024. With the Bank of Canada continuing to hold rates, 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.
The number of new listings (5,002) and number of sales (2,415) picked up during March but this is somewhat historically common as the spring market picks up speed. Despite the number of new listings increasing, inventory is still below historical levels.
At Ballard360, we worked with buyers and sellers in North Vancouver, East Vancouver, and Qualicum + Parksville on Vancouver Island.
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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