Vancouverarea sales see uptick

Real estate activity in the TriCities picked up in the first quarter of 2024 compared to the opening three months of 2023, according to data from the Greater Vancouver Realtors (GVR).

Across Coquitlam, Port Coquitlam and Port Moody/Belcarra there were a total of 851 sales, a 17 per cent bump compared to last spring. In the same timeframe, there were 1,663 new properties listed for sale, another 18 per cent bump.

The sales increase does not follow trends seen across Metro Vancouver. Andrew Lis, GVR’s director of economics and data analytics, said 2024’s start was slow compared to last year, particularly for buyers.

“Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for wellpriced and well-located properties,” Lis said.

In spring, 2023, the region was suffering from a shortage of new listings, but the number of homes put up for sale has increased nearly 23 per cent year-over-year, according to the GVR.

A total of 10,552 homes are currently listed with the organization, compared to just 8,617 in 2023. This is 6.3 per cent above the 10-year seasonal average.

In March alone, there were 5,002 total properties newly listed in Metro Vancouver, a 15.9 per cent increase compared to March, 2023, though 9.5 per cent below GVR’s 10-year seasonal average.

Last month’s regional sales, however, have slightly decreased. A total of 2,415 residential sales were recorded in March, 2024, falling 4.7 per cent from sales in 2023, and 31.2 per cent below the 10-year seasonal average.

GVR’s March sales of single family homes and apartments decreased 5.4 per cent and 7.9 per cent from last year, respectively.

Townhomes sales, however, have increased 6.2 per cent.