After an unseasonably hot winter market, the Greater Vancouver is beginning to show signs of cooling this spring. The median price for all property types in the Greater Vancouver has decreased from $1.04 million in February to $960K in April, but we can also see that not all property types and municipalities are being affected equally.
Detached Homes Surrey and Maple Ridge dropping by more the 10% from February to April, while Burnaby and West Vancouver have moderate increases in median price, 1.3% and 2.5% respectively. Certain communities have increased their price dramatically over the same period with New Westminster outperforming other municipalities with a 9.12% increase in median price.
Terminated Listings have increased dramatically, with 2,488 terminated listings in February to 4,256 terminated listings in April, an increase of 71% with many of these terminated listings then relisted back on the market at a lower price to attract new buyers. To better measure the true days on market for these relisted properties, we’ve aggregated the days on market for any listing that was terminated and relisted within 6 months. When comparing February to April, we’ve seen the Aggregated Days on Market increase by 144% from 9 days to 22 days. During the same period, available inventory has increased 55% from 7,487 to 11,597 active listings.
This showcases that BC is in a rapidly changing marketplace, and prices are not acting uniformly across Greater Vancouver. However, vigilant buyers are likely to find more value as inventory levels continue to rise.