April 2024 Real Estate Statistics across Canada

Every month I look at these statistics with the intention of educating myself so I can help my clients to make better decisions. Unfortunately, these stats can only show me what already happened, based on solid data. There’s no crystal ball that can predict the near future. Please have a read and draw your own conclusions on what you think will happen in the next little while. I have summarized the main points from each region that I view as relevant. Full reports are also available under each city. Enjoy!   

Victoria

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.

FULL REPORT HERE

Vancouver

Inventory reaches highest level since the pandemic summer of 2020
Actively listed homes for sale on the MLS® in Metro Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023. This was 25.8 per cent above the 10-year seasonal average (5,637).

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over month,” Lis said.

The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.
The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.
The benchmark price of a townhouses is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.
FULL REPORT HERE

Calgary

Price growth persists in Calgary as seller's market prevails
“While supply levels are still declining, much of the decline has been driven by lower-priced homes," said Ann-Marie Lurie, Chief Economist at CREB®. “Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”

With a sales-to-new-listings ratio of 83 per cent and a months of supply of less than one month, conditions continue to favour the seller, driving further price gains in the market. In April, the unadjusted total residential benchmark price reached $603,700, a one per cent gain over last month and nearly 10 per cent higher than last year's levels. Price gains occurred across all property types and districts of the city. The strongest price growth occurred in the more affordable districts of the city. 

Detached homes:
Adjustments in sales and inventory levels caused the months of supply to fall further this month. The less than one-month supply reflects a market favouring the seller, driving further price growth.
In April, the unadjusted benchmark price reached $749,000, over one per cent higher than last month and 13 per cent higher than April 2023 levels. Year-over-year gains were the highest in the city's most affordable districts.

Semi-Detached:
The persistently tight market conditions have caused further price gains. In April, the unadjusted benchmark price reached $668,400, nearly two per cent higher than last month and 13 per cent higher than levels reported last year. Year-over-year price gains ranged from a high of 23 per cent in the East district to a low of 10 per cent in the City Centre. 

Row:
The persistently tight conditions, especially in the lower price ranges, are driving further price growth for row homes. In April, the unadjusted benchmark price reached $458,100, two per cent higher than last month and 20 per cent higher than levels reported last year. Both monthly and year-over-year gains were the highest in the most affordable districts of the North East and East, where resale row homes are still priced below $400,000. 

Apartments:
Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000. Overall, persistent sellers’ market conditions in the lower price ranges are driving further price growth. In April, the unadjusted benchmark price reached $346,200 a month, a gain of over two per cent and nearly 18 per cent higher than last April. Year-over-year price growth ranged from over 30 per cent in the North East and East districts to a low of 13 per cent in the City Centre.

FULL REPORT HERE

Toronto

April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.
“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.

The average price of a detached home in the area code (416) is $1,822,244. Semi-detached: $1,365,061. Townhouse $1,010,632. Condo:$766,917.

FULL REPORT HERE

Nanaimo

“Sales are up from March, and REALTORS® are showing a lot of homes,” says Yochim. “Listings have also had a healthy boost, which is positive news, and sellers are responding to changing market conditions with price adjustments.” Yochim adds that Vancouver Island has experienced chronically low inventory for several years, so additional listings benefit buyers and sellers. “More inventory means more choices for buyers, but sellers also need somewhere to go when their home is purchased,” says Yochim. “Additional listings are a win-win for everyone.”

In Campbell River, the benchmark price of a single-family home was $678,800 last month, up seven per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by nine per cent to $857,300. In the Cowichan Valley, the benchmark price was $772,300, a four per cent increase from April 2023. Nanaimo’s year-over-year benchmark price rose by five per cent to reach $799,300, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $885,000. The cost of a benchmark single-family home in Port Alberni was $531,400, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by two per cent to $413,300.

FULL REPORT HERE

Quadra Island Real Estate:

April was a busy month Quadra Island, with 5 new listings, 2 pending, 1 sold.

Current Listings on Quadra Island here

Cortes Island Real Estate:

in April Cortes saw 3 new listings, 1 pending, 1 expired. 

Current Listings on Cortes Island here

 In conclusion, I see that more inventory is already providing more options for buyers. It’s good for buyers and sellers alike because a lot of sellers will have to purchase a new property once they sell. Most people talk about housing as if it’s a commodity and to some extend it is, however it’s really a place where people live. When people can’t afford to live in their own house they will choose to sell and downgrade. Based on what i’m seeing in my day to day transactions a lot of people are selling because they need to downsize, move to a bigger city closer to hospitals. Most of my clients are watching the interest rates and hoping they will go back down. What will happen if they don’t? Are we on the verge of a buyers market? Are we going to be flooded with new listings and not enough interested buyers? What will happen to pricing if rates don’t go down? What will happen to pricing if the rates do go down? All these questions keep me up at night. Nobody truly knows but I feel like something needs to give. There’s too much tension in the market and we are way overdue for a correction. 

As we delve into the real estate market for the month of March, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

FULL REPORT HERE

Vancouver
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512). “If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totaled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

FULL REPORT HERE

Calgary
March reflects strong seller's market and price increases.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

Detached homes:
Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.
Semi-Detached:
Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.
Row:
The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000. The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.
Apartments:
Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

FULL REPORT HERE

Toronto

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.

“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer.

The average price of a detached home in the area code (416) is $1,708,437. Semi-detached: $1,300,403. Townhouse $999,771. Condo:$729,392.

FULL REPORT HERE

Nanaimo
MARCH HOUSING MARKET CALMER THAN EXPECTED
“As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”
“The VIREB area is geographically widespread, so market conditions in Nanaimo won’t be the same as in Port Alberni,” adds Yochim. “However, properties priced appropriately for their location attract the most interest and sell more quickly than overpriced homes. That’s why the knowledge a local REALTOR® brings to the table is invaluable.”
In Campbell River, the benchmark price of a single-family home was $677,500 last month, up eight per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by 10 per cent to $856,300. In the Cowichan Valley, the benchmark price was $753,200, a three per cent increase from March 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $794,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $867,300. The cost of a benchmark single-family home in Port Alberni was $528,800, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by four per cent to $407,100.

FULL REPORT HERE

Quadra Island Real Estate:

March had a busy start on Quadra Island, with 7 new listings, 3 pending, 1 sold. All prices were between $419,000 and 1,199,000, one at $6,5000,000. Out of the 11 listings 3 are over the million dollar mark. Quadra Island has currently 21 active listings.
March activity on Quadra Island here

Current Listings on Quadra Island here

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.
March activity on Cortes Island here

CORTES ISLAND REAL ESTATE LISTINGS

 In conclusion, statistics can be manipulated and don’t necessarily show the whole picture. It’s very clear that Canada’s immigration policy is flawed and our country is taking more immigrants than new housing builds. This is creating a massive shortage of housing across the whole country. With 500,000 new immigrants expected this year the demand is not going to slow down much. Let’s be realistic, rents can not continue to go up endlessly. There is a cap on tenant’s ability to pay rent. Are we nearing that cap? Based on the most current sales it clearly appears that less transactions happen. In the month of March specifically, Vancouver has seen 31% less transactions than the 10 year seasonal average. Vancouver Island Real Estate Board: Campbell River 45% decline YoY of transactions. Comox 36% Less transactions than last year. Nanaimo 11% less, Parksville 31% less, Port Alberni almost 7% less, Cowichan Valley is the only area that has seen more sales than last year with 1.72% growth. Calgary is still in a very strong seller’s market with almost 10% growth in transactions! Toronto had less transactions but it’s in single digits still. Let’s see what happens in the next couple of weeks with the start of spring market. Last year spring market had an earlier start compared to this year. Maybe we need some good weather to wake up the buyers or maybe this is how things will be this year. That remains to be seen. I can’t predict the future, but I feel that the market will be much slower this year. The key to selling your home today is to make sure the property is in good shape and priced very well, otherwise it won’t sell; just like many new listings that are coming to the market now.