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Highlights of Dexter’s March 2024 report• 5% fewer homes sold in Greater Vancouvercompared to March 2023• 15% more homes were listed for sale compared toMarch 2023• Spring Break turned into a real estate break• Burnaby North sees a surge in new condo listingsSpring break took some of the life out of the realestate market this year, especially with Easteron the end. At the mid-point of the month, therewere 3,000 new listings which was on target tobring on 6,000 for the first time since the springof 2022. With only 5,112 at the end of March, itappears a break was indeed what many took.That 6,000 number could come in April thoughas this pent-up real estate market continues tosimmer with many waiting to act. Buyers werealso more absent in the last half as the monthfinished with 2,415 sales – down from the 2,535sales in March 2023. At the mid-point of March,there were 1,300 sales, the last half decline wasevident in the final numbers. Expect buyers andsellers to get back to the market with moreurgency with April upon us.

The wait continues for the next Bank of Canadaannouncement on April 10th which will yield nochanges to their rate which affects variable ratemortgages. It will be the tone of theannouncement that will play into how themarket reacts. With June or July being the firstpotential rate cut according to manyeconomists, the tone from the Bank of Canadawill continue to be the most important part of theannouncements. Economic data on inflationand the health of the economy play into theBank of Canada’s decision on changes to theirrate. Signs had been pointing to a rate cutsooner rather than later but with the CanadianGDP showing stronger numbers in February,that may not rush a decision to lower rates.With revised inflation and economic forecastscoming at the April meeting, we’ll get a bettersense of when rates will start to come down.On April 16 the federal government will releasetheir annual budget. What housing initiatives willcome with that budget this year? The LiberalGovernment has already come out talking aboutlaunching a renter’s bill of rights. With housingcontinually on the minds of government rightnow and without any recent government

policies showing any ability to tame the market,it will be interesting to see if anything elsecomes from this budget. The provincialgovernment announced its much talked aboutanti-flipping tax during their budget this year asgovernments continue their assault on demand.And this week, the NDP government in B.C.strengthened restrictions on landlord use ofproperty evictions. With more than one millionpeople coming to Canada in each of the lasttwo years, supply is where the focus needs tobe. With recent reports stating that 741,000 newhomes are needed each year through 2030,and with just 223,000 housing starts in 2023,recent government policy only serves todecrease supply and limit investor involvement.And without that capital, less homes will be builtfor renters and owners.There were 2,415 properties sold in GreaterVancouver in March after seeing 2,070properties sold in February, and 1,427properties sold in January this year. This was a5% decrease from the 2,535 properties sold lastyear in March. After the first quarter of 2024,sales are up 9.7% compared to the first 3months of 2023. With Easter at the end of

spring break this year, the effects from theschool break were felt to a greater degree. Bothsales and new listings fell back after mid-monthwith buyers and sellers focussed on otherthings. Since the middle of February, thenumber of sales per day have been consistentrising from 116 in the latter half of February to120 per day in March. Albeit not quite theincrease you’d expect in a spring market.With March sales down from last year, thistranslated into sales being 30% below the10-year-average after they were 23% below the10-year-average in February, and 22% belowthe 10-year average in January. With demandstill showing signs of waiting for rate changes inbuyers’ favour, activity levels are on the lowerside still. While multiple offers are occurring inthe marketplace, it’s very much dependent onhow many are listed around it, where theproperty is and how it is priced. Detachedhomes and townhomes are the most popularand shortest in supply, so it’s not surprising tosee multiple offers occurring more so with thosesegments. April could see more buyers focuson the market with spring break and Easter out

of the way, and a closer path to interest ratescoming down – if the economy cooperates.With the increased sales in March compared tothe previous month, we saw a drop to 4 monthssupply of homes overall in Greater Vancouver,falling from 5 months in February and 6 monthsin January. Technically this makes it a seller’smarket – although we’ve seen this act before.Low inventories create an illusion of a trueseller’s markets, but not for all properties. Thiscould change if we see significantly morelistings come on the market in April with therebeing nearly 2,000 more active listings nowcompared to a year ago. Vancouver’s WestSide stayed at 6 months supply andVancouver’s East Side stayed at 4 months (atechnical seller’s market) even with a surge inlistings over the last year. The growth in newlistings year-over-year was slower in Vancouverwith sales near the same levels as March 2023(although detached sales on Vancouver’s WestSide were down 31% year-over-year and down3% month-over-month). North Vancouvercontinues at 3 months supply with itsperpetually low inventory, and Burnaby remainsat 3 months, except in Burnaby North where 5

months supply is available because of over 100new listings for brand new and recentlycompleted condos at Lougheed Mall andaround Brentwood. Port Moody finished withnearly half the sales of March 2023 andbumped up to 4 months supply while PortCoquitlam had more sales and fewer newlistings leaving that municipality with 2 monthssupply.Even though it felt like more homes werecoming on the market, there were only 5,112new listings in Greater Vancouver. This wasabove last year’s total of 4,427 new listings,producing another consecutive month ofyear-over-year increase in new listings. Afterthe first quarter in 2024, total new listings are20% more than the first quarter of 2023. That ishelping to add to the active listing count.The number of new listings in March were 9%below the 10-year average after February wasright at the 10-year average, taking us back tothe previous few months which saw the level ofnew listings below the average. Whether springbreak or playing the waiting game, some sellersjust as much as buyers are holding off.

There were 10,552 active listings in GreaterVancouver at month end, compared to the9,634 actives at the end of February and 8,633active listings at the end of January. The countof active listings is up year-over-year though,with there being nearly 2,000 more at the end ofMarch compared to 8,617 at the end of March2023. The detached market overall has comedown to 5.5 months supply from 6 in Februaryand 8 in January, keeping it in a balancedmarket. Townhomes have dropped down to 3months supply from 4 with and condos stayedat 4 months supply - keeping both in seller’smarket conditions. Even with the elevatedsupply for detached properties, year-over-yearHouse Price Index was up 7.4%, compared with5.0% for townhouses and 5.7% for condos.Land continues to be the best investment.Depending on price point and area though,some may be more in balanced marketconditions. Absorption rates for detached wereup to 44% from 39% for the month whiletownhouses and condos were 53% and 48%from the previous month at 48% and 47%respectively. All segments saw lower absorption

rates compared to last year in March, becauseof the increase in new listings this month andhence the subsequent rise in total activelistings.April is shaping up to be a bell weather month.With listing inventory ready to take off – 1,235new listings within the first two days of Aprilalready, and buyers circling while waiting for theright time to jump in the market, it couldproduce a healthier pace of sales that seesbuyers and sellers win. With limited inventoryover the last 10 years, prices haven’t faced thedownward pressure that would be expectedwith the slower pace of the market. The realestate market in Metro Vancouver has a longway to go to get to balance, but every listinghelps. And with each new listings, comesanother opportunity for the many buyers thatare waiting.

Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in Marchwere 2,415 - up from 2,070 (17%) in February,up from 1,427 (69%) in January, down from2,535 (5%) in March 2023, down from 4,505(46%) in March 2022, down from 5,843 (59%) inMarch 2021, down from 2,562 (6%) in March2020, up from 1,745 (38%) in March 2019;Active Listings were at 10,552 at month endcompared to 8,617 at that time last year and9,634 at the end of February; New Listings inMarch were up 10% compared to February2024, up 15% compared to March 2023, down25% compared to March 2022, down 40%compared to March 2021, up 13% compared toMarch 2020, and up 1% compared to March2019. Month’s supply of total residential listingsis down to 4 month’s supply (seller’s marketconditions) and sales to listings ratio of 47%compared to 45% in February 2024, 57% inMarch 2023, and 65% in March 2022.Month-over-month, the house price index is up1.1% and in the last 6 months down 0.6%.

Vancouver Westside: Total Units Sold inMarch were 424 - up from 374 (13%) inFebruary, up from 245 (73%) in January, downfrom 449 (6%) in March 2023, down from 800(47%) in March 2022, down from 883 (52%) inMarch 2021, down from 467 (9%) in March2020, up from 333 (27%) in March 2019; ActiveListings were at 2,342 at month end comparedto 1,977 at that time last year and 2,148 at theend of February; New Listings in March were up4% compared to February 2024, up 5%compared to March 2023, down 28% comparedto March 2022, down 34% compared to March2021, up 15% compared to March 2020, anddown 2% compared to March 2019. Month’ssupply of total residential listings is steady at 4month’s supply (balanced market conditions)and sales to listings ratio of 44% compared to40% in February 2024, 49% in March 2023, and59% in March 2022.Sales for townhouses are up 34%year-over-year, while condo sales are down 3%.Month-over-month, the house price index isdown 0.1% and in the last 6 months down0.9%.

Vancouver East Side: Total Units Sold inMarch were 285 - up from 249 (14%) inFebruary, up from 164 (74%) in January, downfrom 287 (1%) in March 2023, down from 497(43%) in March 2022, down from 661 (57%) inMarch 2021, down from 297 (4%) in March2020, up from 174 (64%) in March 2019; ActiveListings were at 1,198 at month end comparedto 899 (up 33%) at that time last year and 1,109at the end of February; New Listings in Marchwere up 9% compared to February 2024, up30% compared to March 2023, down 23%compared to March 2022, down 41% comparedto March 2021, up 29% compared to March2020, and up 17% compared to March 2019.Month’s supply of total residential listings issteady 4 month’s supply (seller’s marketconditions) and sales to listings ratio of 48%compared to 46% in February 2024, 62% inMarch 2023, and 68% in March 2022.Month-over-month, the house price index is up1.2% and in the last 6 months down 1.5%.

North Vancouver: Total Units Sold in Marchwere 187 - up from 163 (15%) in February, upfrom 117 (60%) in January, down from 215(13%) in March 2023, down from 345 (46%) inMarch 2022, down from 470 (60%) in March2021, down from 204 (8%) in March 2020, upfrom 165 (13%) in March 2019; Active Listingswere at 523 at month end compared to 479 atthat time last year and 489 at the end ofFebruary; New Listings in March were down 3%compared to February 2024, down 10%compared to March 2023, down 32% comparedto March 2022, down 53% compared to March2021, down 7% compared to March 2020, anddown 15% compared to March 2019. Month’ssupply of total residential listings is steady at 3month’s supply (seller’s market conditions) andsales to listings ratio of 56% compared to 48%in February 2024, 58% in March 2023, and 71%in March 2022.Detached new listings were down 26%year-over-year, with townhomes and condos at2 months supply. Month-over-month, the houseprice index is up 1.7% and in the last 6 monthsup 0.4%.

West Vancouver: Total Units Sold in Marchwere 53 - down from 56 (5%) in February, upfrom 23 (130%) in January, down from 64 (17%)in March 2023, down from 87 (39%) in March2022, down from 148 (64%) in March 2021,down from 56 (5%) in March 2020, up from 34(56%) in March 2019; Active Listings were at560 at month end compared to 463 at that timelast year and 526 at the end of February; NewListings in March were up 10% compared toFebruary 2024, up 15% compared to March2023, up 2% compared to March 2022, down36% compared to March 2021, up 12%compared to March 2020, and up 12%compared to March 2019. Month’s supply oftotal residential listings is up to 11 month’ssupply (buyer’s market conditions) and sales tolistings ratio of 28% compared to 33% inFebruary 2024, 39% in March 2023, and 47% inMarch 2022.Month-over-month, the house price index is up2.3% and in the last 6 months down 3.9%.

Richmond: Total Units Sold in March were 279- up from 231 (21%) in February, up from 161(73%) in January, down from 352 (21%) inMarch 2023, down from 557 (50%) in March2022, down from 768 (64%) in March 2021,down from 337 (17%) in March 2020, up from178 (44%) in March 2019; Active Listings wereat 1,166 at month end compared to 1,049 atthat time last year and 1,088 at the end ofFebruary; New Listings in March were up 19%compared to February 2024, up 16% comparedto March 2023, down 38% compared to March2022, down 49% compared to March 2021, up6% compared to March 2020, and down 18%compared to March 2019. Month’s supply oftotal residential listings is down to 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 50% compared to 50% inFebruary 2024, 74% in March 2023, and 63% inMarch 2022.Townhomes are down to 3 month’s supply withnew listings for that segment down 14%year-over-year. Slow growth in active listings inthis municipality. Month-over-month, the houseprice index is up 1.6% and in the last 6 monthsdown 0.6%.

Burnaby East: Total Units Sold in March were32 - up from 25 (28%) in February, up from 17(88%) in January, up from 20 (60%) in March2023, down from 56 (43%) in March 2022,down from 70 (54%) in March 2021, up from 27(19%) in March 2020, up from 17 (88%) inMarch 2019; Active Listings were at 101 atmonth end compared to 85 at that time last yearand 94 at the end of February; New Listings inMarch were down 12% compared to February2024, up 13% compared to March 2023, down21% compared to March 2022, down 48%compared to March 2021, up 10% compared toMarch 2020, and up 4% compared to March2019. Month’s supply of total residential listingsis down to 3 month’s supply (seller’s marketconditions) and sales to listings ratio of 60%compared to 42% in February 2024, 43% inMarch 2023, and 84% in March 2022.Condo sales double year-over-year with activelistings totals down from February leaving 2months supply. Month-over-month, the houseprice index is up 3.6% and in the last 6 monthsup 2.2%.

Burnaby North: Total Units Sold in March were109 - down from 121 (10%) in February, upfrom 88 (23%) in January, down from 169 (36%)in March 2023, down from 257 (58%) in March2022, down from 335 (67%) in March 2021,down from 130 (16%) in March 2020, up from77 (42%) in March 2019; Active Listings were at535 at month end compared to 388 at that timelast year and 447 at the end of February; NewListings in March were up 22% compared toFebruary 2024, up 28% compared to March2023, down 14% compared to March 2022,down 32% compared to March 2021, up 37%compared to March 2020, and up 36%compared to March 2019. Month’s supply oftotal residential listings is up to 5 month’ssupply (balanced market conditions) and salesto listings ratio of 36% compared to 49% inFebruary 2024, 73% in March 2023, and 65% inMarch 2022.Sales are down year-over-year andmonth-over-month, with condo active listings up58% year-over-year. City of development!Month-over-month, the house price index is up1.3% and in the last 6 months up 0.1%.

Burnaby South: Total Units Sold in March were142 - up from 109 (30%) in February, up from102 (39%) in January, up from 130 (9%) inMarch 2023, down from 213 (33%) in March2022, down from 325 (56%) in March 2021,down from 143 (1%) in March 2020, up from 97(46%) in March 2019; Active Listings were at446 at month end compared to 408 at that timelast year and 425 at the end of February; NewListings in March were up 17% compared toFebruary 2024, up 3% compared to March2023, down 32% compared to March 2022,down 47% compared to March 2021, up 11%compared to March 2020, and down 16%compared to March 2019. Month’s supply oftotal residential listings is down to 3 month’ssupply (seller’s market conditions) and sales tolistings ratio of 58% compared to 52% inFebruary 2024, 55% in March 2023, and 59% inMarch 2022.Month-over-month, the house price index is up0.8% and in the last 6 months down 0.4%.

New Westminster: Total Units Sold in Marchwere 108 - up from 79 (37%) in February, upfrom 54 (100%) in January, down from 204(47%) in March 2023, down from 204 (47%) inMarch 2022, down from 245 (57%) in March2021, down from 118 (8%) in March 2020, upfrom 81 (33%) in March 2019; Active Listingswere at 350 at month end compared to 229 atthat time last year and 300 at the end ofFebruary; New Listings in March were up 11%compared to February 2024, up 50% comparedto March 2023, down 18% compared to March2022, down 37% compared to March 2021, up7% compared to March 2020, and up 4%compared to March 2019. Month’s supply oftotal residential listings is down to 3 month’ssupply (seller’s market conditions) and sales tolistings ratio of 51% compared to 41% inFebruary 2024, 68% in March 2023, and 79% inMarch 2022.Active listings up 52% year-over-year, withsales up over last month and March 2023.Month-over-month, the house price index is up3.4% and in the last 6 months up 0.9%.

Coquitlam: Total Units Sold in March were 235 -up from 189 (24%) in February, up from 112(110%) in January, up from 196 (20%) in March2023, down from 400 (41%) in March 2022, downfrom 462 (49%) in March 2021, down from 202(16%) in March 2020, up from 142 (65%) in March2019; Active Listings were at 683 at month endcompared to 473 at that time last year and 599 atthe end of February; New Listings in March wereup 15% compared to February 2024, up 39%compared to March 2023, down 30% compared toMarch 2022, down 32% compared to March 2021,up 9% compared to March 2020, and up 3%compared to March 2019. Month’s supply of totalresidential listings is steady at 3 month’s supply(seller’s market conditions) and sales to listingsratio of 55% compared to 51% in February 2024,64% in March 2023, and 66% in March 2022.Sales up year-over-year and month-over-month,with condo new listings up 47% to last year andtownhomes new listings up 88%. Over half thecondo actives are new or near new. Opportunitiesin this market. Month-over-month, the house priceindex is up 0.5% and in the last 6 months down0.1%.

Port Moody: Total Units Sold in March were 45- down from 46 (2%) in February, up from 31(45%) in January, down from 80 (44%) in March2023, down from 107 (58%) in March 2022,down from 134 (66%) in March 2021, downfrom 54 (17%) in March 2020, up from 38 (18%)in March 2019; Active Listings were at 160 atmonth end compared to 178 at that time lastyear and 131 at the end of February; NewListings in March were up 30% compared toFebruary 2024, down 8% compared to March2023, down 28% compared to March 2022,down 42% compared to March 2021, up 1%compared to March 2020, and up 11%compared to March 2019. Month’s supply oftotal residential listings is up to 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 43% compared to 57% inFebruary 2024, 70% in March 2023, and 71% inMarch 2022.Condo sales down the most in this marketcompared to 2023. Month-over-month, thehouse price index is up 0.5% and in the last 6months down 1.5%.

Port Coquitlam: Total Units Sold in March were89 - up from 64 (39%) in February, up from 43(107%) in January, up from 69 (29%) in March2023, down from 141 (37%) in March 2022,down from 205 (57%) in March 2021, downfrom 96 (7%) in March 2020, up from 59 (51%)in March 2019; Active Listings were at 213 atmonth end compared to 160 at that time lastyear and 198 at the end of February; NewListings in March were down 6% compared toFebruary 2024, up 10% compared to March2023, down 33% compared to March 2022,down 56% compared to March 2021, down 1%compared to March 2020, and down 17%compared to March 2019. Month’s supply oftotal residential listings is down to 2 month’ssupply (seller’s market conditions) and sales tolistings ratio of 64% compared to 43% inFebruary 2024, 54% in March 2023, and 67% inMarch 2022.Townhome and condo sales are up significantlyfrom March 2023 with few condo actives listingsavailable year-over-year. Month-over-month,the house price index is down 0.4% and in thelast 6 months down 0.6%.

Pitt Meadows: Total Units Sold in March were29 - up from 23 (26%) in February, up from 20(45%) in January, up from 28 (4%) in March2023, down from 55 (47%) in March 2022,down from 53 (45%) in March 2021, down from35 (17%) in March 2020, up from 24 (21%) inMarch 2019; Active Listings were at 66 atmonth end compared to 69 at that time last yearand 64 at the end of February; New Listings inMarch were down 7% compared to February2024, down 2% compared to March 2023, down48% compared to March 2022, down 46%compared to March 2021, down 36% comparedto March 2020, and down 24% compared toMarch 2019. Month’s supply of total residentiallistings is down to 2 month’s supply (seller’smarket conditions) and sales to listings ratio of69% compared to 51% in February 2024, 65%in March 2023, and 67% in March 2022.Month-over-month, the house price index is up3.1% and in the last 6 months up 2.8%.

Maple Ridge: Total Units Sold in March were187 - up from 145 (29%) in February, up from106 (76%) in January, up from 149 (26%) inMarch 2023, down from 264 (29%) in March2022, down from 437 (64%) in March 2021, upfrom 170 (10%) in March 2020, up from 116(61%) in March 2019; Active Listings were at714 at month end compared to 495 at that timelast year and 678 at the end of February; NewListings in March were down 7% compared toFebruary 2024, up 42% compared to March2023, down 15% compared to March 2022,down 32% compared to March 2021, up 25%compared to March 2020, and up 46%compared to March 2019. Month’s supply oftotal residential listings is down to 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 50% compared to 36% inFebruary 2024, 54% in March 2023, and 60% inMarch 2022.Month-over-month, the house price index is up1.6% and in the last 6 months down 1.6%.

Ladner: Total Units Sold in March were 30 - upfrom 23 (30%) in February, up from 21 (43%) inJanuary, down from 38 (21%) in March 2023,down from 46 (35%) in March 2022, down from104 (71%) in March 2021, down from 32 (6%) inMarch 2020, up from 25 (20%) in March 2019;Active Listings were at 90 at month endcompared to 100 at that time last year and 82 atthe end of February; New Listings in Marchwere up 43% compared to February 2024,down 23% compared to March 2023, down 27%compared to March 2022, down 60% comparedto March 2021, up 21% compared to March2020, and down 31% compared to March 2019.Month’s supply of total residential listings isdown to 3 month’s supply (seller’s marketconditions) and sales to listings ratio of 57%compared to 62% in February 2024, 55% inMarch 2023, and 63% in March 2022.Month-over-month, the house price index is up3.4% and in the last 6 months down 1.7%.

Tsawwassen: Total Units Sold in March were34 - down from 38 (11%) in February, up from24 (42%) in January, down from 35 (3%) inMarch 2023, down from 78 (56%) in March2022, down from 106 (68%) in March 2021,down from 39 (13%) in March 2020, up from 15(127%) in March 2019; Active Listings were at172 at month end compared to 169 at that timelast year and 156 at the end of February; NewListings in March were down 5% compared toFebruary 2024, down 13% compared to March2023, down 25% compared to March 2022,down 49% compared to March 2021, down 5%compared to March 2020, and down 16%compared to March 2019. Month’s supply oftotal residential listings is up to 5 month’ssupply (balanced market conditions) and salesto listings ratio of 48% compared to 51% inFebruary 2024, 43% in March 2023, and 82% inMarch 2022.Month-over-month, the house price index is up3.3% and in the last 6 months down 0.7%.

Fraser Valley: Sales in March were up 13.0%,compared to February and were down 10.0%from March 2023. New listings were up 6.8%from February and up 16.7% from March 2023.The average price was up 4.5%month-over-month and is up 9.2%year-over-year. Active listings were up 11.4% to6,197 from 5,561 last month and up 36.7% fromMarch 2023 which was at 4,533. Active listingscontinue to be on the rise after being at a low of1,735 in December 2021. Month-over-month,the house price index is up 1.3% and in the last6 months down 2.0%.“With inventory building, buyers now have moreopportunities in both the detached and attachedmarkets compared to one year ago,” said JeffChadha, Chair of the Fraser Valley Real EstateBoard. “However, despite increased options,some buyers may still be waiting on thesidelines for the financing landscape to furthersettle before they feel comfortable getting backinto the market.”

Download March Sales and ListingsStatistics All RegionalDownload March Sales and ListingsStatistics Houses TownhousesCondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? we'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.