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Metro Vancouver Listings

Inventory reached highest level since the pandemic; summer 2020 breaching 12,000 in April 2024. The surprise for many market-watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade. April’s data continues to show prices continuing to rise across the single-family dwelling segment by 1.00 -2.00% month over month.

May 2024: Inflation pushing new housing into a recession:

The number of housing starta in Metro Vancouver are down 30% year over year. Rising interest rates are the main reason with developers now abandoning projects. As it takes years to complete a major hi-rise the dynamics clearly change over that time. (4 years ago interest rates were 2.45% and today they are 7%). Constrcution financing can be 14% and clearly dependent upon pre sales, which are flagging. Despite government funding intervention, it is having no effect on rising costs and borrowing. If a project does not make financial sense it will not be built. The government ordered 5,200 unit be built in Metro Vancouver over the last 6 months yet only 1,600 were built.