Get ready for the most anticipated event in the real estate profession: PacificWest is back from October 1-2, and it’s bigger and better than ever!

You won’t want to miss out on this exclusive opportunity to network with top professionals and gain invaluable insights to elevate your skills and your business.

Interested? Take a look at the full schedule and register today!

Gain valuable insights

At PacificWest 2024, we’re bringing together the best and brightest minds in the real estate ecosystem and beyond to explore cutting-edge topics. Our lineup of world-class presenters covers a wide range of topics, including:

• AI and its impact on real estate
• adapting to disruption
• wellness best practices
• navigating the future of regulation
• and more!

More than a conference

PacificWest is your chance to get the latest information on our profession, build new relationships and more. And, if you’re a member of the Greater Vancouver REALTORS® or Fraser Valley Real Estate Board, attending both days of PacificWest automatically earns you six self-directed PDP hours.

Beyond our seminars and workshops, you’ll:

• get inspired by keynote speakers Duncan Wardle, former head of innovation and creativity at Disney, and Diana Kander, New York Times best-selling author,
• celebrate in style at the legendary Welcome Party, included with the price of admission,
• make connections with colleagues from across the real estate ecosystem and
• find cutting-edge products and services at the trade show.

What is PacificWest?

A collaboration between the Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, PacificWest is a real estate conference designed for professionals across the real estate ecosystem.

In its inaugural year in 2023, PacificWest drew over 1,100 attendees.

For more information on PacificWest, check out pacificwest.ca.

Last month, MLS listings in Metro Vancouver were up 42 per cent year-over-year to over 12,000, Greater Vancouver Realtors (GVR) reports. The region hasn’t seen levels like this since the summer of 2020. 

Sales in April reached 2,831, which was 3.3 per cent higher than the same time the year prior and 12.2 per cent below the 10-year seasonal average.

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics notes.

“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.” 

Number of listings

7,092 detached, attached and apartment properties were newly listed for sale in April, a 64.7 per cent increase compared to the 4,307 properties listed the April before and 25.8 per cent above the 10-year seasonal average.

At the same time, 12,491 total properties were listed for sale, a 42.1 per cent increase compared to April 2023 and 16.7 per cent above the 10-year seasonal average.

Prices climbing except for apartments

Sales-to-active listings for all property types last month was 23.5 per cent, and the benchmark price for all Metro Vancouver properties is $1,205,800, a 2.8 per cent increase from April 2023 and 0.8 per cent more than March 2024. 

“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 says.

“The one segment that didn’t see an uptick in prices in April was apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” 

Sales and prices by home type

Detached home sales reached 814, 0.7 per cent higher than April 2023. The benchmark price of a detached home is $2,040,000 — 6.3 per cent more than from April 2023 and 1.6 per cent higher than March 2024. 

Apartment home sales reached 1,416, 0.2 per cent higher than April 2023. The benchmark price of an apartment home is $776,500 — 3.2 per cent more than April 2023 and 0.1 per cent higher than March 2024. 

Attached home sales reached 580, 16 per cent higher than April 2023. The benchmark price of a townhouse is $1,127,200 — 4.3 per cent more than April 2023 and 1.3 per cent higher than March 2024.

Read the full release here.

Yesterday, the Real Estate Board of Greater Vancouver (REBGV) announced its upcoming name and brand change.

As of February 12, the organization will become Greater Vancouver Realtors (GVR) and will use this logo:

The logo’s mark depicts the community connection between properties and people that real estate makes.

Jeff King, CEO of GVR, says the organization wants to “make it easier for people to identify who we are, what we stand for and who we represent” through the new brand.

“With time and effort, we will strive to make the GVR name, and the members we represent, synonymous with quality, innovation, transparency and professionalism in real estate,” he explains.