VANCOUVER, BC – October 2, 2024 – Home sales in Metro Vancouver saw a slight year-over-year decline in September, with a 3.8% decrease, indicating that recent reductions in borrowing costs have yet to significantly stimulate demand.
According to Greater Vancouver REALTORS® (GVR), residential sales totaled 1,852 in September 2024, down from 1,926 in September 2023. This figure is also 26% below the 10-year seasonal average of 2,502.
“Many in the real estate sector have been looking for signs that lower mortgage rates are reigniting demand, but the data from September isn’t showing the surge they hoped for,” said Andrew Lis, GVR’s director of economics and data analytics. “Sales continue to trend about 25% below the 10-year seasonal average, which has been the case for several years. While sales are slightly behind our projections, we remain hopeful 2024 will still outperform 2023.”
In September 2024, there were 6,144 new listings for detached, attached, and apartment properties on the Multiple Listing Service® (MLS®) in Metro Vancouver, reflecting a 12.8% increase compared to the 5,446 listings in September 2023 and a 16.7% increase above the 10-year seasonal average.
The total number of homes listed for sale in Metro Vancouver reached 14,932 in September 2024, a 31.2% increase from 11,382 the previous year, and 24.2% above the 10-year average of 12,027.
The sales-to-active listings ratio across all property types in September was 12.8%, broken down as 9.1% for detached homes, 16.9% for attached properties, and 14.6% for apartments. Historical data indicates that when this ratio falls below 12% for a prolonged period, prices face downward pressure, while a sustained ratio above 20% can lead to upward pressure on prices.
“With some buyers hesitant, inventory levels have remained high, offering more choices for those still in the market,” Lis explained. “However, with increased options, prices have stayed relatively stable over the past few months. September has now shown small declines across all segments, primarily because sales haven’t kept up with new listings, pushing the market closer to a buyer’s market. With two more policy rate decisions expected this year, and potential further reductions, demand could pick up if buyers re-enter the market later this fall.”
The MLS® Home Price Index benchmark for all residential properties in Metro Vancouver is currently $1,179,700, representing a 1.8% decrease from September 2023 and a 1.4% decrease from August 2024.
Detached home sales in September 2024 reached 516, a 9.8% decrease from the 572 sales in September 2023. The benchmark price for a detached home stands at $2,022,200, a 0.5% increase from last year but down 1.3% from August 2024.
Apartment sales totaled 940 in September, down 4.9% from 988 the previous year. The benchmark price for an apartment is now $762,000, a 0.8% decrease from both September 2023 and August 2024.
Attached home sales saw a positive trend, reaching 378 in September 2024, a 7.4% increase compared to 352 sales in September 2023. The benchmark price for townhouses stands at $1,099,200, a 0.5% increase from last year.