Metro Vancouver Market Update

Buyers finally return to the market as October sales surge year-over-year.

Wondering what changed in Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is...

   • 1.9% decrease year-over-year (compared to October 2023).
   • 0.6% decrease month-over-month (compared to September 2024).

2. Home sales in October were...

   • 5.5% below the 10-year seasonal average. (this is a 20.5% improvement over the September 10 year comparison)
   • A 31.9% increase year-over-year (compared to October 2023)

    

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   Main Highlights:

   1. For the fifth consecutive month both detached homes and townhouses experienced a very slight (between 0.6% & 1%) month-over-month pricing decrease. Condos actually saw a 0.9% month-over-month increase breaking the near half a year trend of micro decreases.
   2. Although prices, in most cases, saw a very minor decrease the massive jump in sales more than offsets any pricing adjustment. And prices may begin to swing in the other direction once buyers drive oversuppply down further.
   3. In September all three areas of the market were registering a year-over-year pricing decline. However, October saw both detached homes and townhouses rise above October 2023 pricing between 0.3% & 0.4%. Conversely, unlike month-over-month, condos remain below their October 2023 benchmark by 1.6%.
    
   Summer doldrums have finally left the Vancouver market as buyers flood back. Yes, prices aren't jumping back up for sellers hungry for a profit...but they also aren't in a steep decline. The market is finding a balance as months of oversupply are beginning to move.
   
    
   • Compared to October 2023 monthly sales soared:

   1. Detached: 25.5% increase
   2. Townhouse: 40.7% increase
   3. Apartment:  33.4% decrease

   • The total number of listings in Greater Vancouver has increased 16.9% year-over-year, & 20% above the 10-year average.  

    

   Metro Vancouver Market Highlights October 2024:

    

    

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   Synopsis:

   1. After a long summer stretched in to fall the main story has finally changed...buyers have returned.
   2. Micro month-over-month pricing decreases continue in 2/3 of the market. The condo market saw almost a full 1% increase in the last 30 days.
   3. However 2/3 of the market have now reclaimed an increase over October 2023 pricing.
   4. Year-over-year listings remain high...but with buyers returning to the market there is more of a true sense of balance with less pressure on sellers.

    

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   More specifically this is what the REBGV had this to say:

   ““Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.

   “While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

   The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

   The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.”

   
   

   Buyers have returned & analysts are cautiously optimistic a more active market is finally around the corner.

   Greater Vancouver Home Sales 2024 VS 2023

    

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   CLICK HERE FOR THE FULL GVR October 2024 STATISTICS PACKAGE

    

    

   Looking to make a change for the upcoming summer months?

   Reach out today and let us help you navigate through the ever changing market.
   

    

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
    [email protected]