Metro Vancouver Market Update
August was slow across all areas of the market.
Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is...
- 0.9% decrease year-over-year (compared to August 2023).
- 0.1% decrease month-over-month (compared to July 2024).
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Home sales in August were...
- 26% below the 10-year seasonal average.
- A 17.1% decrease year-over-year (compared to August 2023)
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Main Highlight:
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Main Highlight:
- August marks the third consectuve month that all three pilliar of the market have expiernced very slight month-over-month decreases. August 2024 vs July 2024 saw between 0.1-0.5% decreases. The largest monthly decrease since June has been 1.2%.
- Year-over-year, compared to August 2023 prices for apartments have now dipped 0.1% below & both townhouses and detached homes are nearing parity with the previous year’s price.
- The summer has cemented the fact that there are currently more sellers than buyers.
- Compared to August 2023 monthly sales are down between 12.3-20.3%.
- This is combined with a slightly increase in listings compared to 2023. However, listings are still well under the 10-year average.
Metro Vancouver Market Highlights August 2024:
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Synopsis:
- The main story this month is new listings & hesitant buyers.
- August is traditionally slow, but usually it means a low number of listings as well. While not as many new listings have come to market this past month there was an overabundance of supply the past several months and now there is a backlog.
- Micro month-over-month increases how now switched to micro month-over-month decreases as 2024 prices head back towards parity with 2023 prices. In some cases they have now dipped below the August 2023 benchmark.
- While the market is still declared balanced from a pure statistical standpoint, buyers are beginning to have the upper hand as homes have become increasingly ‘harder’ to sell if the price point is deemed to not be sharp.
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More specifically this is what the REBGV had this to say:
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 percent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”
Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said.
“With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 per cent decrease over August 2023 and a 0.13 per cent decrease compared to July 2024.”
Slow Buyer Activity Has Sellers Waiting
Greater Vancouver Homes Sales 2024 VS 2023
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CLICK HERE FOR THE FULL GVR August 2024 STATISTICS PACKAGE
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