🏡 New Year, New Listings! Homes newly listed on the MLS® in Metro Vancouver soared 46% year-over-year in January, as sellers jumped into the market to kick off 2025!
📈 Sales on the Rise:
The Greater Vancouver REALTORS® (GVR) reports 1,552 residential sales in January, marking an 8.8% increase from January 2024. While still 11.3% below the 10-year seasonal average, buyer activity remains strong.
💡 Market Shift Underway?
According to Andrew Lis, GVR’s director of economics and data analytics, buyer momentum in late 2024 is now shifting towards sellers. Even with an influx of new listings, demand is holding steady, signaling a balanced market for early 2025.
With new listings outpacing demand, prices remained relatively stable across all housing types in January. However, economic factors—such as potential U.S. tariffs—could influence the market in the months ahead.
📩 Thinking of Buying or Selling? Let’s chat! Whether you’re looking to enter the market or explore your options, I’m here to help. Reply to this email or call me today! 📞
🏡 Home Buyer Demand Strengthens in Metro Vancouver – November 2024 📈
The Metro Vancouver housing market is buzzing! ⚡ November 2024 saw a 28.1% increase in home sales compared to last year, building on the strong momentum from October. While still below the 10-year average, buyer activity shows a promising trend.
Key Highlights: 🌟
Home Sales: 🏘️ 2,181 sales were recorded—a 28.1% rise from November 2023.
New Listings: 📋 3,725 properties hit the market, up 10.6% year-over-year.
Active Listings: 🔍 The total number of listings surged 21.2%, reaching 13,245.
Benchmark Price: 💵 The MLS® Home Price Index for all residential properties is $1,172,100, a 0.9% decrease from last year.
Expert Insights 🧠
Andrew Lis, GVR’s Director of Economics and Data Analytics, noted: "November’s numbers suggest the October uptick wasn’t just a fluke. Buyers are leveraging balanced market conditions while they last."
Sales-to-Active Listings Ratio:
Detached Homes: 🏡 12.7%
Attached Homes: 🏘️ 23.1%
Apartments: 🏢 18.7% Ratios above 20% often push prices up, while those below 12% can cause prices to drop.
Market Trends by Property Type 🔎
Detached Homes:
Sales: 📈 Up 19.7% (626 units sold).
Benchmark Price: 💲 $1,997,400, up 1% year-over-year.
Apartment Homes:
Sales: 📈 Up 28.1% (1,089 units sold).
Benchmark Price: 💲 $752,800, down 1.2% year-over-year.
Attached Homes:
Sales: 📈 Up 42.7% (451 units sold).
Benchmark Price: 💲 $1,117,600, up 1.8% year-over-year.
Looking Ahead 🔮
With demand rising and steady inventory, home prices remained stable in November. However, as Andrew Lis warned, if demand continues to outpace new listings, upward price pressure may return in 2025.
Metro Vancouver’s October Real Estate Surge: Buyer Demand Picks Up with Rate Cuts
After months of lagging, Metro Vancouver’s real estate market is finally showing signs of revival. October 2024 marked a substantial rebound in buyer demand, with home sales rising over 30% year-over-year. This surge reflects both a response to recent mortgage rate reductions and a shift in market dynamics after months of waiting.
Key Highlights from October 2024:
Home Sales: Residential sales registered on the MLS® system reached 2,632 units in October, up 31.9% from the 1,996 sales recorded in October 2023.
New Listings: A total of 5,452 homes were newly listed in October, reflecting a 16.9% increase from the previous year and 20% above the 10-year seasonal average.
Total Active Listings: Currently, 14,477 properties are listed for sale, marking a 24.8% increase from October 2023.
Analyzing the Demand Shift: Rate Cuts and Buyer Confidence
Andrew Lis, the director of economics and data analytics at the Greater Vancouver REALTORS® (GVR), attributes this resurgence to recent rate cuts by the Bank of Canada. “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,” Lis noted. Four consecutive rate cuts have created optimism for more to come, motivating many buyers who had previously hesitated.
Despite this uptick, sales are still 5.5% below the 10-year seasonal average, indicating that while the market is heating up, there is still room for growth.
Sales-to-Active Listings Ratios Signal a Shift
The sales-to-active listings ratio—an essential indicator of market balance—registered at 18.8% in October. This ratio varies by property type, with:
Detached Homes: 13.4%
Attached Homes: 22.5%
Apartments: 22.2%
This trend suggests the attached and apartment segments are edging towards a seller’s market, with detached homes not far behind. Historically, a ratio above 20% for several months tends to drive home prices up, while a ratio below 12% signals a potential decrease. Lis remarked on the significance of this shift, noting that October’s strength hints at a possible end to recent price moderation, particularly in the attached and apartment segments.
Benchmark Prices: Modest Fluctuations Across the Board
October saw some minor adjustments in benchmark prices across property types:
All Residential Properties: $1,172,200, a 1.9% decrease year-over-year and a 0.6% drop from September.
Detached Homes: $2,002,900, with a modest 0.3% increase over last year but a 1% decrease from September.
Apartments: $757,200, down 1.6% from October 2023 and 0.6% from last month.
Attached Homes (Townhouses): $1,108,800, showing a slight 0.4% year-over-year increase and a 0.9% rise from September.
These figures indicate that while sales activity has risen, price growth has remained moderate, likely due to balanced market conditions.
What’s Ahead for Metro Vancouver’s Housing Market?
The October surge suggests a potential shift in market sentiment. With mortgage rates dropping and the Bank of Canada’s ongoing adjustments, buyer activity could continue to grow, especially in the attached and apartment segments. If demand maintains its current momentum, the moderate pricing environment might start trending upward, pushing the Metro Vancouver market closer to a seller’s market.
For buyers, this could be an opportune moment to take advantage of favorable borrowing conditions, while sellers may begin to see a stronger position in the coming months.
As we say goodbye to summer and roll into the crisp fall season, one question is on everyone’s mind in the Metro Vancouver real estate market: Are buyers jumping back in after the recent mortgage rate cuts? Well, not exactly. Let's break it down! 😅
A Slower September: Sales Take a Dip 📉
It looks like buyers are still playing hard to get. Home sales in Metro Vancouver dropped by 3.8% compared to this time last year. In total, 1,852 homes sold in September 2024, which is 26% below the 10-year average for this time of year. Ouch! 😬
While a 3.8% drop might not seem like a big deal, the truth is the market’s been trending like this for a while now. According to Andrew Lis, GVR’s director of economics and data analytics, sales have been down roughly 25% below the seasonal average for the past few years. So, if you’ve been waiting for a market frenzy… keep waiting. 😉
Listings Are Up, But Buyers? Not So Much. 🤔
Even though buyers aren’t rushing to snatch up properties, sellers have been busy! In September, we saw 6,144 new properties hit the market – almost 13% more than last year. That means if you’re in the market for a new home, you’ve got a lot of options.
The total number of homes for sale is now sitting at 14,932, which is 31.2% higher than last September. So, if you’re feeling overwhelmed by all the choices out there, you’re not alone. It’s like walking into a buffet with way too many dishes. 🍕🍔🍣 Decisions, decisions...
Sales-to-Listings Ratio: What Does It Mean? 🧮
Alright, time for some quick math (don’t worry, it’s not too painful!). The sales-to-active listings ratio is at 12.8% across all property types. This number is important because it tells us whether prices are likely to go up or down. If the ratio drops below 12% for a long time, prices typically start to fall. And if it climbs above 20%, prices get that upward push.
Right now, we’re teetering on the edge of a buyers’ market – where buyers have more power to negotiate and snag deals. In other words, it might be time for buyers to make their move. 🏃♂️💨
Prices Staying Flat (For Now) 😐
With more homes flooding the market and buyers staying cautious, prices have been staying pretty flat. But we’re finally starting to see some modest declines in September. The benchmark price for all residential properties in Metro Vancouver is now $1,179,700, down 1.8% from last year.
Let’s break it down further:
Detached homes: Sales dropped 9.8% compared to last year, with the benchmark price sitting at $2,022,200. That’s up 0.5% from 2023 but down 1.3% from August.
Apartments: Sales fell by 4.9%, with the benchmark price at $762,000, down 0.8% year-over-year.
Townhouses: Surprisingly, townhouse sales increased by 7.4% – the only bright spot! The benchmark price, though, dipped to $1,099,200, down 0.5% from last year.
What’s Next? 🔮
So, what’s the big takeaway? The market’s got plenty of inventory, but buyers are still hanging out on the sidelines for now. However, with two more interest rate decisions left for the year, and signs pointing to further cuts, we could see buyers jump back in later this fall. 🍂 If you’re thinking about buying, it might be worth keeping an eye on the market to see how things shift.
Final Thoughts
For now, the Metro Vancouver market is in a bit of a holding pattern. Sales are slower than usual, but with so many homes for sale, buyers have a golden opportunity to get more bang for their buck. If mortgage rates continue to fall, we could see things heat up again. 🔥
As always, if you’re looking for expert advice or need help navigating the market, feel free to reach out! Let’s see what this fall has in store for Vancouver real estate. 🍁🏡
Home sales in Metro Vancouver 📉 remained below the 10-year seasonal averages for August 2024, as summer holidays wrapped up. Here’s a breakdown of the key figures:
Residential Sales:
🏘️ Total: 1,904 homes sold
📆 Year-over-year decrease: 17.1% from August 2023 (2,296 sales)
🔻 Below 10-year average: 26% down from the average of 2,572
Comment: Andrew Lis, GVR’s director of economics and data analytics, noted that sales remain roughly 20% below the 10-year seasonal average due to higher borrowing costs, despite recent interest rate reductions.
New Listings:
🏘️ Total: 4,109 newly listed properties
🔼 Year-over-year increase: 4.2% more listings compared to August 2023 (3,943 listings)
🔻 Below 10-year average: 1.7% under the average of 4,179
Active Listings:
🏢 Total: 13,812 homes on the market
🔼 Year-over-year increase: 37% higher compared to August 2023 (10,082 listings)
🔼 Above 10-year average: 20.8% higher than the average of 11,432
Sales-to-Active Listings Ratio 📊
Across all property types: 14.3%
🏠 Detached homes: 9.6%
🏡 Attached homes: 18%
🏙️ Apartments: 17.2%
When this ratio dips below 12% for a sustained period, it usually puts downward pressure on prices 📉. On the other hand, ratios above 20% tend to increase prices 📈.
Market Outlook 🔮
Lis added that while buyers have been hesitant, inventory is piling up, putting the market in balanced conditions ⚖️. However, with the Bank of Canada's recent quarter-point rate cut and the expected uptick in sales this fall 🍂, there’s potential for more buyers to return.
Benchmark Prices 🏷️
All residential properties:
$1,195,900 (0.9% down from August 2023)
Detached homes:
$2,048,400 (1.8% increase from August 2023)
Apartments:
$768,200 (0.1% down from August 2023)
Townhomes:
$1,119,300 (0.8% up from August 2023)
Property Type Breakdown 🏘️
Detached homes: 509 sales, down 13.9% from August 2023
Apartments: 1,012 sales, down 20.3%
Townhomes: 370 sales, down 12.3%
Stay tuned for September data to see if more buyers return to the market! 📅
- 🏘️ **Market Shifting in Buyers’ Favour, Though Hesitation Remains**: Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.
- 📉 **Residential Sales Decline**: The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1% decrease from the 2,988 sales recorded in June 2023. This was 23.6% below the 10-year seasonal average (3,166).
- 📊 **Buyer Hesitation and Increased Inventory**: “The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” said Andrew Lis, GVR’s director of economics and data analytics. This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.
- 🏡 **New Listings and Total Inventory**: There were 5,723 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024, a 7% increase compared to the 5,347 properties listed in June 2023. This total is 3% above the 10-year seasonal average (5,554). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42% increase compared to June 2023 (9,990), and 20.3% above the 10-year seasonal average (11,790).
- 📈 **Sales-to-Active Listings Ratio**: Across all detached, attached, and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6%. By property type, the ratio is 13.1% for detached homes, 21.1% for attached, and 20.3% for apartments. Downward pressure on home prices typically occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
- 💡 **Interest Rates and Market Dynamics**: “With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. However, well-priced properties are still selling quickly, indicating that astute buyers are able to spot value and act when opportunities arise.
- 🏷️ **Benchmark Prices**: The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5% increase over June 2023 and a 0.4% decrease compared to May 2024.
- 🏠 **Detached Home Sales and Prices**: Sales of detached homes in June 2024 reached 694, an 18.2% decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000, a 3.7% increase from June 2023 and a 0.1% decrease compared to May 2024.
- 🏢 **Apartment Home Sales and Prices**: Sales of apartment homes reached 1,245 in June 2024, a 20.9% decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400, a 1% increase from June 2023 and a 0.4% decrease compared to May 2024.
- 🏘️ **Attached Home Sales and Prices**: Attached home sales in June 2024 totalled 456, a 16.6% decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100, a 3% increase from June 2023 and a 0.6% decrease compared to May 2024.
We've got the latest real estate market update for Metro Vancouver. Here's a quick summary of what's happening in May 2024. 📅
Key Highlights
Transactions on the MLS® declined in May, leading to a continued accumulation of home inventory.
Over 13,000 homes are now actively listed on the MLS® in Metro Vancouver.
Residential sales totaled 2,733 in May 2024.
This is a 19.9% decrease from May 2023 (3,411 sales).
19.6% lower than the 10-year seasonal average for May (3,398 sales).
Expert Insights 🗣️
Andrew Lis, GVR’s director of economics and data analytics, commented:
Sales have been softer than usual for this time of year.
The number of newly listed homes is maintaining momentum from April.
Influencing factors include higher borrowing costs, economic concerns, and government policy interventions.
New Listings 📈
6,374 new listings for detached, attached, and apartment properties in May 2024.
12.6% increase compared to May 2023 (5,661 listings).
7% increase compared to the 10-year seasonal average (5,958 listings).
Total Active Listings 🏘️
13,600 properties currently listed for sale.
46.3% increase compared to May 2023 (9,293 listings).
19.9% above the 10-year seasonal average (11,344 listings).
Sales-to-Active Listings Ratio 📏
Overall ratio for May 2024: 20.8%
Detached homes: 16.8%
Attached homes: 25.1%
Apartments: 22.5%
Historical data indicates:
Downward pressure on prices when the ratio is below 12%.
Upward pressure on prices when the ratio exceeds 20%.
Market Trends 🔍
The market is tilting towards more balanced conditions.
Expect slower price growth over the coming months.
Rising inventory levels and softening demand provide more opportunities for buyers.
Price Trends 💲
MLS® Home Price Index (HPI) Composite Benchmark Price: $1,212,000
2.3% increase over May 2023.
0.5% increase compared to April 2024.
Property Type Breakdown 🏠🏢
Detached Homes
Sales: 846 (18.9% decrease from May 2023)
Benchmark Price: $2,062,600 (5.9% increase from May 2023, 1.3% increase from April 2024)
Active Listings: 5,026
Avg. Days on Market: 26
Attached Homes
Sales: 523 (14% decrease from May 2023)
Benchmark Price: $1,145,500 (5.2% increase from May 2023, 0.9% increase from April 2024)
Active Listings: 2,080
Avg. Days on Market: 23
Apartment Homes
Sales: 1,338 (22.7% decrease from May 2023)
Benchmark Price: $776,200 (2.2% increase from May 2023, 0.3% decrease from April 2024)
Active Listings: 5,936
Avg. Days on Market: 24
The Metro Vancouver real estate market is seeing a shift towards more balanced conditions. With increased inventory and slower sales, buyers might find more opportunities in the coming months. Stay tuned for more updates and happy house hunting! 🏡🔍
📊 Highlights of April 2024 Metro Vancouver Real Estate Update:
📈 Inventory Surge: Actively listed homes for sale in Metro Vancouver soared by 42 percent year-over-year, surpassing 12,000, a level not seen since the summer of 2020.
🏠 Residential Sales: Despite the surge in inventory, residential sales in the region saw a 3.3 percent increase from April 2023, though still below the 10-year seasonal average.
💡 Market Insights: Experts weigh in on the unexpected strength of demand amidst rising borrowing costs, shedding light on the factors influencing buyer behavior and market resilience.
📈 New Listings: April 2024 saw a remarkable 64.7 percent increase in newly listed properties compared to the previous year, contributing to the growing inventory levels.
📊 Sales-to-Active Listings Ratio: Analysis of the sales-to-active listings ratio suggests varying pressures on home prices across different property types, with insights into market trends and potential implications for pricing dynamics.
💰 Price Trends: Despite the surge in inventory, most segments witnessed price increases, with detached homes leading the way. However, apartments experienced a slight decline, reflecting the nuanced dynamics of the market.
📈 Benchmark Prices: The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver continued its upward trend, reaching $1,205,800, with detached homes commanding the highest benchmark price.
🏡 Segment Analysis: Insights into sales and benchmark prices for detached, attached, and apartment homes provide a comprehensive understanding of market performance across different property types.
Thinking of moving to Vancouver in 2024? Give us a call or sign up to get new listings.
Exciting news for homebuyers in Metro Vancouver! With spring in full swing, the real estate market is buzzing with increased seller activity, offering you more options than ever before. Here’s a quick rundown of what’s been happening:
1. Increased Inventory: 📈 The number of homes listed for sale on the MLS® has risen nearly 23% year-over-year, providing a wealth of opportunities for eager buyers like yourself.
2. Market Trends: 📉 Despite a slight dip in residential sales compared to last year, the market is showing signs of balance. Andrew Lis, GVR’s director of economics and data analytics, notes that while inventory is up, the demand for well-priced and well-located properties remains strong.
3. Property Listings: 🏠 In March 2024, a whopping 5,002 detached, attached, and apartment properties were newly listed for sale, marking a significant increase from the previous year.
4. Sales-to-Active Listings Ratio: 📊 Across all property types, the sales-to-active listings ratio for March 2024 is 23.8%, indicating a market that continues to favor sellers, yet offers ample opportunities for buyers to find their dream home.
5. Price Dynamics: 💰 While the market isn’t as scorching hot as last year, modest price gains of one to two percent are still observed. However, borrowing costs remain elevated, posing challenges to affordability.
6. Home Price Index: 📈 The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver has seen a 4.5% increase over March 2023, reflecting the overall strength of the market.
7. Property Type Insights: 🏠🏢🏘️ Sales of detached homes, apartments, and attached homes have seen fluctuations, with corresponding benchmark price increases, offering diverse options for buyers across the board.
In summary, while the market may not be as blazing hot as before, it’s still ripe with opportunities for savvy buyers. With increased inventory and favorable market conditions, now might be the perfect time to find your dream home in Metro Vancouver.
For personalized assistance navigating the current market or to explore available listings, feel free to reach out. We’re here to help you every step of the way!
Thinking of moving to Vancouver in 2024? Give us a call or sign up to get new listings.
🏡 Metro Vancouver Real Estate: February Sees Surge in New Listings, Easing Market Pressure 📈
VANCOUVER, BRITISH COLUMBIA, March 5, 2024 – The Metro Vancouver real estate market witnessed a notable shift in dynamics in February, with new listings soaring by 31% year-over-year. Despite a somewhat hesitant start by home sellers in January, the surge in newly listed properties is expected to provide a breath of fresh air for prospective buyers in the coming spring and summer markets.
Sales and New Listings Metrics 📊🏠
Greater Vancouver REALTORS® (GVR) reported a total of 2,070 residential sales in February 2024, marking a substantial 13.5% increase from February 2023. However, this figure was 23.3% below the 10-year seasonal average, reflecting the nuanced dynamics at play. Andrew Lis, GVR’s director of economics and data analytics, expressed relief at the 31% year-over-year increase in new listings, providing more choices for buyers.
In February 2024, 4,560 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®), indicating a 31.1% increase compared to the same month in 2023.
Inventory and Market Ratios 📉📈
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver rose by 16.3% compared to February 2023, reaching 9,634. The sales-to-active listings ratio for February 2024 stands at 22.4%, with variations by property type – 16% for detached homes, 27.9% for attached, and 25.9% for apartments.
Historical data analysis suggests that sustained ratios below 12% exert downward pressure on home prices, while ratios exceeding 20% over several months indicate upward price pressure.
Price Trends and Market Dynamics 💰🔄
Despite the increase in new listings, the competitive market dynamic has led to modest price growth across all segments. Benchmark prices for all residential properties in Metro Vancouver reached $1,183,300, reflecting a 4.5% increase over February 2023 and a 1.9% increase compared to January 2024.
Detached homes, apartments, and attached homes all experienced sales growth in February 2024, contributing to varying benchmark price increases.
Andrew Lis noted that while the increase in new listings has provided some relief, the competitive dynamic has maintained modest price growth. Benchmark prices, however, remain below the peak observed in the spring of 2022, prior to the full effect of the Bank of Canada’s tightening cycle.
The Metro Vancouver real estate market continues to evolve, presenting opportunities and challenges for both buyers and sellers in the dynamic landscape. 🌆🏠
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