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! 📅