October 2024 Greater Vancouver Real Estate Market Update

The fall market in Greater Vancouver has shown signs of renewed activity, with a significant uptick in sales for October. With a 31.9% increase in sales compared to last year, recent interest rate cuts appear to be breathing life into the market, although sales remain just below the 10-year seasonal average. Here’s a look at the key trends and what they mean for buyers, sellers, and investors across Burnaby, New Westminster, Vancouver East, Vancouver West, and the Tri-Cities.

Market Snapshot

• Sales Increase: October saw a notable rise in residential sales, reaching 31.9% above last year’s levels. However, overall sales still sit 5.5% below the 10-year seasonal average.

• New Listings Surge: The number of new listings rose by 16.9% year-over-year, providing buyers with more options and maintaining balanced conditions across many segments.

• Sales-to-Active Listings Ratio: At 18.8%, the overall ratio suggests a balanced market, with attached homes and apartments moving toward a seller’s market at 22.5% and 22.2%, respectively.

Area Highlights

Burnaby

• Burnaby East: The benchmark price for residential properties stands at $1,139,700, with stability in detached home prices at $1,995,600.

• Burnaby North: The detached home benchmark price is $2,130,700. Attached homes have seen a small rise in sales activity, with prices remaining relatively stable.

• Burnaby South: Detached homes in this area show a slight increase in benchmark prices, now at $2,241,800, while apartments are experiencing modest price drops.

New Westminster

Sales in New Westminster have picked up pace, especially in detached homes, which have a stable benchmark price of $1,597,800. Apartment prices are slightly down at $646,000, though demand remains consistent.

Vancouver East

Vancouver East shows a strengthening market, particularly for detached homes, with a benchmark price of $1,891,900. The attached and apartment segments are stable, leaning toward a seller’s market as activity rises.

Vancouver West

Detached homes in Vancouver West maintain high benchmark prices at $3,369,100, although prices are slightly down. Both the attached and apartment markets are holding steady, demonstrating resilience in demand.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam)

• Coquitlam: Detached home prices are stable, with a benchmark of $1,804,300. Apartment prices have shown slight gains, indicating steady demand.

• Port Moody: Detached homes are valued at $2,126,400, reflecting slight dips but steady demand, especially for attached homes.

• Port Coquitlam: Detached homes benchmark at $1,456,900, with stable demand across other property types as well.

What This Means for Buyers, Sellers, and Investors

• Buyers: With more listings on the market, buyers have greater choice, creating an opportunity to explore properties without excessive price pressure. If sales momentum continues, competition could increase, so those ready to buy may want to consider acting soon.

• Sellers: Demand is particularly strong in attached and apartment segments across Vancouver East, Burnaby, and the Tri-Cities. Sellers in these areas may benefit from the market’s current strength, but competitive pricing and good presentation are key to capturing buyer interest.

• Investors: Stabilizing prices in key areas like Vancouver West and Burnaby, combined with recent rate cuts, create opportunities for investors to secure financing at more favorable rates while entering the market during a period of relative price stability.

Looking Forward

With four rate cuts from the Bank of Canada in recent months, potential buyers who had previously hesitated may now be encouraged to enter the market. As we move further into the fall, there is a possibility of heightened activity if interest rates continue to favorably impact borrowing conditions.