October 2024 Market Update: Buyer Activity Rebounds Amid Stabilizing Conditions

The Greater Vancouver real estate market in October 2024 saw a significant resurgence in buyer activity following months of subdued performance. Home sales rose dramatically with a 31.9% increase year-over-year, signaling renewed interest driven by favorable borrowing conditions. This rebound demonstrates the resilience of our market, even as broader economic challenges persist.

Sales and Listings Surge

• Total sales for October reached 2,632 units, a notable recovery, though still 5.5% below the 10-year seasonal average.

• Detached, attached, and apartment sales all saw substantial increases, highlighting broad-based buyer interest.

• New listings climbed by 16.9% compared to October 2023, providing more opportunities for buyers to find their ideal homes.

Interest Rates and Market Dynamics

• Recent mortgage rate reductions, with expectations of further cuts, have spurred many buyers who had been waiting on the sidelines.

• Andrew Lis, Director of Economics and Data Analytics for Greater Vancouver REALTORS®, notes that this uptick in activity could mark the beginning of a more sustained recovery.

• Sales-to-active listings ratio now sits at 18.8%, with attached and apartment segments approaching seller’s market territory.

Prices Show Resilience

• The composite benchmark price for all property types is $1,172,200, reflecting a modest 1.9% decrease year-over-year but a mere 0.6% dip month-over-month.

• While detached homes saw a slight 1% decline from September, townhomes and apartments posted stable prices, indicating balanced market conditions.

Highlights Across Our Key Areas:

• Burnaby North:

  • Detached home prices averaged $2,130,700, with a slight uptick in buyer activity.

  • Apartments remained steady, showcasing an attractive entry point for first-time buyers.

• New Westminster:

  • Apartments continue to dominate, with the benchmark price at $646,000.

  • Sales activity surged by 45.9% year-over-year, reflecting the area’s appeal for affordability and convenience.

• Coquitlam:

  • Detached properties remain a stronghold.

  • Attached homes experienced an 84.6% jump in sales, indicative of family-focused buyers seeking more space.

Looking Ahead:

• As we transition into the final months of 2024, the market is poised for stabilization. Buyers are encouraged to act quickly to take advantage of historically low rates, while sellers should consider the upward momentum in activity when preparing their properties for sale.