October 2024 Metro Vancouver Real Estate Market Update

The fall market in Metro Vancouver started off with a cautious tone as home sales in September 2024 registered a 3.8% decline year-over-year. Buyers remain on the sidelines despite recent interest rate reductions, and sales are still 26% below the 10-year seasonal average, with 1,852 properties sold.

Rising Inventory Provides More Choice for Buyers

A key highlight in September is the increase in new listings. With 6,144 homes added to the market—12.8% more than last year—buyers now have more options. Overall inventory has grown by 31.2% year-over-year, giving those searching for a home more negotiating power.

Prices Show Modest Declines

The composite benchmark price for all residential properties in Metro Vancouver is now $1,179,700, representing a 1.8% decrease year-over-year and a 1.4% dip compared to August 2024.

• Detached Homes: Sales of detached homes reached 516, down 9.8% from September 2023. The benchmark price is $2,022,200, a slight 0.5% increase year-over-year but a 1.3% decrease month-over-month.

• Apartments: With 940 sales, apartment sales declined 4.9% year-over-year. The benchmark price for apartments is $762,000, down 0.8% from last year.

• Attached Homes: Townhouse sales increased by 7.4% compared to last year, with 378 sales in September. The benchmark price for attached homes is $1,099,200, a slight 0.5% decrease year-over-year.

Area-Specific Trends

• New Westminster: The benchmark price across all property types is $836,800, a 0.3% increase from last year, signaling relative stability in this market despite the broader cooling trend.

• Burnaby East: Detached homes in Burnaby East are performing well, with a benchmark price of $1,982,200, up 6.8% year-over-year.

• Vancouver East: The benchmark price in Vancouver East for all property types is $1,221,800, a 1.2% decrease from September 2023, reflecting a cooling in the market.

• Vancouver West: Prices in Vancouver West remain high, with the benchmark price of detached homes at $3,506,400, though this represents a 0.6% decrease year-over-year.

Sales-to-Active Listings Ratios

The overall sales-to-active listings ratio in September was 12.8%, signaling the market is balancing between buyers and sellers.

• Detached homes: 9.1%, indicating a buyer’s market.

• Attached homes: 16.9%, reflecting balanced conditions.

• Apartments: 14.6%, indicating stability but with room for negotiation.

What Does This Mean for Buyers, Sellers, and Investors?

• Buyers: Rising inventory means more choice and greater negotiating power. If you’ve been waiting for the right time, this could be your moment.

• Sellers: With more listings on the market, it’s critical to price competitively to attract interest. The market is becoming more buyer-friendly, so strategic pricing and presentation will be key.

• Investors: The shift in market dynamics could present long-term opportunities, particularly in detached homes where prices are showing signs of softening.

Looking Ahead

With two more interest rate decisions expected before the year ends, and with inventory on the rise, buyers could regain confidence as borrowing costs fall further. If you’re looking to buy, sell, or invest, reach out for personalized advice on how to navigate these shifting market conditions.