September 2024 Greater Vancouver Real Estate Market Update: Inventory Rises, Demand Steady

The Greater Vancouver real estate market in September 2024 continued to display a dynamic balance of activity, influenced by seasonal trends, borrowing rates, and shifting buyer preferences. This month, a noteworthy 12.8% increase in new listings compared to September 2023 provided greater choice for buyers, while sales figures remained relatively steady.

Key Highlights:

Sales Activity

• Residential sales totaled 1,852 in September, down 3.8% year-over-year, but still tracking to outperform 2023’s total by year-end.

• Sales were 26% below the 10-year seasonal average, reflecting caution among buyers navigating the current market conditions.

Inventory Growth

• There were 6,144 new listings across all property types, with total active listings reaching 14,932—a 31.2% increase compared to last year.

• This growth in supply, while positive for buyers, contributed to modest price declines due to slower absorption.

Price Trends

• The MLS® Home Price Index composite benchmark price dipped to $1,179,700, a 1.8% decline year-over-year.

  • Detached homes: Slight price increase of 0.5% YoY, reaching $2,022,200.

  • Apartments and attached homes experienced minor declines.

Sales-to-Active Listings Ratio

• The ratio stood at 12.8%, flirting with buyers’ market territory. A breakdown by property type showed:

  • Detached: 9.1%

  • Attached: 16.9%

  • Apartments: 14.6%

Insights from Our Focus Areas:

• Burnaby:

  • Burnaby East led with a modest decline in benchmark prices (-0.8%).

  • Burnaby North and South showed softer activity, with detached homes in Burnaby South experiencing a 4.5% year-over-year price decrease.

• New Westminster:

  • New listings increased, providing more opportunities for buyers.

  • Prices remained relatively stable, with attached homes performing well.

• Tri-Cities:

  • Coquitlam, Port Moody, and Port Coquitlam maintained solid activity.

  • Port Moody stood out with a 2.3% year-over-year price increase for detached homes.

• Vancouver:

  • Vancouver West’s detached home prices remained the highest in the region at $3,471,900.

  • Vancouver East showcased stronger affordability but saw moderate price decreases.

What This Means for Buyers and Sellers:

• For Buyers: The increased inventory presents a unique window of opportunity to find your ideal home with more selection.

• For Sellers: Sellers should adjust their strategies to align with evolving market dynamics, emphasizing competitive pricing and strong property marketing to attract buyers.

Looking Ahead:

• With two more policy rate decisions expected this year, market watchers anticipate further reductions that could spur demand.

• As borrowing costs ease, the potential for buyers to re-enter the market and stabilize activity remains promising.