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.

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.

Inflation in Canada has finally reached the Bank of Canada’s 2% target for the first time since early 2021. With inflation cooling and economists forecasting further interest rate cuts—potentially bringing rates down to 3% by early 2025—there are key takeaways for the real estate market in Greater Vancouver.

Impact on Buyers

Lower inflation and potential interest rate cuts mean that buyers could soon benefit from lower mortgage rates, making homes and condos more affordable. In our marketplace, where the average home price hovers around $1.195 million, this reduction in borrowing costs could open doors for those who’ve been priced out.

Impact on Sellers

For sellers, these changes could stimulate buyer activity. Lower rates tend to boost demand, so this might be the time to list your home, especially if you’ve been waiting for better market conditions. With more buyers gaining confidence in their purchasing power, you could see more competition for your property.

Impact on Investors

For real estate investors, interest rate cuts signal an opportunity to secure lower-cost financing for new investments or refinancing existing properties. As inflation stabilizes and the economy gains footing, the rental market may also see improvement, making it a potentially great time to expand your portfolio.

What Should You Do?

Every real estate situation is unique. If you’re considering buying, selling, or investing in real estate, reach out for personalized advice. And when it comes to mortgage questions, your trusted mortgage professional can help guide you through what these changes mean for your financing options. Don’t have one? Feel free to connect with me, and I’ll introduce you to a pro who’s a good fit for your needs.

On September 16, 2024, Finance Minister Chrystia Freeland announced significant changes to mortgage rules aimed at making homeownership more accessible. These reforms, which increase the insured mortgage cap and extend 30-year amortizations, could have a real impact on buyers and sellers navigating the real estate market.

Key Changes to Mortgage Rules

• Higher Cap for Insured Mortgages: The cap on insured mortgages has increased to $1.5 million, up from $1 million. This allows more buyers to qualify for mortgage insurance with just a 5% down payment, making homes more affordable in high-priced areas.

• Extended Amortization for First-Time Buyers: First-time buyers, or those purchasing newly built homes, can now take out loans with a 30-year amortization period. This provides more flexibility with monthly payments, helping ease the financial burden for new homeowners.

What Does This Mean for Buyers?

These changes could open doors for more Canadians to enter the housing market, particularly in regions like Vancouver, Burnaby, or New Westminster, where home prices often exceed the previous $1 million threshold. Buyers may now find it easier to secure financing with a smaller down payment, while the extended loan period can reduce monthly mortgage payments, helping them manage their budgets.

What Does This Mean for Sellers?

For sellers, these reforms could bring a fresh wave of interested buyers, especially in markets where affordability has been a concern. More buyers with access to insured mortgages and longer amortizations could increase demand, making this a potentially opportune time to sell.

Incentivizing New Housing

The government hopes these changes will encourage new housing construction by making it easier for buyers to finance newly built homes. This focus on new builds could help alleviate Canada’s housing shortage over time.

Stay Informed

While these reforms may positively impact many buyers and sellers, it’s essential to remember that every real estate situation is unique. If you're considering buying or selling a home, reach out for personalized advice on how these changes may affect your decisions. As the All Seasons Real Estate Agent, I’ve guided many clients through shifting market conditions and can help you navigate the path to homeownership.

As summer draws to a close, the Metro Vancouver real estate market reflects a period of recalibration. August typically sees slower activity compared to earlier summer months, and this year was no exception. Here’s an in-depth look at the trends shaping our local market:

Sales Activity Remains Below Historical Averages

• Residential sales in August totaled 1,904, marking a 17.1% decrease from the same month last year and sitting 26% below the 10-year seasonal average.

• Buyers continue to feel the weight of higher borrowing costs despite two recent reductions in the Bank of Canada's policy rate over the summer.

A Balanced Market in the Making

• The market-wide sales-to-active listings ratio for August stood at 14.3%, firmly placing us in balanced conditions.

• By property type:

  • Detached homes: 9.6%

  • Townhomes: 18%

  • Apartments: 17.2%

• Historically, ratios below 12% indicate downward pressure on prices, while sustained levels above 20% drive prices upward.

Price Adjustments Reflect Buyer Hesitation

• The MLS® Home Price Index composite benchmark price across all residential properties is $1,195,900, a 0.9% decrease from last year and a negligible 0.13% dip from July.

  • Detached homes: $2,048,400 (+1.8% YoY)

  • Townhomes and apartments remained relatively stable, with no significant fluctuations.

Inventory Growth Offers Buyers More Options

• The total number of active listings rose significantly to 13,812, a 37% increase from August 2023 and 20.8% above the 10-year seasonal average.

• This inventory growth gives buyers a broader range of choices as sellers enter the market in anticipation of fall activity.

Looking Ahead to Fall

• With September historically bringing increased activity, the question remains whether recent rate cuts will encourage buyers to re-engage with the market.

• Inventory levels suggest opportunity, but affordability challenges persist.

Local Insights for Burnaby and New Westminster

• In Burnaby:

  • Detached homes benchmarked at $2,048,400, showing a year-over-year increase of 1.8%.

  • Townhomes remained a solid investment, with a benchmark price of $945,700.

  • Apartments benchmarked at $768,200, reflecting overall stability in this segment.

• In New Westminster:

  • Detached home benchmarks rose 2.2% year-over-year to $1,613,500.

  • Townhomes maintained steady growth, while apartments offered affordability with a benchmark price of $656,800.

What This Means for You

Whether you're considering buying, selling, or investing, understanding these market dynamics is crucial. The transition into a balanced market offers opportunities, but timing and strategy are key in navigating current conditions.

If you'd like tailored advice on how to leverage this market for your real estate goals, reach out today. Together, we can make informed decisions to position you for success!

As we move through 2024, the Metro Vancouver real estate market has seen its fair share of challenges. Higher borrowing costs and fluctuating sales activity have left many buyers and sellers wondering, What does this mean for me? Whether you're buying or selling a home, condo, or townhouse in Burnaby, New Westminster, Vancouver East, or Vancouver West, understanding current market conditions is essential.

Key Insights from August 2024

In August, residential sales in Metro Vancouver dropped by 17.1% compared to the same time last year, and sales were 26% below the 10-year seasonal average. However, this market slowdown offers a balanced environment—especially for buyers who have been waiting on the sidelines.

• New Listings: The number of homes listed for sale in August rose by 4.2% compared to last year, with more inventory accumulating. This is creating more opportunities for those looking to buy in popular areas like Burnaby or Vancouver West.

• Sales-to-Active Listings Ratio: Across all property types, the ratio of sales to active listings in August was 14.3%, reflecting balanced conditions. But let’s break it down:

  • For detached homes, the ratio was 9.6%, indicating a market that favors buyers.

  • Townhomes and condos were more balanced, with ratios of 18% and 17.2% respectively, suggesting stable prices in those segments.

What does this mean for you? Generally speaking, a sales-to-active ratio of 12-20% represents a balanced market where prices remain stable. When this ratio falls below 12% for a sustained period, prices tend to face downward pressure. On the other hand, ratios over 20% typically signal upward pressure on prices, especially if they remain high for several months. So, while the market is balanced overall, buyers in the detached housing segment may have more room to negotiate, and sellers of condos and townhomes can expect prices to remain steady.

Burnaby and New Westminster Market Trends

Burnaby:

Burnaby remains a sought-after location for both buyers and sellers, but market activity has softened:

• Detached homes in Burnaby East saw sales fall by 33.8% in August, yet the benchmark price rose by 3.2% over the past year, reaching $2,007,200. For buyers, this means more selection and less competition.

• Townhomes and condos offer a more balanced market. With a sales-to-active listings ratio around 18%, both buyers and sellers have opportunities to achieve favorable deals.

• Condos in Burnaby North are holding steady with minimal price changes over the last year, making this an attractive area for buyers looking to enter the market.

New Westminster:

New Westminster, a vibrant and growing city, also reflects these balanced market conditions:

• Detached homes in New Westminster saw a notable decline in sales, down 46.5% from August 2023. Yet, prices are up by 2.2%, with the benchmark price now at $1,613,500. Buyers interested in detached homes could find better opportunities to negotiate a deal.

• Townhomes and condos are also seeing price stability, with the benchmark for a townhouse at $953,000 and apartments at $656,800. For those looking to sell, this stability presents a good opportunity to list, especially if you’ve been waiting for the right time.

Vancouver East and Vancouver West Market Update

Vancouver East:

• Vancouver East, known for its vibrant communities and diversity, remains relatively stable. The benchmark price for a detached home is $1,869,800, a slight increase of 0.1% compared to last year. Buyers looking for family homes in this area could benefit from the market's balance, with fewer bidding wars and more room to negotiate.

Vancouver West:

• Vancouver West’s luxury market saw a 1.4% decrease in detached home prices, with a benchmark of $3,458,500. While prices remain high, this slight decline could present opportunities for savvy buyers.

• Condo prices in Vancouver West are also stabilizing, with the benchmark price at $853,400—up 0.5% compared to last year.

Opportunities for Buyers and Sellers

While the current market might appear slow at first glance, there are great opportunities for both buyers and sellers.

• For Buyers: If you’ve been waiting for the right time, now could be a good opportunity, especially in the detached housing market where the sales-to-active listings ratio indicates it’s more of a buyer’s market. Detached home prices are relatively stable, and with less competition, you may find a better deal.

• For Sellers: If you’re thinking about selling a condo or townhouse, the market remains balanced. With stable prices and active buyers, now could be a good time to list your property. Every property is unique, so reaching out for a customized market analysis will help you determine the right approach for your home.

Why Experience Matters

As the All Seasons Real Estate Agent, I’ve navigated through many types of markets over my 18 years in the business. Whether you're buying or selling, it’s important to understand that market conditions are unique to each property type and neighborhood. A detached home in Burnaby South will have different dynamics than a condo in New Westminster or a townhouse in Vancouver East.

I encourage you to reach out if you have any questions or want to discuss how these market trends could affect your real estate goals. Together, we can create a plan tailored to your unique situation and ensure you make the most informed decision possible.

On September 4, 2024, the Bank of Canada cut its key interest rate to 4.25%, marking the third consecutive reduction this year. While many expected this move, it leaves Canadians—especially those considering buying or selling real estate—wondering what does this mean for me?

Understanding the Rate Cut

This rate cut directly impacts borrowing costs, with most lenders lowering their prime rates to 6.45%. Variable-rate mortgages and home equity lines of credit (HELOCs) will see immediate relief, making borrowing more affordable for homebuyers​. However, fixed-rate mortgages are influenced by bond market movements, and this cut could put downward pressure on those rates as well​.

What Buyers Should Know

For buyers, this is promising news. Lower borrowing costs may help improve affordability for those entering the market. Whether you're looking at condos in Burnaby, homes in Vancouver, or townhouses in New Westminster, now may be a good time to explore your options. But remember, mortgage rates are still higher than pre-pandemic levels, so it’s important to factor in your long-term financial goals.

And while more cuts are expected in October and December, world events or inflation could change the pace. It’s always wise to base decisions on your current situation rather than relying on predictions​

What Sellers Should Know

For sellers, the rate cut might bring more buyers back into the market as affordability improves. More buyers mean potentially stronger demand, especially for townhomes and condos, where activity has been steady. If you’re considering selling your home in Vancouver or New Westminster, this could be a good time to get it on the market. Keep in mind that every property and neighborhood is unique, so while market trends matter, your personal goals and the condition of your property are key factors.

Looking Ahead: Future Rate Announcements

The Bank of Canada is scheduled to meet again in October and December, with economists anticipating further cuts that could bring the rate down to 3.75% by year-end​. But nothing is set in stone. Inflation, economic performance, or geopolitical events could change the direction, so while it’s valuable to stay informed, making decisions based solely on predictions isn’t always wise.

What Should You Do?

Whether you’re buying a condo in Burnaby, selling a house in Vancouver, or considering both, understanding how rate changes affect you is crucial. Real estate is a complex market, and every decision should be tailored to your individual situation. As the All Seasons Real Estate Agent, with 18 years of experience in navigating market ups and downs, I’m here to help you understand the market and create a plan that works for you.

The Greater Vancouver real estate market showed notable trends this July, with increased inventory and cautious buyer activity shaping the landscape. With Burnaby, New Westminster, Vancouver East and West, and the Tri-Cities in focus, let’s dive into the key developments and what they mean for buyers and sellers.

Inventory Surge Provides More Options

• The number of new listings surged by 20.4% year-over-year, adding 5,597 properties to the market.

• Total active listings reached 13,800, reflecting a 33% increase compared to July 2023.

• Buyers in Burnaby South, Coquitlam, and New Westminster are seeing more choices, particularly in the detached home and condo segments.

Sales Activity Softens

• Residential sales totaled 2,333 units, a 5% decrease from July 2023 and 17.6% below the 10-year seasonal average.

• Despite this decline, certain segments and areas still show resilience:

  • Burnaby North and Vancouver East: Attached homes remain popular, offering a balance of affordability and space.

  • Port Moody: Strong interest in townhomes highlights this area's appeal to families and first-time buyers.

  • Vancouver West: Luxury condos continue to draw attention from high-end buyers.

Sales-to-Active Listings Ratios Signal Balance

• The overall sales-to-active listings ratio in July was 16.9%, suggesting a balanced market, with notable variations by property type:

  • Detached homes: 12.8% (near buyer’s market territory in areas like Burnaby East).

  • Attached homes: 20.1% (balanced, particularly in Tri-Cities and Vancouver East).

  • Apartments: 19.3% (stable, with strong activity in New Westminster condos).

Pricing Trends Remain Stable

• The MLS® Home Price Index composite benchmark price for all residential properties was $1,197,700, reflecting a 0.8% decrease year-over-year and month-over-month.

  • Detached homes: $2,049,000 (+2.1% YoY) with steady interest in Burnaby South and Coquitlam.

  • Townhomes: $1,139,000 (+1.3% YoY) with strong performance in Port Coquitlam.

  • Condos: $772,800 (unchanged YoY) with affordable options in New Westminster attracting first-time buyers.

Insights for Buyers and Sellers

• For Buyers:
  With expanded inventory, buyers have more opportunities to explore options in Burnaby and the Tri-Cities. Detached homes in Coquitlam and townhomes in Port Moody offer excellent value.

• For Sellers:
  The increase in listings means competitive pricing is essential, particularly for luxury properties in Vancouver West and condos in Burnaby North. Strategic marketing and preparation remain key.

July 2024 underscores a market balancing between opportunity and caution. Whether you’re buying a condo in New Westminster, selling a house in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding these dynamics is crucial.

Contact me today to discuss how these trends impact your real estate goals and create a plan tailored to your needs!

As we navigate through the midpoint of 2024, the Greater Vancouver real estate landscape continues to evolve, marked by a blend of trends that provide a nuanced view for potential buyers and sellers. Here’s a comprehensive look at what happened in July 2024, with a special focus on Burnaby, New Westminster, and adjacent areas.

Market Activity

• Total Sales: Residential property sales in Greater Vancouver totaled 2,333 in July 2024, reflecting a 5% decline from the 2,455 sales recorded in July 2023 and 17.6% below the 10-year seasonal average of 2,831.

• New Listings: The market welcomed 5,597 new listings in July, up 20.4% from the previous year and 12.7% above the 10-year average.

• Total Listings: Overall listings reached 14,326, a 39.1% increase compared to last year and 21.5% above the 10-year average.

Sales-to-Active Listings Ratio:

• Overall: 16.9%

• Detached Homes: 12.8%

• Attached Homes: 20.1%

• Apartments: 19.3%

Home Prices:

• Composite Benchmark Price: $1,197,700, showing a 0.8% decrease compared to both last year and the previous month.

Regional Focus: Burnaby and New Westminster

• Burnaby East: The benchmark price here is $1,156,800, with a slight monthly decrease. Despite the short-term dip, the five-year growth stands robust at 99.8%.

• Burnaby North: Current benchmark price is $1,018,800, slightly down by 0.4% over the last month, yet showing an impressive 89.3% growth over the last decade.

• Burnaby South: With a benchmark price of $1,141,500, this area noted a 1.5% decrease year-over-year but has seen a 29.3% rise over the last three years.

• New Westminster: Offers a more affordable entry point at $821,300, with a year-over-year decrease of 2.2%, yet the long-term trend is significantly positive with a 105.7% increase over five years.

Surrounding Areas Spotlight:

• Port Moody and Coquitlam are attracting attention with strong long-term growth prospects, highlighted by Port Moody’s 128.0% increase over five years.

• North Vancouver and Richmond also continue to be areas of interest with steady growth and appealing community amenities.

Market Insights

Andrew Lis, GVR’s director of economics and data analytics, noted a continued trend of buyer hesitancy, which is surprising given the recent cuts in borrowing costs and the increase in inventory. The balanced market conditions and the substantial inventory levels provide a solid ground for potential price stabilization or modest declines, offering opportunities for buyers.

Outlook

As borrowing conditions improve, we anticipate a potential uptick in buyer activity moving into the fall. The market's response to these changes will be critical to watch, particularly in areas like Burnaby and New Westminster, where long-term value appreciation shows significant potential.