According to the Greater Vancouver Realtors (GVR), Metro Vancouver home sales in the last month remained below 10-year seasonal averages. The region saw a total of 1,904 residential sales, which is a 17.1% decrease from the previous year’s 2,296 sales and 26% lower than the 10-year seasonal average of 2,572.
Andrew Lis, GVR’s director of economics and data analytics, explained that August typically experiences slower sales compared to June or July. Sales this August were about 20% below the 10-year seasonal average, indicating that buyers are still affected by higher borrowing costs despite recent rate reductions.
Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions
In August, there were 4,109 new listings for detached, attached, and apartment properties in Metro Vancouver, marking a 4.2% increase from the previous year. However, this total was still 1.7% below the 10-year seasonal average of 4,179.
The total number of properties listed for sale was 13,812, a 37% rise from August 2023 and 20.8% above the 10-year seasonal average. The sales-to-active listings ratio for all property types was 14.3% in August, with varying percentages for detached homes, attached homes, and apartments.
Lis noted that buyers’ hesitancy and consistent new listing activity have led to an accumulation of inventory and balanced market conditions.
With the recent rate reduction by the Bank of Canada and the upcoming fall market, more buyers are expected to enter the market.
Where prices landed
The composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900, slightly lower than the previous year and the previous month.
Detached home sales saw a 13.9% decline, apartment sales decreased by 20.3%, and attached home sales were 12.3% lower compared to the previous year.
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