Home sales in Metro Vancouver saw a 31.9% increase in October compared to the same period last year, as reported by Greater Vancouver Realtors (GVR). The real estate board attributes this surge in sales to the lower interest rates that buyers are responding to.
“Some may find this rebound surprising, but with the Bank of Canada implementing four consecutive rate cuts—and more expected in the future—it was only a matter of time before we saw signs of renewed demand,” explains Andrew Lis, GVR’s director of economics and data analytics.
Sales slightly below 10-year average
There were 2,632 residential sales on MLS in the region, which is 5.5% below the 10-year seasonal average, after months of being around 20% below the trendline.
New listings jump nearly 17%
The board reported a 16.9% increase in newly listed properties on Metro Vancouver’s MLS, which is 20% higher than the 10-year seasonal average.
“While the strong numbers in October are positive, it’s important to remember that one data point does not determine a trend,” Lis notes. “Recent data indicates a balanced market, with prices decreasing in recent months. However, with the increase in sales, the attached and apartment segments are leaning towards a seller’s market, suggesting that the period of price moderation may be ending soon.”
HPI down slightly
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1.17 million, showing a 1.9% decrease from October 2023 and a 0.6% decrease from September 2024.
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