What Happened in October 2024 in the Greater Vancouver Housing Market?

Increased Buyer Activity: October 2024 saw a 32% increase in sales year-over-year, though sales were still 5.5% below the 10-year October average.

Surge in New Listings: New listings rose by 17% compared to last October, about 20% above the 10-year average, with total inventory up by 25% year-over-year and 26% above the 10-year average.

Buyer-Seller Imbalance: Despite the activity uptick, there remains a gap between buyers and sellers, with more inventory than demand.

Benchmark Price Changes: Prices are relatively stable, with the benchmark price down 1.9% from last year; detached homes up 0.3%, condos down 1.6%, and townhomes/duplexes up 0.4%. 

Interest Rate Impact: Four consecutive rate decreases may be fueling buyer interest, and more sellers are listing, anticipating stronger demand. Expect more inventory and buyer activity in early 2025, post-holidays.

OCTOBER 2024 VANCOUVER REAL ESTATE STATS:

Sales are up 31.9% from October 2023

Sales are down 5.5% compared to the 10 year seasonal average

New listings are up 16.9% compared to October 2023

Total listings on the market are up 24.8% compared to October 2023

Detached Market

• Benchmark price up 0.3%
• 13.4% sales to active ratio

Townhome Market

• Benchmark price down 1.6%
• 22.5% sales to active ratio

Condo Market

• Benchmark price down 0.8%
• 22.2% sales to active ratio