What happened in August 2024 in the Greater Vancouver Housing Market?

Market Shift: August 2024 saw a shift in the Vancouver real estate market, with sales down 17% compared to August last year and total inventory up by 37%

Historical Context: Compared to the 10-year average, sales are down 26% and total listings are up 21%, indicating a slower market than usual

Price Stability: Despite the market slowdown, prices have remained relatively stable. Benchmark prices are down less than 1% compared to last August. However, specific areas and property types show varied price changes

Interest Rates: Interest rates have decreased three times in a row as of September 4th, but the market impact is uncertain. Previous rate drops did not significantly change market activity

Outlook: The fall market typically picks up, and the recent rate drop may encourage more buyers, but it’s too early to predict its effect. Listings are seeing interest, but not many offers yet 

AUGUST 2024 VANCOUVER REAL ESTATE STATS: 

Sales are down 17.1% from August 2023

Sales are down 26% compared to the 10 year seasonal average 

New listings up 4.2% compared to August 2023

Total listings on the market are up 37% compared to August 2023

Detached Market

• Benchmark price up 1.8%
• 9.6% sales to active ratio

Townhome Market

• Benchmark price up 0.8%
• 18% sales to active ratio

Condo Market

• Benchmark price down 0.1%
• 17.2% sales to active ratio