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

Sales Down, Inventory Up: Sales decreased by nearly 4% compared to September 2023, while total inventory increased by over 31%, and new listings surged by 133%.

Prices Decrease Slightly: Benchmark prices dropped by just under 2% year-over-year. Detached homes saw a 0.5% decrease, condos nearly 1%, and townhomes/duplexes also decreased by 0.5%. 

Townhomes/Duplexes Sales Up: While detached home and condo sales are down, attached homes (townhomes/duplexes) saw a 7.5% increase in sales.

Rate Decreases and Market Standoff: Buyers are waiting for further interest rate cuts (next expected on October 23, and possibly more in December and early 2024), while sellers expect higher prices due to recent rate reductions, creating a standoff.

SEPTEMBER 2024 VANCOUVER REAL ESTATE STATS:

Sales are down 3.8% from September 2023

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

New listings are up 12.8% compared to September 2023

Total listings on the market are up 31.2% compared to September 

2023

Detached Market

• Benchmark price up 0.5%
• 9.1% sales to active ratio

Townhome Market

• Benchmark price down 0.5%
• 16.9% sales to active ratio

Condo Market

• Benchmark price down 0.8%
• 14.6% sales to active ratio