Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”
Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions
4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).
The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.
For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.
“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.
He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.
Where prices landed
The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.
By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.
Review the full report here.
