Greater Vancouver Real Estate Statistics - October 2024

Buyer Demand Surges in October

VANCOUVER, BC – November 4, 2024 – After months of tracking approximately twenty percent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 percent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totaled 2,632 in October 2024, a 31.9 percent increase from the 1,996 sales recorded in October 2023. This was 5.5 percent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Andrew Lis, GVR’s director of economics and data analytics. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

New Listings in October 2024

There were 5,452 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 percent increase compared to the 4,664 properties listed in October 2023, which was 20 percent above the 10-year seasonal average (4,545).

Active Listings in Metro Vancouver

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 percent increase compared to October 2023 (11,599). This total is also 26.2 percent above the 10-year seasonal average (11,475).

Sales-to-Active Listings Ratio

Across all detached, attached, and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 percent. By property type, the ratio is 13.4 percent for detached homes, 22.5 percent for attached, and 22.2 percent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While the strength in October's numbers is encouraging, one data point does not make a trend," said Lis. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales, however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

MLS® Home Price Index

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 percent decrease over October 2023 and a 0.6 percent decrease compared to September 2024.

Detached Home Sales

Sales of detached homes in October 2024 reached 724, a 25.5 percent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 percent increase from October 2023 and a 1 percent decrease compared to September 2024.

Apartment Sales

Sales of apartment homes reached 1,393 in October 2024, a 33.4 percent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 percent decrease from October 2023 and a 0.6 percent decrease compared to September 2024.

Attached Home Sales

Attached home sales in October 2024 totaled 501, a 40.7 percent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 percent increase from October 2023 and a 0.9 percent increase compared to September 2024.

Source - GVR