Home sales in Metro Vancouver decreased by 3.8 per cent year-over-year in September, signaling that recent reductions in borrowing costs have yet to significantly boost demand, Greater Vancouver Realtors (GVR) reports.

The region saw 1,852 residential sales in September, down from 1,926 in the same period last year. This figure is also 26 per cent below the 10-year seasonal average of 2,502.

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics explains. “Sales continue trending roughly 25 per cent below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now.

Lis adds that although sales are now tracking slightly below GVR’s forecast, they remain optimistic that 2024 sales will still end up higher than 2023’s.

Market overview

There were 6,144 new listings in September, a 12.8 per cent increase from last year and 16.7 per cent above the 10-year seasonal average. Properties listed for sale in Metro Vancouver totalled 14,932 units, up 31.2 per cent from September 2023.

The overall sales-to-active listings ratio was 12.8 per cent, with detached homes at 9.1 per cent, attached homes at 16.9 per cent and apartments at 14.6 per cent. 

‘All signs pointing to further (rate) reductions; it’s not inconceivable that demand may still pick up later this fall’

The increase in new listings has provided buyers with more options, leading to downward pressure on prices and a buyer’s market. “With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines,” Lis notes.

The benchmark price for all residential properties in Metro Vancouver now stands at $1,179,700, reflecting a 1.8 per cent year-over-year decrease and a 1.4 per cent decline from August 2024. 

Detached homes

Sales of detached homes dropped 9.8 per cent compared to last year, with 516 units sold in September. The benchmark price for a detached home is $2,022,200, a 0.5 per cent increase year-over-year but down 1.3 per cent from August.

Apartment homes

Apartment sales fell 4.9 per cent, with 940 units sold. The benchmark price for an apartment is $762,000, marking a 0.8 per cent decline year-over-year and month-over-month.

Attached homes

Attached homes, however, saw a 7.4 per cent increase in sales year-over-year, totaling 378 units. The benchmark price for townhomes is $1,099,200, down 0.5 per cent from September 2023 and 1.8 per cent from August.

Review the full report here.

The PacificWest 2024 conference is just around the corner, and we want all real estate professionals to be part of this transformative experience!

This year’s event promises to be a game-changer, packed with insights from world-renowned speakers, cutting-edge ideas and networking opportunities that could redefine your professional path. We’ve lined up an exceptional roster of keynote and signature series speakers, each bringing a unique perspective that will challenge your thinking and ignite your creativity.

A peek at some of our inspiring speakers

Diana Kander: Innovation strategist and bestselling author Diana Kander will open the conference with a keynote that delves into the mindset shifts necessary for continuous innovation. Her session will leave you equipped with practical strategies to drive growth and stay ahead in today’s fast-paced world.

Duncan Wardle: Former head of innovation and creativity at Disney, Duncan Wardle is set to share his secrets on how to think like a designer. His dynamic approach to problem-solving has helped global brands reinvent themselves, and now you can learn how to apply these principles to your own work.

Eric Termuende: Future of work expert Eric Termuende will challenge the status quo with his insights on workplace culture and the future of teams. Discover how to build better teams, enhance productivity and create an environment where innovation thrives.

Miriam Kirmayer: Clinical psychologist and friendship expert Miriam Kirmayer delivers a compelling session on the power of relationships. Her research-backed strategies will help you forge stronger connections, both personally and professionally, to ultimately achieve greater success and well-being.

Innovate | Integrate | Inspire

PacificWest 2024 isn’t just another conference — it’s your opportunity to connect with thought leaders, gain actionable insights and turbo-boost your work with a renewed sense of purpose. Whether you’re looking to spark creativity, build meaningful relationships or stay ahead of industry trends, this elevated conference experience will not disappoint. Take a look at the full schedule and register today!

Get ready for the most anticipated event in the real estate profession: PacificWest is back from October 1-2, and it’s bigger and better than ever!

You won’t want to miss out on this exclusive opportunity to network with top professionals and gain invaluable insights to elevate your skills and your business.

Interested? Take a look at the full schedule and register today!

Gain valuable insights

At PacificWest 2024, we’re bringing together the best and brightest minds in the real estate ecosystem and beyond to explore cutting-edge topics. Our lineup of world-class presenters covers a wide range of topics, including:

• AI and its impact on real estate
• adapting to disruption
• wellness best practices
• navigating the future of regulation
• and more!

More than a conference

PacificWest is your chance to get the latest information on our profession, build new relationships and more. And, if you’re a member of the Greater Vancouver REALTORS® or Fraser Valley Real Estate Board, attending both days of PacificWest automatically earns you six self-directed PDP hours.

Beyond our seminars and workshops, you’ll:

• get inspired by keynote speakers Duncan Wardle, former head of innovation and creativity at Disney, and Diana Kander, New York Times best-selling author,
• celebrate in style at the legendary Welcome Party, included with the price of admission,
• make connections with colleagues from across the real estate ecosystem and
• find cutting-edge products and services at the trade show.

What is PacificWest?

A collaboration between the Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, PacificWest is a real estate conference designed for professionals across the real estate ecosystem.

In its inaugural year in 2023, PacificWest drew over 1,100 attendees.

For more information on PacificWest, check out pacificwest.ca.

Last month, MLS listings in Metro Vancouver were up 42 per cent year-over-year to over 12,000, Greater Vancouver Realtors (GVR) reports. The region hasn’t seen levels like this since the summer of 2020. 

Sales in April reached 2,831, which was 3.3 per cent higher than the same time the year prior and 12.2 per cent below the 10-year seasonal average.

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics notes.

“The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” 

Number of listings

7,092 detached, attached and apartment properties were newly listed for sale in April, a 64.7 per cent increase compared to the 4,307 properties listed the April before and 25.8 per cent above the 10-year seasonal average.

At the same time, 12,491 total properties were listed for sale, a 42.1 per cent increase compared to April 2023 and 16.7 per cent above the 10-year seasonal average.

Prices climbing except for apartments

Sales-to-active listings for all property types last month was 23.5 per cent, and the benchmark price for all Metro Vancouver properties is $1,205,800, a 2.8 per cent increase from April 2023 and 0.8 per cent more than March 2024. 

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis says.

“The one segment that didn’t see an uptick in prices in April was apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” 

Sales and prices by home type

Detached home sales reached 814, 0.7 per cent higher than April 2023. The benchmark price of a detached home is $2,040,000 — 6.3 per cent more than from April 2023 and 1.6 per cent higher than March 2024. 

Apartment home sales reached 1,416, 0.2 per cent higher than April 2023. The benchmark price of an apartment home is $776,500 — 3.2 per cent more than April 2023 and 0.1 per cent higher than March 2024. 

Attached home sales reached 580, 16 per cent higher than April 2023. The benchmark price of a townhouse is $1,127,200 — 4.3 per cent more than April 2023 and 1.3 per cent higher than March 2024.

Read the full release here.

Yesterday, the Real Estate Board of Greater Vancouver (REBGV) announced its upcoming name and brand change.

As of February 12, the organization will become Greater Vancouver Realtors (GVR) and will use this logo:

The logo’s mark depicts the community connection between properties and people that real estate makes.

Jeff King, CEO of GVR, says the organization wants to “make it easier for people to identify who we are, what we stand for and who we represent” through the new brand.

“With time and effort, we will strive to make the GVR name, and the members we represent, synonymous with quality, innovation, transparency and professionalism in real estate,” he explains.