Vancouver Real Estate Market Update: September 2024
Despite recent mortgage rate cuts, buyer activity in Metro Vancouver's real estate market remains cautious. Residential sales declined slightly in September compared to the previous year, indicating a limited impact of lower borrowing costs on demand.
Key Highlights:
- Sales Decline: Residential sales decreased by 3.8% year-over-year in September, falling below the 10-year seasonal average.
- Inventory Increase: The number of properties listed for sale rose significantly, suggesting a healthy supply for buyers.
- Price Stability: Prices remained relatively stable, with slight declines month-over-month across all property types.
- Market Outlook: While the overall market trend is downward, there's optimism for a potential rebound in demand later this year, especially if mortgage rates continue to decrease.
Detailed Breakdown:
- Sales:
- Total sales decreased by 3.8% to 1,852 units.
- Detached home sales decreased by 9.8% to 516 units.
- Apartment sales decreased by 4.9% to 940 units.
- Attached home sales increased by 7.4% to 378 units.
- Inventory:
- New listings increased by 12.8% to 6,144 units.
- Total listings increased by 31.2% to 14,932 units.
- Prices:
- Benchmark price for all residential properties decreased by 1.8% to $1,179,700.
- Detached home prices decreased by 0.5% to $2,022,200.
- Apartment prices decreased by 0.8% to $762,000.
- Attached home prices decreased by 0.5% to $1,099,200.
Conclusion:
While the market has shown signs of cooling, the increased inventory and potential for further mortgage rate reductions suggest that there may be opportunities for buyers. It's advisable to stay updated on market trends and consult with a real estate professional for personalized advice.
