Metro Vancouver Real Estate Update: October Sales Surge as Buyers Respond to Lower Rates
After several months of sales tracking 20% below the ten-year seasonal average, Metro Vancouver home sales made a dramatic comeback, 📈 surging over 30% year-over-year in October.
Inventory levels ⬆️ rose as well, with 5,452 new detached, attached, and apartment properties listed in October 2024, up 16.9% from last October and a 20% above the ten-year 📈seasonal average.
🏬Apartments: Apartment sales jumped 33.4% year-over-year to 1,393 units, with a benchmark price of $757,200, down 1.6% annually and 0.6% from the previous month.
🏘️Attached Homes: Sales surged by 40.7% year-over-year to 501 units, with a benchmark price of $1,108,800, up 0.4% annually and 0.9% from September.
After several months of sales tracking 20% below the ten-year seasonal average, Metro Vancouver home sales made a dramatic comeback, 📈 surging over 30% year-over-year in October.
According to the Greater Vancouver REALTORS® (GVR), residential sales across the region reached 2,632 units on the MLS® system, marking a 31.9% increase⬆️ from the 1,996 sales recorded in October 2023. Though still slightly below the ten-year seasonal average (5.5% under), this uptick signals a renewed interest from buyers.
Maybe it shouldn't be a surprise that a reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs.
Inventory levels ⬆️ rose as well, with 5,452 new detached, attached, and apartment properties listed in October 2024, up 16.9% from last October and a 20% above the ten-year 📈seasonal average.
The total active listings across Metro Vancouver now sit at 14,477, marking a ⬆️ 24.8% increase year-over-year.
In terms of market balance, October’s sales-to-active listings ratio was 18.8% across all property types, a level where prices often stabilize .
In terms of market balance, October’s sales-to-active listings ratio was 18.8% across all property types, a level where prices often stabilize .
For detached homes, the ratio was 13.4% , while attached and apartment segments came in at 22.5% and 22.2% , respectively, suggesting stronger demand in these segments. Historically, home prices tend to rise when the sales-to-active listings ratio stays above 20% over a sustained period and fall when it drops below 12%.
While October’s numbers suggest a potential shift, This is the first month where the trend has changed direction.
The recent uptick in sales, however, has tilted the 🏘️attached and 🏬apartment segments toward a seller’s market, with 🏠detached homes not far behind.
While sales activity has increased the change in direction of price appreciation has not reacted to the in the increase of property of sales. Sales ⬆️ ≠ Prices ⬆️
October Price Trends
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,200, reflecting a 1.9% decrease from October 2023 and a slight 0.6% dip from September 2024.
🏠Detached Homes: Sales reached 724 units in October, a 25.5% increase from last year, with a benchmark price of $2,002,900 (up 0.3% year-over-year and down 1% from September).
🏬Apartments: Apartment sales jumped 33.4% year-over-year to 1,393 units, with a benchmark price of $757,200, down 1.6% annually and 0.6% from the previous month.
🏘️Attached Homes: Sales surged by 40.7% year-over-year to 501 units, with a benchmark price of $1,108,800, up 0.4% annually and 0.9% from September.
As we look ahead, recent data suggest the market is leaning toward balance, but if buyer demand continues at this pace, the upward price trend may solidify across segments. Buyers and sellers alike will want to stay informed as we move into the final months of 2024.