Surge In Homes Sales & Listing Activity Signal Potential Market Rebound

The Vancouver real estate market has been in a holding pattern for much of 2024, with sales activity trailing well below typical seasonal levels. However, October has broken the trend, showing a marked increase in home sales and renewed buyer activity. Coupled with last month’s strengthened sales data, new listings also continued the rise. Though this recent jump in sales activity is encouraging, overall market conditions remain relatively balanced, with prices showing only moderate movement over the past several months.
 

Residential sales in Vancouver totalled 2,632 in October 2024, a robust 31.9% increase from the 1,996 sales recorded in October 2023. While this sale uptick is significant compared to the same time last year, this sales total remains 5.5% below the 10-year seasonal average. New listings were similarly strong, with 5,452 properties listed for sale in October—16.9% more than the 4,664 properties listed during the same period last year. This is also 20% higher than the 10-year seasonal average, signalling sustained above average listing activity.

““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. 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.””

— Andrew Lis | REBGV Director, Economics and Data Analytics

Modest Pricing Movement Amid Rising Sales Activity

Buyers entering the market now have significantly more options as total listing inventory remains well above seasonal averages. With 14,477 properties currently listed for sale as of the end of October, this marks a 24.8% increase from last year and a 26.2% increase above the 10-year seasonal average. The average price of a Vancouver home now stands at $1,172,200, marking a 1.9% decrease compared to October 2023 and a slight 0.6% drop from September 2024.

• Detached homes experienced a noteworthy uptick with 724 units sold up 25.5% from last year. The benchmark price for detached homes now sits at $2,002,900, a 0.3% increase from October 2023, though it represents a slight 1% decrease from September. 

• Apartment sales surged by 33.4%, with 1,393 units sold. However, the benchmark price for this property type has slightly dipped to $757,200, reflecting a 1.6% decrease from last year and a 0.6% drop from the previous month.

• Townhouse sales saw the most significant increase of 40.7% with 501 units sold, while the benchmark price for an attached home rose to $1,108,800 - a 0.4% increase from last year and a 0.9% rise from September.

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Does October Sales Data Mark A Turning Point For The Vancouver Market?

While October’s heightened sales and increased inventory may suggest a potential turning point for the Vancouver real estate market, the question on everyone's mind is whether this renewed activity will hold steady over the coming months. Buyers now have more options with higher inventory levels, and those who have been waiting on the sidelines should consider taking advantage while interest rates remain favourable. Sellers, particularly in the attached and detached sectors, can also capitalize on rising demand. Our market overall remains balanced, but both buyers and sellers should keep mindful of how quickly conditions can change amidst rate cuts and a shifting economic landscape.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.