{"id":3660,"date":"2024-09-21T14:14:38","date_gmt":"2024-09-21T14:14:38","guid":{"rendered":"https:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3660"},"modified":"2024-09-21T14:14:47","modified_gmt":"2024-09-21T14:14:47","slug":"greater-vancouver-market-update-august-2024","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/greater-vancouver-market-update-august-2024\/","title":{"rendered":"Greater Vancouver Market Update – August 2024"},"content":{"rendered":"
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Sellers await buyers\u2019 return after quieter summer market<\/strong><\/p>\n

VANCOUVER, BC \u2013 September 4, 2024 \u2013 Home sales registered on the MLS\u00ae in Metro Vancouver1 remained below their ten-year seasonal averages in August as summer holidays come to a close.<\/p>\n

Greater Vancouver REALTORS\u00ae (GVR)2 reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).<\/p>\n

\u201cFrom a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics said. \u201cWith that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.\u201d<\/p>\n

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179).<\/p>\n

The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).<\/p>\n

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 per cent. By property type, the ratio is 9.6 per cent for detached homes, 18 per cent for attached, and 17.2 per cent for apartments.<\/p>\n

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n

\u201cBuyers\u2019 hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,\u201d Lis said.<\/p>\n

\u201cWith the Bank of Canada\u2019s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.\u201d<\/p>\n

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Editor\u2019s Note:<\/p>\n

1. Areas covered by Greater Vancouver REALTORS\u00ae include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.<\/p>\n

2. On February 12, 2024, the Real Estate Board of Greater Vancouver changed its organizational name to Greater Vancouver REALTORS\u00ae.<\/p>\n

Greater Vancouver REALTORS\u00ae is an association representing more than 15,000 REALTORS\u00ae and their companies. The association provides a variety of member services, including the Multiple Listing Service\u00ae. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR\u00ae or visit www.gvrealtors.ca.<\/p>\n

Have questions? Contact Chris for more information!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cFrom a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics said. \u201cWith that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.\u201d<\/p>\n","protected":false},"author":2,"featured_media":3661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12,382,59],"tags":[],"class_list":["post-3660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","category-advice-for-sellers","category-market-update"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3660"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3660"}],"version-history":[{"count":2,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3660\/revisions"}],"predecessor-version":[{"id":3663,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3660\/revisions\/3663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3661"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}