Sellers await buyers’ return after quieter summer market
Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.
In August 2024, Metro Vancouver saw a 17.1% drop in home sales year-over-year, totaling 1,904, and a 26% decrease from the 10-year seasonal average.
Despite a 4.2% rise in new listings to 4,109, overall inventory surged 37% to 13,812 properties, indicating a balanced market.
The MLS® Home Price Index for all residential properties decreased 0.9% to $1,195,900. Detached homes saw a 13.9% decline in sales, with their benchmark price rising 1.8% to $2,048,400.
Apartment sales fell 20.3%, with prices slightly decreasing to $768,200. Analysts anticipate potential price shifts as the market responds to recent rate cuts by the Bank of Canada.
Courtesy of Greater Vancouver Realtors
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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