Hi Everyone! It’s election day in the USA – vote for a sane and reasonable future via Harris/Walz if you’re American 🙂
We saw another interest rate decrease in October with another expected in December, good news that will benefit Buyers and Sellers.
The real estate market was fairly busy in October. September felt slow – a lot of Buyers were sitting back waiting to see what hit the market – and it felt like they finally started offering in October. I experienced a busy October with a number of sales, some multiple offer situations and more calls and showings overall. It is the point in the market where it can feel like if you don’t buy something soon, you may have to sit through the slow holiday season waiting for the market to pick up in February or March.
There are a lot of Sellers who may be feeling keen and ready to sell, but if there is news of an even more active market in the new year they may lose their desire to negotiate in the future, so if you’re looking for a “deal” November and December is a good time to try your offer. I’m seeing a lot of Sellers be really sticky on their price – you can send all the stats and comparable sales you want but many of them won’t budge. Don’t let that stop you from finding a good property – you’ll find something good if you’re active in the market.
Despite high inventory numbers, it still doesn’t feel like there’s much inventory outside of the high rise condo market. Anything good (modern renovation, with a big patio, etc) will sell quickly and potentially in multiple offers, so be prepared to compete if you’re looking in active areas like Kits, Mount Pleasant, etc. I expect November to continue with the activity we’re seeing before it starts to slow down in December for the holidays.
Here’s a snippet from the Real Estate Board’s Monthly Update:
After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October. The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).
“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,” Andrew Lis, GVR’s director of economics and data analytics said. “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.”
There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.
Onto the stats:
Vancouver West Real Estate Stats up to and including October 2024
Detached houses in Vancouver West showed a decline in price, but condos and townhouses remained steady with a slight incline. Sales increased across the board and all markets also showed an increase in sales to active ratio, which means Buyers were finally putting a dent in inventory (though sales to active ratio remained in balanced territory).
HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West
East Vancouver Real Estate Stats up to and including October 2024
Similar to last month, the Eastside is quite a bit busier than the Westside – seen in these stats and what I’m experiencing on the ground. The sales to active ratio is a balanced market for detached houses and a buyers market for condos and townhouses. New listings decreased this past month as did overall inventory. Detached houses and townhouses showed a slight increase in prices whereas condos showed a slight decrease.
HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver
As always, if you have questions on a particular kind of property or neighbourhood, get in touch with me!
And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale.