Increased demand from Vancouver real estate buyers
Vancouver real estate trends for October 2024.
Until recently, interest rate cuts had been slow to take effect, but in October we saw a significant increase in buyer demand.
According to the Greater Vancouver Realtor’s (GVR), Vancouver real estate home sales jumped more than 30% year-over-year in October.
Last October, Metro Vancouver sold 1,996 homes, and this October, 2,632 homes were sold, a 31.9% increase over the number of homes sold in October of last year.
This is 5.5% below the 10-year seasonal average of 2,784.
GVR analysts attribute this increase in purchases to buyers taking a wait-and-see approach and believing that interest rates have been cut a few times and
are likely to be cut in the future.
In contrast to the increase in sales, the number of properties listed on the Metro Vancouver MLS system increased to 14,477, a 24.8% increase over last year.
In October alone, there were 5,452 new properties listed for sale, a 16.9% increase over last year.
The active listings ratio, which is a good indicator of the future direction of home prices, is balanced at 18.8%.
For reference, we found that below 12% there was often downward pressure on prices and above 20% there was upward pressure on prices.
In addition, the price of a Metro Vancouver home was $1,172,200, down 1.9% from October last year and down 0.9% from last month.
By item, houses were up 25.5% in sales compared to last October.
The benchmark price was $2,002,900, up 0.3% from last year and down 1% from last month.
Townhouses saw a 40.7% increase in sales compared to last October.
The baseline price was $1,108,800, up 0.4% from last year and up 0.9% from last month.
Condos saw a 33.4% increase in sales compared to last October.
The benchmark price was $757,200, down 1.6% from last year and down 0.6% from last month.
You can also read about it in the link below.
https://www.gvrealtors.ca/market-watch/monthly-market-report/october-2024.html