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October saw a strong surge in housing demand across Greater Vancouver, with residential sales showing an impressive rebound from the previous year. After several months of below-average activity, home sales rose more than 30% year-over-year, reaching 2,632 transactions—though still 5.5% below the 10-year average. The momentum appears driven by recent mortgage rate cuts, spurring buyers who had previously been on the sidelines.
Market Highlights
Sales Growth: Sales increased across all property types, with townhouses and apartments in particularly high demand, marking a shift toward a seller’s market in these segments.
New Listings: October saw 5,452 new listings, a 16.9% increase year-over-year and 20% above the seasonal average, bringing the total active listings to 14,477.
Sales-to-Active Listings Ratio: The ratio stands at 18.8%, with detached homes at 13.4%, attached homes at 22.5%, and apartments at 22.2%. This indicates balanced conditions, though townhouses and apartments are inching towards a seller's market.
Property Prices
Composite Benchmark Price: $1,172,200, a 1.9% decrease from October 2023 and a slight 0.6% drop from September.
Detached Homes: Benchmark price of $2,002,900, up 0.3% year-over-year, with a 1% monthly decline.
Apartments: Benchmark price at $757,200, reflecting a 1.6% decrease from last year.
Townhouses: Strong performance with a 40.7% year-over-year sales increase; benchmark price at $1,108,800, a slight increase of 0.4% from last October.
What to Expect Moving Forward
While October’s numbers show promise, the market remains highly responsive to interest rate fluctuations. The current shift toward a seller’s market for attached homes and apartments may indicate an end to recent price moderation. Buyers looking for value may need to act swiftly, especially in these high-demand property types.
Source: Greater Vancouver REALTORS®
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