A market made for buyers is missing buyers
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Home sales registered on the MLS® in Metro Vancouver for
the month of March were the lowest going back to 2019 for the same month,
while active listings continue to their upward trend.
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February brings balance to Metro
Vancouver’s housing market
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After a 46 per cent year-over-year increase of new listings in
January, the number of newly listed properties on the MLS® in Metro
Vancouver* rose more moderately in February helping keep market conditions in
balanced territory.
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Home sellers off to an active start in 2025 |
Homes newly listed on the MLS® in Metro Vancouver rose 46 per cent year-over-year in January, as sellers appear eager to enter the market to start the year.
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| Download GVR's January 2025 MLS® stats package |
Home sales register a strong finish to cap off 2024 |
Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.
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December 2024 summary |
Residential sales in the region totalled 1,765 in December 2024, a 31.2 per cent increase from the 1,345 sales recorded in December 2023. This was 14.9 per cent below the 10-year seasonal average (2,074) for the month.
Sales of apartment homes reached 891 in December 2024, a 23.9 per cent increase compared to the 719 sales in December 2023. The benchmark price of an apartment home is $749,900. This represents a 0.1 per cent decrease from December 2023 and a 0.4 per cent decrease compared to November 2024.
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| Download the 2024 year-end stats package |
Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 per cent for apartments.
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.
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024.
Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024.
Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024.
Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.
Buyer demand surges in October
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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). The total number of
properties currently listed for sale on the MLS® system in Metro Vancouver is
14,477, a 24.8 per cent increase compared to October 2023 (11,599). This
total is also 26.2 per cent above the 10-year seasonal average (11,475). 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. 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. “While the strength in
October's numbers is encouraging, one data point does not make a trend,"
Lis said. "Recent data shows that market conditions have been decidedly
balanced, with prices easing over the past few months. With the recent uptick
in sales however, the attached and apartment segments are now tilting toward
a seller’s market with the detached segment not far behind, suggesting the
recent period of price moderation may be nearing an end." The MLS® Home Price Index
composite benchmark price for all residential properties in Metro Vancouver
is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and
a 0.6 per cent decrease compared to September 2024. Sales of detached homes in
October 2024 reached 724, a 25.5 per cent increase from the 577 detached
sales recorded in October 2023. The benchmark price for a detached home is
$2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1
per cent decrease compared to September 2024. Sales of apartment homes
reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044
sales in October 2023. The benchmark price of an apartment home is $757,200.
This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent
decrease compared to September 2024. Attached home sales in
October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales
in October 2023. The benchmark price of a townhouse is $1,108,800. This
represents a 0.4 per cent increase from October 2023 and a 0.9 per cent
increase compared to September 2024. |
VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”
There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.
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.
“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.
With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.
Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.
Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.
Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.
Sellers await buyers’ return after quieter
summer market
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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. The Greater Vancouver
REALTORS® (GVR) 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). “From a seasonal
perspective, August is typically a slower month for sales than June or July.
In this respect, this August has been no different,” Andrew Lis, GVR’s
director of economics and data analytics said. “With 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.” There were 4,109 detached,
attached and apartment properties newly listed for sale on the Multiple
Listing Service® (MLS®) 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). The total number of
properties currently listed for sale on the MLS® 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). 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. 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. “Buyers’ 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,” Lis said. “With the Bank of Canada’s
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.” The MLS® Home Price Index
composite benchmark price for all residential properties in Metro Vancouver
is currently $1,195,900. This represents a 0.9 per cent decrease over August
2023 and a 0.2 per cent decrease compared to July 2024. Sales of detached homes in
August 2024 reached 509, a 13.9 per cent decrease from the 591 detached sales
recorded in August 2023. The benchmark price for a detached home is
$2,048,400. This represents a 1.8 per cent increase from August 2023 and a 0
per cent decrease compared to July 2024. Sales of apartment homes
reached 1,012 in August 2024, a 20.3 per cent decrease compared to the 1,270
sales in August 2023. The benchmark price of an apartment home is $768,200.
This represents a 0.1 per cent decrease from August 2023 and a 0 per cent decrease
compared to July 2024. Attached home sales in
August 2024 totalled 370, a 12.3 per cent decrease compared to the 422 sales
in August 2023. The benchmark price of a townhouse is $1,119,300. This
represents a 0.8 per cent increase from August 2023 and a 0.5 per cent
decrease compared to July 2024. |
Metro Vancouver home sales down in May
while inventory continues to increase
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The number of transactions on the Multiple Listing Service®
(MLS®) declined in May compared to what is typical for this time of year in
Metro Vancouver. This shift has allowed the inventory of homes available for
sale to continue to accumulate with over 13,000 homes now actively listed on
the MLS® in the region. The Greater Vancouver
REALTORS® (GVR) reports that residential sales in the region totalled
2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in
May 2023. Last month’s sales total was also down 19.6 per cent from the
10-year seasonal average for May (3,398). “The surprise in the May
data is that sales have come in softer than what we’d typically expect to see
at this point in the year, while the number of newly listed homes for sale is
carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director
of economics and data analytics said. “It’s a natural inclination to chalk
these trends up to one factor or another, but what we’re seeing is a
culmination of factors influencing buyer and seller decisions in the market
right now. It’s everything from higher borrowing costs, to worries about the
economy, to policy interventions imposed by various levels of
government.” There were 6,374 detached,
attached and apartment properties newly listed for sale on the MLS® in Metro
Vancouver in May 2024. This represents a 12.6 per cent increase compared to
the 5,661 properties listed in May 2023 and a seven per cent increase compared
to the 10-year seasonal average (5,958). The total number of
properties currently listed for sale on the MLS® system in Metro Vancouver is
13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is
also up 19.9 per cent above the 10-year seasonal average (11,344). Across all detached,
attached and apartment property types, the sales-to-active listings ratio for
May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for
detached homes, 25.1 per cent for attached, and 22.5 per cent for apartment
properties. 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. “With market trends now
tilting back toward more balanced conditions, as the number of new listings
outpaces the number of sales, we should expect to see slower price growth
over the coming months,” Lis said. “Up until recently, prices were climbing
modestly across all market segments. But with rising inventory levels and
softening demand, buyers who’ve been waiting for an opportunity might have
more luck this summer, even if borrowing costs remain elevated.” The MLS® Home Price Index
(HPI) composite benchmark price for all residential properties in Metro
Vancouver is currently $1,212,000. This represents a 2.3 per cent increase
over May 2023 and a 0.5 per cent increase compared to April 2024. Sales of detached homes in
May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales
recorded in May 2023. The benchmark price for a detached home is $2,062,600.
This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent
increase compared to April 2024. Sales of apartment homes
reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730
sales in May 2023. The benchmark price of an apartment home is $776,200. This
represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared
to April 2024. Attached home sales in May
2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May
2023. The benchmark price of a townhouse is $1,145,600. This represents a 5.2
per cent increase from May 2023 and a 0.9 per cent increase compared to April
2024. |
Inventory reaches highest level since the pandemic summer of 2020 |
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Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
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Increased seller activity is giving buyers more choice this spring |
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The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.
“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”
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Home sellers awaken this spring, bringing much-needed inventory to the housing market |
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While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699). “While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352). Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments. 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. “Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024. Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024. Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024. |
VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).
“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”
There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.
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.
“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.
Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.
Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.
Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.
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Metro Vancouver housing market holds steady in October
An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments.
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.
“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023.
Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.
Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.
Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.
As inventory increases, price gains relent in Metro Vancouver to begin the fall season
The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
“A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”
There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4 per cent increase compared to the 4,243 homes listed in September 2022.
This was 5.2 per cent above the 10-year seasonal average (5,179).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent below the 10-year seasonal average (12,136).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments.
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.
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023.
Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023.
Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023.
Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the 274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to August 2023.
Seasonal slowdown brings price stability to Metro Vancouver
As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).
“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”
There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments.
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.
“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.
Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.
Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.
Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.
Download the August 2023 stats package.
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