September 16, 2024
Blog › September 2024
September 7, 2024
Lower Mainland housing weakness continues through August
by Bryan Yu, Chief Economist, Central One Economics
HIGHLIGHTS:
-Lower Mainland home sales remained low in August
-Full-time employment drove hiring contraction in B.C.
-Unemployment level rose to 5.8 percent in August
-Trade deficit increases
The struggling Lower Mainland housing market failed to gain any traction in August even as interest rates continued to slip. MLS home sales remained low in August even as interest rates continued to slip. MLS
Read more here
September 5, 2024
News Release from Greater Vancouver Realtors
FOR IMMEDIATE RELEASE:
Sellers await buyers’ return after quieter summer market
VANCOUVER, BC – September 4, 2024 – Home sales registered on the MLS® in Metro
Vancouver1 remained below their ten-year seasonal averages in August as summer holidays
come to a close.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled
1,904 in August 2024, a 17.1 percent decrease from the 2,296 sales recorded in August 2023.
This total was also 26 percent 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 percent increase compared to August 2023 (10,082). This total is
also 20.8 percent 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 percent. By property type, the ratio is 9.6 percent for detached
homes, 18 percent for attached, and 17.2 percent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 percent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 percent 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 percent decrease over August
2023 and a 0.13 percent decrease compared to July 2024.
Sales of detached homes in August 2024 reached 509, a 13.9 percent 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 percent increase from August 2023 and a 0.1 percent
decrease compared to July 2024.
Sales of apartment homes reached 1,012 in August 2024, a 20.3 percent 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 percent decrease from August 2023 and is unchanged compared to
July 2024.
Attached home sales in August 2024 totalled 370, a 12.3 percent decrease compared to the
422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a
0.8 percent increase from August 2023 and a 0.5 percent decrease compared to July 2024.
See full stats here
September 3, 2024
From: Greater Vancouver REALTOR®’s
2024 H2 Residential Market Forecast Update
Celebrate the Ws
When we penned our first-half (H1) forecast for the Greater Vancouver residential market in January, our outlook called for a steady pace of sales similar to 2023 paired with modest price growth of a few percent across all market segments.
Our report also made a few additional predictions1 worth revisiting as we enter the second half (H2) of 2024:
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