Real Estate Market Report | Vancouver | October 2024
Cooling Persists Amidst Abundant Supply
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many buyers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of October 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Vancouver Market
Vancouver’s housing market continues to see cooling in the market as demand remains low and inventory grows. Total residential sales sank below 2,000 units, with the average price increasing by 7.8% year-over-year to $1.18 million. Limited supply and robust buyer interest are creating a highly competitive environment, with buyers facing bidding wars, especially in the more affordable segments of the market.
Vancouver's Detached Homes
Detached homes in Vancouver are seeing continued weak demand, with under 600 units sold in September. The average price climbed 8.4% year-over-year, reaching $2.02 million. With inventory remaining above 10 months’ supply, sellers face significant competition, especially in sought-after neighborhoods, flattening prices.
Vancouver's Apartments
The apartment market continues to cool, with just under 1,000 units sold in September. Prices fell by 1.8% year-over-year, bringing the average price to $762,000. While supply is slightly better than other segments, demand continues to cool as buyers await more affordable entry points into Vancouver’s market.
Vancouver's Attached Homes
Attached homes, including townhouses and semi-detached units, saw under 400 sales in September, with prices rising by 6.9% to an average of almost $1.1 million. This segment is favored by buyers looking for a balance of space and affordability, but much like other segments in the market, buyers are holding out for more cooling on pricing to enter.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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