October Market Update

October 2024 marked a significant turnaround in Metro Vancouver’s real estate market, with home sales surging 31.9% year-over-year, suggesting that recent mortgage rate cuts have finally encouraged buyers to enter the market. Greater Vancouver REALTORS® reported 2,632 sales, slightly below the 10-year seasonal average but a notable improvement from previous months.

Detached Homes:

Sales of detached homes reached 724 in October, a 25.5% increase compared to October 2023. The benchmark price for detached homes was $2,002,900, a modest 0.3% increase year-over-year, though it dipped 1% from September 2024.

Apartment Homes:

Apartment sales climbed to 1,393, a substantial 33.4% increase year-over-year. The benchmark price for apartments stood at $757,200, reflecting a 1.6% decrease from October 2023 and a slight 0.6% drop from the previous month.

Attached Homes (Townhouses):

Sales in the attached segment rose sharply by 40.7%, with 501 townhouses sold. The benchmark price for townhouses increased by 0.4% year-over-year to $1,108,800, with a 0.9% gain from September 2024.

Market Dynamics:

The sales-to-active listings ratio was 18.8%, with attached homes and apartments edging into seller’s market territory at ratios of 22.5% and 22.2%, respectively. Detached homes followed closely at 13.4%. The total number of active listings grew to 14,477, up 24.8% from October 2023, providing buyers with more options even as demand increases.

This uptick in sales has added momentum to the market, particularly in the attached and apartment segments. While prices have eased in recent months, the current trend could signal the end of this moderation if buyer interest remains strong into the winter months.