Vancouver Real Estate Market Insights October 2024

There's some interesting news about Vancouver's housing market from October. According to the Vancouver Real Estate Board; Sales really picked up - jumping about 32% compared to last year, which is pretty significant considering how quiet things have been. Looks like those mortgage rate cuts are finally getting people off the fence and back into buying. The market's got plenty of options right now - there were over 5,400 new listings last month, which is way more than usual. As for prices, they're all over the place depending on what you're looking at. Houses are sitting around $2 million (up a tiny bit from last year), townhouses are about $1.1 million (also up slightly), but apartments have dipped a bit to around $757,000. What's really interesting is the market's starting to tip in favor of sellers in some areas, especially for apartments and townhouses. The GVR's analyst, Andrew Lis, is being cautious though - he's basically saying "let's not get too excited about one good month," but he also hints that we might be done with the price drops we've been seeing lately. The big picture seems to be that after months of people holding back, the market's starting to move again. Though if you look at the bigger picture, we're still running a bit below what's normal for this time of year.