Buyers remain cautious to begin the fall market
Here are the key points from the article on the Metro Vancouver real estate market in September 2024:
- Home sales on the MLS® declined 3.8% year-over-year, suggesting recent reductions in borrowing costs have had a limited effect in boosting demand so far.
Sales were 26% below the 10-year seasonal average, a trend that has continued for a few years now.
New listings increased 12.8% compared to September 2023, and total active listings are up 31.2% year-over-year.
The sales-to-active listings ratio of 12.8% indicates the market is on the cusp of a buyers' market.
Prices have shown modest month-over-month declines across all property types, as sales have not kept pace with the increased number of new listings.
The composite benchmark price for all residential properties is $1,179,700, down 1.8% from September 2023.
Detached home prices are down 1.3% month-over-month, while apartment and townhouse prices are down 0.8% and 1.8% respectively.
While recent interest rate cuts have not yet reignited demand, further rate reductions later this fall could potentially boost buyer activity in the coming months, though the market continues to favor buyers given the elevated inventory levels.