News: Vancouver Real Estate Market

After months of tracking approximately 20% below the ten-year seasonal average, Metro Vancouver home sales surged more than 30% year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9% increase from the 1,996 sales recorded in October 2023. This was 5.5% below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand,...

Home sales registered on the MLS® in Metro Vancouver declined 3.8% year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,852 in September 2024, a 3.8% decrease from the 1,926 sales recorded in September 2023. This was 26% below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed...

Home sales registered on the MLS® in Metro Vancouver remained below their 10 year seasonal averages in August as summer holidays come to a close. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1% decrease from the 2,296 sales recorded in August 2023. This total was also 26% 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...

Typically, spring marks the peak activity season for Canada's real estate sector, as warmer weather prompts a surge in buying and selling nationwide. However, in 2024, this bustling spring market began earlier than usual and is experiencing added pressure. Aspiring homebuyers, who had been waiting on the sidelines, are now reentering the market ahead of anticipated interest rate cuts. This rush is expected to intensify competition and drive home prices even higher.

Royal LePage® projects that the overall...

While still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54% increase from the 2,443 sales recorded in June 2020, and an 11.9% decrease from the 4,268 homes sold in May 2021.

Last month's sales were 18.4% above the 10-year June sales average.

"Metro Vancouver's housing market...

• Price of detached homes continue to outpace condominiums as Canadians trade location for square footage
• Despite strong push toward the suburbs, Toronto and Montreal single-family homes see double-digit price gains in city centres
• Median price of a two-storey home in Greater Vancouver rises 8.8% as buyers prioritize square footage
• Out-of-region buyers spur Maritimes’ home prices, as option of remote work and demand for large, affordable properties grows
• Aggregate...

According to the Real Estate Board of Greater Vancouver (REBGV), the residential home sales in the region hit 1,571 in January 2020. This is a 42.4% increase from the January 2019 sales of 1,103 and a 22.1% decrease from the December 2019 sales of 2,016.

The sales were at 7.3%, which was below the 10-year January sales average.

"We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average," Ashley Smith, REBGV president said. "Looking at supply, we...

What does it mean for B.C.?

The Greater Vancouver market saw signs of heading towards recovery in the fourth quarter, after a year-over-year decline. There was a 4.8% decrease in the aggregate price of a home in Greater Vancouver year-over-year to hit $1,107,719 in the fourth quarter of 2019. The aggregate price of a home in the third quarter of 2019, had decreased 5.2% compared to the same time last year.

Greater Vancouver's real estate market was fairly balanced in the fourth quarter according to...

What does this mean for us?

Greater Vancouver house prices will see a stabilization in 2020. The aggregate prices for homes is forecasted to hit $1,125,200, an increase if 1.5% in 2020. For two-storey homes the prices are expected to rise to $1,460,700, a rise of 1.25% year-over-year. Median prices for condominiums is also said to rise to $666,900, a 3.0% increase by the end of next year.

According to Randy Ryalls, Managing Broker, Royal LePage Sterling Realty, "Sales have picked up significantly...