Update • Update • Update • 11 October 2024

Buyers Cautiously Step Into the Fall Market: What’s Next for Vancouver Real Estate?

by Gavin Lam

Vancouver’s real estate market remains subdued as we head into fall. September 2024 saw a slight dip in home sales, with a 3.8% decrease compared to the same month last year. Despite reductions in borrowing costs, buyer demand remains restrained, pushing total sales 26% below the 10-year seasonal average.

A Market in Flux

The region’s inventory, however, tells a different story. New listings increased by 12.8%, offering buyers a broader selection of homes. With inventory levels 31.2% higher year-over-year, the market seems to be tipping towards a buyers’ market, creating downward pressure on prices. The MLS® Home Price Index shows modest declines in September, with the benchmark price now at $1,179,700.

Will buyers come off the sidelines as the year ends?

#VancouverRealEstate #MarketTrends #REALTOR

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