After months of tracking approximately 20 per cent below the 10-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year this October.
That’s according to the latest monthly market report from Greater Vancouver Realtors (GVR) , which notes that overall residential sales registered on the Multiple Listing Service (MLS) in the region saw a 31.9 per cent increase in October 2024 from sales recorded in October 2023. That was still 5.5 per cent below the 10-year seasonal average.
“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Andrew Lis, GVR’s director of economics and data analytics, in a news release. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”
Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months, said Lis.
With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, he added.
According to GVR, the October 2024 benchmark price for a single-detached house in Ladner was $1,435,600, down 1.6 per cent from the previous month but up 1.4 per cent compared to October 2023.
The benchmark price last month for a Ladner townhouse and condo was $1,022,900 and $659,500 respectively.
Meanwhile, the benchmark price last month for a detached single-family house in Tsawwassen was $1,535,900, down almost five per cent from this September and just over two per cent compared to October 2023.
The October 2024 benchmark price for a Tsawwassen townhouse and condo was $1,007,600 and $658,100 respectively.
