Home sales in Metro Vancouver decreased by 3.8 per cent year-over-year in September, signaling that recent reductions in borrowing costs have yet to significantly boost demand, Greater Vancouver Realtors (GVR) reports.

The region saw 1,852 residential sales in September, down from 1,926 in the same period last year. This figure is also 26 per cent below the 10-year seasonal average of 2,502.

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics explains. “Sales continue trending roughly 25 per cent below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now.

Lis adds that although sales are now tracking slightly below GVR’s forecast, they remain optimistic that 2024 sales will still end up higher than 2023’s.

Market overview

There were 6,144 new listings in September, a 12.8 per cent increase from last year and 16.7 per cent above the 10-year seasonal average. Properties listed for sale in Metro Vancouver totalled 14,932 units, up 31.2 per cent from September 2023.

The overall sales-to-active listings ratio was 12.8 per cent, with detached homes at 9.1 per cent, attached homes at 16.9 per cent and apartments at 14.6 per cent. 

‘All signs pointing to further (rate) reductions; it’s not inconceivable that demand may still pick up later this fall’

The increase in new listings has provided buyers with more options, leading to downward pressure on prices and a buyer’s market. “With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines,” Lis notes.

The benchmark price for all residential properties in Metro Vancouver now stands at $1,179,700, reflecting a 1.8 per cent year-over-year decrease and a 1.4 per cent decline from August 2024. 

Detached homes

Sales of detached homes dropped 9.8 per cent compared to last year, with 516 units sold in September. The benchmark price for a detached home is $2,022,200, a 0.5 per cent increase year-over-year but down 1.3 per cent from August.

Apartment homes

Apartment sales fell 4.9 per cent, with 940 units sold. The benchmark price for an apartment is $762,000, marking a 0.8 per cent decline year-over-year and month-over-month.

Attached homes

Attached homes, however, saw a 7.4 per cent increase in sales year-over-year, totaling 378 units. The benchmark price for townhomes is $1,099,200, down 0.5 per cent from September 2023 and 1.8 per cent from August.

Review the full report here.

Last week, Greater Vancouver Realtors (GVR) announced two new members of its team. The organization has appointed Ashutosh “Ash” Anil as its first-ever chief membership officer (CMO), and Craig Munn as its chief corporate development officer (CCDO), also a new role.

CMO role ‘signals our long-term commitment to providing an innovative and superior customer service experience’

The CMO is a new senior leadership position created to help GVR identify the tools and technology, systems and process improvements needed to service over 15,000 realtor members and 500 real estate brokerages.

“The establishment of the CMO position signals our long-term commitment to providing an innovative and superior customer service experience to our members day in and out,” Jeff King, GVR’s CEO shares.

What Anil brings to the CMO role

Anil commenced the role on September 23 and is responsible for the strategy, direction and service enhancement for the MLS, professional development, member services, events and professional standards areas.

He brings extensive experience leading customer experience operations and transformations across industries and countries, including Canada, the United States, India and the United Kingdom. Anil has worked in various sectors including telecom, retail, public service and technology for brands like Three Telecom UK, Rogers Communications, Best Buy Canada, Stern Partners, Technical Safety BC and Hughes Network Systems.

“We are excited to welcome Ash to our leadership team. He brings a wealth of experience and talent to this newly developed role within the organization,” King says.

‘We need talented people exploring new partnerships & other opportunities that allow us to disrupt, evolve & innovate’

As CCDO, Munn will help lead strategy implementation and stakeholder engagement, pursue key business opportunities and build and strengthen GVR partnerships and relationships across the profession and business community. 

“The purpose of this new leadership role within GVR is to ensure we’re dedicating the time and resources to think differently about our business. Times and conditions are changing, and we need talented people exploring new partnerships and other opportunities that allow us to disrupt, evolve and innovate our products and services,” King says.

What Munn brings to the CCDO role

Munn most recently served GVR with distinction as the vice president of communication and events, for which his responsibilities included internal and external communication, media and public relations, content strategy, issues management and stakeholder engagement. 

Prior to joining GVR, he worked as the press and public affairs officer at the British Consulate General in Vancouver and a reporter for newspapers across the Lower Mainland.

“Craig is an astute and results-focused business leader who will play a pivotal role in helping us drive toward (our) goals in the immediate and long term,” notes King.

Photo: GVR

Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” 

Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions

4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.

For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.

He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.

Where prices landed

The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.

By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.

Review the full report here.

Last week, Greater Vancouver Realtors (GVR) released its 2024 second-half (H2) housing forecast, which reviews new dynamics impacting the market along with economic trends that informed the first half of 2024.

Here are some highlights of what GVR expects for the second half of the year.

Sales and price forecasts

This year, GVR sales and price forecasts are almost exactly on target, but market balance has shifted from favouring sellers at the year’s start towards more balanced conditions.

GVR’s 2024 first-half (H1) forecast predicted that sales across Greater Vancouver would jump by about 8.0 per cent compared to 2023 (28,250 by year-end).

Sales from January to July this year totalled 16,227, with the prediction being 16,256 — a 0.18 per cent difference. GVR is keeping its year-end sales prediction as-is.

So far, aggregate price metrics have shown slight increases as the H1 forecast predicts, driven by steady sales combined with near-record-low inventory levels at 2024’s start. With these levels rising throughout the past few months, most aggregate price metrics are trending sideways or slightly downward.

Yet the median differential between the list price and sale price for all GVR properties has trended at a close to 2.0 per cent discount since the start of the year.

In the near term, GVR’s outlook for the year’s second half is a balanced market that continues to support modest price appreciation by year-end. The organization keeps its outlook of price appreciation in the 1.0-4.0 per cent range across market segments to year-end.

Inventory

As sellers stay keen to list their properties, Greater Vancouver hasn’t seen such inventory level highs since 2019. Compared to 2023 levels, this boost has been the biggest surprise in H1 data.

The main drivers behind this trend are a result of steady demand from buyers along with higher-than-expected new listing activity levels, which isn’t of concern to GVR right now. The sense is that increased inventory might be positive, especially for buyers, as it signals a return to more balanced market conditions.

Though sales are below their 10-year average, they’re not the lowest seen before and this isn’t a new trend. Newly listed properties are meeting or exceeding historical averages, which has resulted in accumulated inventory thanks to below-average sales.

GVR found that many factors have contributed to the new listing activity boost, including the fact that early 2023 had lower-than-normal new listing activity and sellers who waited to sell then are possibly doing so this year.

Interest rate cut impacts

GVR says that while additional reductions to the Bank of Canada’s policy rate are expected this year, it may take longer to see increased buyer demand.

This is suggested by the fact that while the H2 forecast favours another 50-basis point reduction to the policy rate, buyers showed a lack of response to the 50-basis point reduction in H1.

Review the full H2 forecast here.

Last month, new listings on Metro Vancouver’s MLS rose about 20 per cent year-over-year, resulting in a healthy level of inventory, Greater Vancouver Realtors (GVR) reports. At the same time, residential sales totalled 2,333, which was 5.0 per cent less than the same time last year and nearly 18 per cent below the 10-year seasonal average.

‘It’s a bit surprising transaction levels remain below historical norms as we enter the midpoint of summer’

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics notes.

“With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the midpoint of summer.”

Balanced conditions, healthy inventory, still early days

In July, Metro Vancouver saw 14,326 total number of properties listed for sale, a 39.1 per cent increase compared to July 2023 and 21.5 per cent above the 10-year seasonal average.

Sales-to-active listings across all property types were 16.9 per cent (12.8 per cent for detached homes, 20.1 per cent for attached homes and 19.3 per cent for apartment homes).

“With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have levelled out with very modest declines occurring month over month,” Lis says.

“While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels.”

Lis adds it’s still early days so they’ll watch the market for signs of increasing transaction activity in the upcoming months.

Sales and prices

Currently, the MLS Home Price Index composite benchmark price for residential properties in Metro Vancouver is $1,197,700, a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease over June 2024. 

Detached home sales last month reached 688, a 1.0 per cent increase compared to July 2023. The benchmark price for a detached home is $2,049,000, 2.1 per cent higher than July 2023 and 0.6 per cent less than June 2024. 

Apartment home sales last month reached 1,192, a 6.9 per cent decrease compared to July 2023. The benchmark price for an apartment home is $768,200, 0.3 per cent less than July 2023 and 0.7 per cent less than June 2024. 

Attached home sales last month reached 437, a 6.2 per cent decrease compared to July 2023. The benchmark price of a townhouse is $1,124,700, 1.4 per cent more than July 2023 and 1.2 per cent less than June 2024. 

Review the full report here.

Metro Vancouver home sales in June stayed below average, at 2,418 (19.1 per cent less than a year prior and 23.6 per cent below the 10-year seasonal average), with inventory climbing to levels not seen since spring 2019, Greater Vancouver Realtors (GVR) reports.

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics notes. 

“This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

Inventory accumulating with more stable prices, well-priced properties still selling quickly

Last month, the region saw 5,723 detached, attached and apartment properties newly listed for sale, a seven per cent increase compared to June 2023 and three per cent above the 10-year seasonal average.

Currently, there are 14,182 properties listed for sale on the MLS system in Metro Vancouver, 42 per cent more than the year prior and 20.3 per cent above the 10-year seasonal average. Across all property types, June’s sales-to-active listings ratio is 17.6 per cent. 

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis says.

“But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

Prices

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,207,100, a 0.5 per cent increase from the year prior and a 0.4 per cent decrease from May 2024.

Currently, the benchmark price for a detached home is $2,061,000, an apartment home is $773,400 and a townhouse is $1,138,100.

Review the full report here.

Greater Vancouver Realtors (GVR) reports that residential sales in the region totalled 2,733 in May, a drop of nearly 20 per cent from the 3,411 sales of May last year. Last month’s sales were also down 19.6 per cent from May’s 10-year seasonal average. 

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics says.

“It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs to worries about the economy, to policy interventions imposed by various levels of government.” 

More inventory on offer

There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS in Metro Vancouver last month, 12.6 per cent more than the 5,661 properties listed in May 2023 and seven per cent more than the 10-year seasonal average. 

In total, there are 13,600 properties currently listed for sale, 46.3 per cent more than May 2023 and 19.9 per cent above the 10-year seasonal average. The sales-to-active listings ratio for May is 20.8 per cent across all property types.

“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis notes. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.” 

Prices

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,212,000, a 2.3 per cent increase over May 2023 and a 0.5 per cent increase from April 2024. 

Currently, the benchmark price of a detached home is $2,062,600, an apartment home is $776,200 and a townhouse is $1,145,600.

Review the full report here.

Last month, MLS listings in Metro Vancouver were up 42 per cent year-over-year to over 12,000, Greater Vancouver Realtors (GVR) reports. The region hasn’t seen levels like this since the summer of 2020. 

Sales in April reached 2,831, which was 3.3 per cent higher than the same time the year prior and 12.2 per cent below the 10-year seasonal average.

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics notes.

“The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” 

Number of listings

7,092 detached, attached and apartment properties were newly listed for sale in April, a 64.7 per cent increase compared to the 4,307 properties listed the April before and 25.8 per cent above the 10-year seasonal average.

At the same time, 12,491 total properties were listed for sale, a 42.1 per cent increase compared to April 2023 and 16.7 per cent above the 10-year seasonal average.

Prices climbing except for apartments

Sales-to-active listings for all property types last month was 23.5 per cent, and the benchmark price for all Metro Vancouver properties is $1,205,800, a 2.8 per cent increase from April 2023 and 0.8 per cent more than March 2024. 

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis says.

“The one segment that didn’t see an uptick in prices in April was apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” 

Sales and prices by home type

Detached home sales reached 814, 0.7 per cent higher than April 2023. The benchmark price of a detached home is $2,040,000 — 6.3 per cent more than from April 2023 and 1.6 per cent higher than March 2024. 

Apartment home sales reached 1,416, 0.2 per cent higher than April 2023. The benchmark price of an apartment home is $776,500 — 3.2 per cent more than April 2023 and 0.1 per cent higher than March 2024. 

Attached home sales reached 580, 16 per cent higher than April 2023. The benchmark price of a townhouse is $1,127,200 — 4.3 per cent more than April 2023 and 1.3 per cent higher than March 2024.

Read the full release here.

It’s been a big month for industry awards from Greater Vancouver Realtors (GVR).

Ray Harris: ‘A fine example of what excellence in real estate looks like’

At an industry event earlier this month, GVR awarded Port Coquitlam realtor Ray Harris the Professional Excellence Award.

The award honours those in the industry whose careers have consistently exemplified integrity, knowledge, ethics, leadership, community service and mentorship.

Harris, of Generations Real Estate Partners, has mentored hundreds of colleagues throughout his 38-year career and has volunteered with the GVR, the BC Real Estate Association and the Canadian Real Estate Association. He also supports various community charities and initiatives.

“Ray Harris is a fine example of what excellence in real estate looks like,” says Diana Dickey, GVR chair. “A deep-seated commitment to mentoring the next generation of professionals, an innate desire to give back to his community and the drive to elevate our profession are the attributes that make Ray a deserving recipient of this award.” 

Juliana Vallee: ‘A role model, a mentor and an inspirational figure … a true community-minded leader’

GVR also recently honoured Burnaby realtor Juliana Vallee with 2024’s Realtors Care Award, which goes to realtors showing consistent commitment to charitable, fundraising or volunteer activities that strengthen communities and support those in need.

Vallee founded the Vancity Girls Club, an organization now with multiple chapters that provides mentorship, guidance and leadership to help girls in need overcome challenges and achieve their goals. Last year, she personally fundraised enough money for over 40 members of the club and its partner boys’ club to attend a leadership camp.

As a brain tumor survivor, she also donates a portion of each of her sales to the Brain Tumor Foundation of Canada. 

“Juliana created a space where at-risk young girls can access tools and resources to make positive choices in their lives,” says Dickey. “She’s a role model, a mentor and an inspirational figure to these girls, and she’s a true community-minded leader.”

Photo source: GVR

The Greater Vancouver Realtors (GVR) reports the region’s residential sales totalled 2,415 in March, a 4.7 per cent decrease from the 2,535 sales in March 2023 and 31.2 per cent below the 10-year seasonal average. 

Andrew Lis, GVR’s director of economics and data analytics notes that this year’s spring market isn’t as hot as it was last spring, especially for buyers. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”

Modest month-over-month price gains an “interesting dynamic given that borrowing costs remain elevated”

There were 5,002 detached, attached and apartment properties newly listed for sale on MLS in Metro Vancouver last month, a 15.9 per cent increase compared to the 4,317 properties listed in March 2023 and 9.5 per cent below the 10-year seasonal average. 

The total number of Metro Vancouver properties currently listed for sale on MLS is 10,552, a 22.5 per cent increase compared to March 2023 and 6.3 per cent above the 10-year seasonal average. Sales-to-active listings for March 2024 is 23.8 per cent across all property types.

“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of 1-2 per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis says.

“With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.” 

Benchmark price and sales

The composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800, a 4.5 per cent increase over March 2023 and a 1.1 per cent higher than February 2024. 

Detached home sales in March reached 694, 5.4 per cent less than the 734 detached sales in March 2023. Apartment home sales in March reached 1,207, 7.9 per cent less than the 1,311 sales in March 2023. Attached home sales in March were 495, 6.2 per cent more than the 466 sales in March 2023.

Review the full housing market report here.