Vancouver Real Estate Market Update for August 2024
Despite a recent 0.5% drop in the Bank of Canada policy rate last month, Vancouver’s real estate market continues to see transactions lagging behind historical norms. With plenty of inventory available, now could be a great time to explore your options.
Across the board, we've noticed prices levelling out, with all segments experiencing modest month-over-month declines. This could also be attributed to a few major legislative changes that affected our real estate market this summer. As we head into the fall, it’s yet to be seen if softer prices and improved borrowing costs will draw more buyers into the market.
This July marked the third fewest sales for the month in the past 11 years, with detached homes seeing the largest drop in sales, down 37% from the average, followed by townhouses and condos at 16% and 12% below average, respectively.
In terms of new listings, there’s been a significant 20.4% increase from July last year, contributing to healthy inventory levels. The total number of properties listed increased by 39% from July 2023.
The Home Price Index (HPI) benchmark price currently stands at $1,197,700, showing a decrease of 0.8% from both last July and last month.
With sales volume down 5% from July last year and 17.6% below the 10-year seasonal average, the market offers unique opportunities for savvy buyers and investors.
For any real estate related questions, feel free to reach out to me directly! See you next time!
