Hi, it's Cari Mai, and this is your Vancouver Real Estate Market Update for September 2024!
Home Sales Dip for Fourth Consecutive Month
Traditionally, we'd expect to see a slowdown for the month of August, and this year was no exception. Home sales dipped 17% from last August, marking the 4th consecutive monthly drop in sales. Interestingly, the 3 recent 0.25% policy rate reductions haven't done much to spur home sales, as high borrowing costs and Canada's unemployment rates are still making buyers think twice. This hesitancy has contributed to a holding pattern in the market, with sales trending 26% below the 10-year seasonal average.
Listings Also on the Decline
It's not just the buyers that were on summer vacation, it seems sellers were too, with new listings down 27% month-over-month — declining for the first time this year. The total inventory on the market overall has increased significantly by 37% from August 2023, as existing home listings are taking longer to sell.
Prices Remain Relatively Flat
The HPI benchmark price is now at $1,195,900, marking a slight decrease from both last month and last year. Despite these changes, sales remain in a holding pattern and prices remain relatively flat overall.
With more projected policy rate cuts on the horizon, stay tuned to see if this cooling trend continues through the remainder of the year. Thanks for watching, and don't forget to hit like and subscribe for the latest real estate updates!
