Hi, it's Cari Mai, and this is your Vancouver Real Estate Market Update for October 2024!
A Slow Start to the Fall Market 🍂
The Fall market did not start off with the bang 🧨 that everyone was hoping for. Last month, we saw the lowest home sales count since January and we're currently in the 5th consecutive month of declining sales. We saw the 3rd fewest sales for the month of September in the past 12 years (behind September 2018 and 2022).
Unprecedented Surge in New Listings 📈
New listings jumped significantly by 41% between the months of August to September. Now that's an astronomical increase in new listings heading into the Fall, considering that we'd typically expect a 19% rise from August to September. This brings the total active listings on MLS to the highest level in any month since July 2014.
Current Home Prices in Greater Vancouver 🏷️
The HPI benchmark price is now at $1,179,700 for all home types across Greater Vancouver, marking a 2% price decrease from last September and 1-2% price declines across all home types on a month-over-month basis.
The price decline is a result of sales not keeping pace with the new listings that came to market. The recent changes to borrowings costs have shown limited effect on increasing demand so far.
Upcoming Changes in Mortgage Policies 📝
But with further changes to making mortgage renewals easier and to lowering monthly costs to mortgage payments being implemented in November and December, we'll have to wait and see then.
