November 2024 - Vancouver Real Estate Market Update

HOLY SMOKES! Our real estate market in October did a 180 from the start of the Fall Market! Home sales jumped over 30% year-over-year, making it the most dynamic month since spring! This boost comes from multiple interest rate cuts and pent-up demand, which helped re-energize the market.

Resale activity soared, marking October the third-highest sales month this year, with condos being the best selling home type. Despite this, overall sales are still 8% below the 10 year seasonal sales average. Inventory levels reached a new high for October, the most since 2013, with new listings up by 15% and total inventory increasing by 31%. This influx has given buyers more options.

We see prices easing slightly, with the HPI benchmark price at $1,172,200—a 2% price drop from last year and the recent uptick in townhouse and condo sales hints at a shift towards a seller’s market.

Buyers are finally responding to the more favourable borrowing costs encouraged by four consecutive rate cuts and the uncertainty surrounding the BC provincial election that just passed is no more. As a side note, I saw buyers get mortgage rates in the 3.8% range . While this strength we saw in October is encouraging, it’s important to remember that one month doesn’t set a trend. We’ll need to watch closely in the coming months to see how these factors play out.

Thank you for tuning in! Don’t forget to like, subscribe, and hit the notification bell for more updates. See you next time!