October MLS® Housing Market Report

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver* home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales2 registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

source: https://www.gvrealtors.ca/.../monthly.../october-2024.html

It was such a pleasure to help PH and YW secure this stunning corner-unit, rare-find townhome! With over 2,000+ sqft of beautifully designed space, this home truly has it all:

A fully renovated kitchen featuring custom maple cabinets, quartz countertops, a large island bar, high-end stainless steel appliances, and tile flooring.

A spacious basement with two additional bedrooms and a full bathroom—perfect for family or guests.

Plus, this home is in a prime location! It’s within walking distance to Johnston Heights Secondary, T&T Supermarket, and Guildford Shopping Mall—making daily errands and shopping so convenient. And to top it off, it was secured at $56K below assessment!

Congratulations again to PH and YW on this dream home find. Thank you for your trust in me throughout this journey! Wishing you years of happiness here :)

Thank you for your 5-stars review. Much appreciated. It is my pleasure working with you. Your kind words really means a lot to me.

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver1 housing market.

On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“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 said. “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 mid-point of summer.” 

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9 per cent. By property type, the ratio is 12.8 per cent for detached homes, 20.1 per cent for attached, and 19.3 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“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 leveled out with very modest declines occurring month over month,” Lis said. “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. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease compared to June 2024.

Sales of detached homes in July 2024 reached 688, a 1 per cent increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1 per cent increase from July 2023 and a 0.6 per cent decrease compared to June 2024.

Sales of apartment homes reached 1,192 in July 2024, a 6.9 per cent decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3 per cent decrease from July 2023 and a 0.7 per cent decrease compared to June 2024.

Attached home sales in July 2024 totalled 437, a 6.2 per cent decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4 per cent increase from July 2023 and a 1.2 per cent decrease compared to June 2024.

It is my pleasure working with you, Jacky. Your feedback and trust really mean a lot to me. Again, congratulation on buying this beautiful home :)

July 18, 2024
🏠🏠PTT Property Tips Thursday

☝️☝️New tenancy rules for BC!
Starting July 18th, 2024, British Columbia will launch the Landlord Use Web Portal to protect renters from bad-faith evictions and end the tenancy process for landlords. Landlords must use this portal to generate Notices to End Tenancy for personal use, including details about who will occupy the home.

🔥🔥Key changes include:
1. Instead of two months, now tenants need a four month notice period for eviction.
2. Instead of 15 days, tenants will now have 30 days to dispute an eviction
3. A landlord is allowed to do evict a tenant if the property needs to be used by:
-The landlord or a close family member (parent, spouse or child);
-a superintendent for the building.
4. The person moving in must occupy the home for at least 12 months.

🔥🔥If these guidelines are not followed and tenant was evicted in bad faith, the landlord may be fined up to 12 months of rent.😭

🧐What can you learn from this?

-Consider consulting with a real estate professional before you plan to operate a rental property.
-As a landlord/ tenant, you need to follow the new government tenancy rules to protect your own interests.

I’m always here to help! Feel free to ask me any real estate questions. Thanks for reading.🤓💯