Long story short, August was another slow month in Vancouver's real estate market. All activity slowed further as we progressed through the summer of 2024 (as I predicted).
Sales fell to 531 which was down significantly (-22%) from the 682 sales that happened in Vancouver in July....and coincidentally that's about the same difference (-22%) with sales a year ago. After trending more positively in the spring we are hoverinig now close to 30% below (-28.5%) the ten year average.
It appears that sellers have mostly received the markets message in the last couple months. In August we saw new listings taper off considerably to just 1,211 new listings for the month. This was down -30% from July, -16% from a year ago, and -4% from the 10 year average.
With fewer listings coming to market our overall listing inventory took the sharpest drop we've seen all year to 4,215. This was a decline of -8.4% from the previous month but +22% over the previous year (and +19.4% higher than the 10 year average).
While we saw all property types in Vancouver decline in value for the first time in a LONG time in July, the results were more mixed in August. Some market segments like Condos and Townhouses still saw a price increase in August (+0.8% and +0.4%) respectively, it was detached houses that continued to slide (-0.7%).
However, it should be noted that it's Westside houses that led this decline (-1.5%) while East Vancouver houses actually rose ever so slightly (+0.1%).
The market continued to be soft in August as was to be expected. The question is where do things head from here. I suspect that we shall continue to see a more balanced market overall, with some slight amount of strengthening in the coming months.
Sellers appear to be cautious, but not desperate. Supply continues to be constrained and buyers are biding their time waiting for the right opportunities. Unless interest rates drop significantly, I expect this will be the state of things for the next few months.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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