So remember back a couple of months ago how our market appeared to be “stabilizing”. At least, that’s what the general observation was.
However, on closer inspection I didn’t feel that was quite what was happening yet in Vancouver.
…and that’s how it’s played out in the last couple of months. Now that we have September behind us we are seeing continued weakness in Vancouver’s real estate market.
Sales dropped to 525. This was -11.91% from the previous month, +0.6% higher than a year ago, and -20% below the 10-year average.
Interestingly, this is right about the same number of sales that we’ve seen in each of the last 4 years (2024 = 522, 2023 = 531 and 2022 = 480)
New Listings jumped significantly to 2,090. This was up a whopping +70.6% from last month, just up +1.3% from a year ago and +18.8% above the 10-year average.
Total Active Listings rose to 4,955. This slight rise was +2% over the previous month, +0.3% above last year and a fairly significant +40% over the 10-year average.
With supply so far above the 10-year average (+40%) and demand so far below (-20%) fairly consistently we are seeing persistent downward pressure on prices. This is pretty much across the board in all market segments for all types of properties.
In the last year in Vancouver typical prices are about 5% below where they were a year ago.
This of course, is the general picture. If you look at it more granularly you’ll see that there’s the most weakness in the luxury and investor oriented segments of the market. Where we see strength is in markets that are more “affordable”, turnkey and geared toward local owner-occupiers.
The current market is offering some remarkable opportunities for buyers. The greatest advantage is being able to take your time, find the right property and conduct your due diligence.
Listings are a little more challenging. This is certainly not the market to “try” to sell…and you definitely need the right motivation…and despite overall weakness even now I’m seeing some properties sell with remarkable results (one recent listing received 7 offers).
Still, I find it remarkable how much we’ve been mirroring the market in 2024 in the last few months. That year things picked up considerably in the last 3 months of the year…a really good reminder of how quickly our market can turn. We will have to wait and see if this year follows suit…or not.
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