METRO VANCOUVER
Sales decline as summer closes; plentiful supply; prices in decline
Metro Vancouver home sales this past August recorded their first month-over-month decline following a slow ascent since January this year. However, the 326 fewer transactions amounted a 14% decrease for a total of 1,959 sales for the month. While monthly sales increases had been accruing in relatively small increments since the beginning of the year, at the same time Metro Vancouver’s market has been catching up to last year’s sales levels. On an annual comparison, the current end-of-summer sales figures, though down from July, finally showed a slight increase compared with the same period last year. On an annual comparison, August sales this year were 2.8% above August 2024, but still down over 19% on the 10-year seasonal average. New listings in August reached 4,225 across all property types. This was also a 2.8% increase over the same month last year, and 1.3% above the 10-year seasonal average. This brought the total inventory in Metro Vancouver at the end of August to a plentiful supply of 16,242, while down by 926 homes from the inventory at the end of July, it was close to 18% above the same period one year ago, and nearly 40% above the 10-year seasonal average. The robust number of homes on the market continues to favour buyers with easing prices. The Bank of Canada’s policy rate announcement scheduled for today, September 17, will also be of keen interest to prospective home buyers. The key rate has remained at 2.75% since near the beginning of June. Prospective homebuyers are encouraged to watch for a slight reduction in mortgage rates that may follow if the many economists who have predicted a rate cut of 0.25% are proven right today The combined benchmark price of residential property in Metro Vancouver at the end of August was $1,150,400, a 1.3% decline from the preceding month.
In the section below, my monthly selection of comparative benchmark prices in different areas of Metro Vancouver serves as guide to home shoppers. For each property type, you will find the overall benchmark along with the three closest average prices on each side of the benchmark. You will also find the month-over-month prices changes for each neighborhood benchmark. These fluctuations typically represent the level market demand for the most recent sales period in a neighbourhood. The extremities of the averages is provided to give you an idea of range of prices making up the average. It is important to remember that benchmarks are averages, meaning that an actual price which may be closer to your budget could be hidden in the average. If you are interested in purchasing in a particular area, please don’t hesitate to call me. I can provide the most up-to-date information on asking prices. And if you are thinking of selling your home, I can prepare a Customized Market Analysis and advise you on the optimal listing price in the current market conditions. Please feel free to call me with any questions you may have. I love to help my clients in everyway I can.
Detached homes
The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $1,950,300, a decrease of 1.2% from the preceding month. The extremities of this average were Vancouver West at $3,264,900 and Sunshine Coast at $885,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $1,991,800, a decrease of 1.9% from the preceding month; Burnaby North at $2,064,400, a decrease of 3.1% from the preceding month; and Richmond at $2,083,400, a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,785,800, a decrease of 0.5% from the preceding month; Coquitlam at $1,719,700, a decrease of 1.0% from the preceding month; and New Westminster at $1,596,300, an increase of 0.8% from the preceding month.
Townhouses
The benchmark price for a townhouse in Metro Vancouver at the end of August was $1,079,200, a decrease of 1.8% from the preceding month. The extremities of this average were Whistler at $1,605,400 and Sunshine Coast at $732,000. The three municipalities closest to the benchmark on the higher side of the average were: Coquitlam at $1,087,100, a decrease of 0.6% from the preceding month; North Vancouver at 1,286,900, a decrease of 2.1% from the preceding month; and Vancouver West at $1,395,000, a decrease of 1.6% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,077,700, a decrease of 3.6% from the preceding month; Richmond at $1,059,600, a decrease of 3.1% from the preceding month; and Burnaby South at $1,044,100, a decrease of 2.8% from the preceding month.
Condominiums
The benchmark price for a condominium in Metro Vancouver at the end of August was $734,400, a decrease of 1.2% from the preceding month. The extremities of this average were: West Vancouver at $1,255,800 and Maple Ridge at $494,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $765,900, no change from the preceding month; North Vancouver at $794,800, a decrease of 3.0% from the preceding month; and Burnaby South at $795,500, a decrease of 1.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $723,600, a decrease of 1.1% from the preceding month; Burnaby North at $721,200, an increase 0.4% from preceding month; and Richmond at $704,300, a decrease of 0.8% from the preceding month.
Let me help
There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.