October 2024 Real Estate Stats

Buyer demand surges in October

In October 2024, 5,452 detached, attached, and apartment properties were newly listed in Metro Vancouver, up 16.9% from October 2023. Total MLS listings reached 14,477, marking a 24.8% increase from last year. The overall sales-to-active listings ratio stands at 18.8%: 13.4% for detached homes, 22.5% for attached, and 22.2% for apartments.

Recent data indicates a balanced market, with prices easing over the past few months. However, a recent rise in sales has shifted the attached and apartment segments toward a seller’s market, with detached properties close behind—suggesting that the period of price moderation may be coming to an end. “Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months. To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.” Andrew Lis, GVR director of economics and data analytics

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1oo% of list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 27% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Downtown and 3 bedroom properties
• Opportunity for Sellers: Selling homes in West End and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: Homes between $2.5 mil – $2.75 mil with average 32% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5.5 mil- $6 mil, Marpole, Shaughnessy, South Granville, Southland and 7 plus bedrooms
• Opportunity for Sellers: Selling homes in Arbutus, South Cambie and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% above list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 38% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.5 mil – $3 mil Kerrisdale, Oakridge, South Cambie, South Granville and 4 plus bedrooms
• Opportunity for Sellers: Selling homes in Kitsilano, Mount Pleasant, Shaughnessy, University and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $1.25 mil – $1.5 mil with average 36% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $3 mil – $3.5 mil, Collingwood, Mount Pleasant, Renfrew Heights and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Strathcona and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 26% Sales Ratio average (2.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 50% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $900,000 – $1 mil, Downtown and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Hastings, Knight and up to 1 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on November 1, 2024  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.