Home sales register a strong finish to cap off 2024
Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023, and a 9.2 per cent decrease from the 29,261 sales in 2022.
Last year’s sales total was 20.9 per cent below the 10-year annual sales average (33,559).
“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”
Home buyer demand continues to strengthen in November
Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
Buyer demand surges in October
VANCOUVER, BC – November 4, 2024 – After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver1 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).
“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,” Andrew Lis, GVR’s director of economics and data analytics said. “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.”
Buyers Remain Cautious To Begin The Fall Market
Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said.
Sellers Await Buyers’ Return After Quieter Summer Market
Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”
More Selection Not Translating to More Transactions
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.
Sales
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 director of economics and data analytics
“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.”
Market shifting in buyers’ favour, though hesitation remains
Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).
“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”
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Home sales down in May while inventory continues to increase
The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver(1). This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.
The Greater Vancouver REALTORS® (GVR)(2) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).
“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”
Inventory at highest level since pandemic summer of 2020
Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
Increased seller activity is giving buyers more choice this spring
Wednesday, April 3, 2024
The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.
Sales
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).
“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer. Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”