The latest market data for September is out, and buyers remain cautious as we head into the fall market.
With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing significantly more options for those searching for a home.
Despite this increased selection, prices have remained relatively flat for the past few months. However, September data shows modest declines across most segments on a month-over-month basis. This downward pressure on prices is due to sales not keeping pace with the influx of newly listed properties, pushing the market toward the edge of a buyer’s market. With two more policy rate decisions expected this year, and signs pointing to potential rate reductions, demand may still pick up later this fall if buyers decide to re-enter the market.
Greater Vancouver residential sales totaled 1,852 in September 2024, marking a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This figure is also 26 per cent below the 10-year seasonal average of 2,502.
Condos & Townhouses:
The condo and townhouse market across Greater Vancouver and the Fraser Valley saw inventory rise in most areas, except for slight decreases in Cloverdale and Mission, while Tsawwassen remained unchanged. Sales dropped in Burnaby, Coquitlam, Port Coquitlam, Maple Ridge, Surrey, North Delta, Abbotsford, Mission, and Vancouver’s Westside, with no change in North Vancouver and Ladner, while New Westminster, Port Moody, Pitt Meadows, Cloverdale, Langley, Tsawwassen, and East Vancouver saw increases. Average sale prices followed mixed trends, with declines in Burnaby, New Westminster, Coquitlam, Port Coquitlam, Surrey, Cloverdale, Abbotsford, Vancouver, North Vancouver, and Ladner, and increases in Port Moody, Pitt Meadows, Maple Ridge, South Surrey/White Rock, North Delta, Langley, Mission, and Tsawwassen. Average days on market slightly increased in Greater Vancouver but decreased in the Fraser Valley. Currently, Burnaby, New Westminster, Coquitlam, Maple Ridge, South Surrey/White Rock, Abbotsford, and Mission are in a balanced market, while Port Coquitlam, Port Moody, Pitt Meadows, Cloverdale, and Langley remain in a seller’s market, with Surrey and North Delta shifting to a buyer’s market.
Detached homes:
Shifting focus to the detached housing market, inventory levels increased across all areas in September. Most regions, including Burnaby, New Westminster, Surrey, South Surrey/White Rock, North Delta, Cloverdale, Langley, Mission, Tsawwassen, and Ladner, saw a decrease in sales. Port Coquitlam and Maple Ridge, however, experienced no change in sales month over month. Sale prices rose in Coquitlam, Port Moody, Pitt Meadows, Abbotsford, Vancouver, and North Vancouver, while areas like New Westminster, Cloverdale, and Surrey saw no movement. Burnaby, Pitt Meadows, Abbotsford, Mission, Tsawwassen, and Vancouver saw average sale prices rise, with slight decreases in most other regions. The average days on market stayed steady at around 38 days across Greater Vancouver and the Fraser Valley. A key difference between the attached and detached markets is that most detached markets are now in a buyer’s or balanced market. Areas such as New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, Surrey, South Surrey/White Rock, North Delta, and Mission are in a buyer’s market, while the rest are in a balanced market.
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