Home sales in Metro Vancouver decline, buyers remain cautious

Metro Vancouver home sales fell 3.8% year-over-year in September 2024, according to Greater Vancouver REALTORS® (GVR), with 1,852 sales registered on the MLS®. The region’s sales remain 26% below the 10-year seasonal average, despite recent reductions in mortgage rates.

Andrew Lis, GVR’s director of economics and data analytics, noted the sustained trend of slower demand, highlighting that buyers are staying cautious. Inventory levels rose significantly, with 14,932 properties listed, a 31.2% increase from last year.

While increased inventory has provided buyers with more choices, sales have not kept pace, putting downward pressure on prices. The MLS® Home Price Index benchmark for all residential properties decreased 1.8% from September 2023, settling at $1,179,700.

Lis, nevertheless, expressed optimism that sales could improve by year’s end if further reductions in policy rates encourage more buyers to enter the market.