Vancouver housing market slows in August as inventory grows

Home sales in Metro Vancouver fell below the 10-year seasonal average in August 2024, according to Greater Vancouver REALTORS® (GVR). A total of 1,904 residential sales were recorded, marking a 17.1% decrease from August 2023 and a 26% drop from the seasonal average of 2,572.

Andrew Lis, GVR’s director of economics, attributed the dip to seasonal trends and ongoing impacts of higher borrowing costs.

However, newly listed properties rose 4.2% year-over-year, while overall listings increased by 37% compared to August 2023.

The MLS® Home Price Index composite benchmark for residential properties now stands at $1,195,900, reflecting a 0.9% decrease from August 2023. The market is in a balanced state, with a sales-to-active listings ratio of 14.3%.​