22 Oct 2024
REBGV Market Update For September 2024 – Home Sales Still Lagging, While Inventory Grows Higher
The September 2024 stats released by the Greater Vancouver Realtors (GVR) confirmed a continuation of the August trend – declining sales and growing inventory – suggesting that the Bank of Canada recent rate reductions have had a limited impact across Metro Vancouver, so far.
“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.
“Sales continue trending roughly 25% below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast, but we remain optimistic sales will still end 2024 higher than 2024.” This was a quoted comment from the GVR website.
Home Sales/br>
September registered 1,852 sales on the Multiple Listing Service (MLS), down 3.8% from the 1,926 sales registered in September 2023. and down 26% from the 10 year September sales average.
Home Listings/br>
The number of newly homes listed for sale on the MLS in Metro Vancouver was 6,144 for September 2024. This represented a 12.8% increase compared to the 5,446 homes listed in September 2023 and 16.7% above the 10-year seasonal average of 5,266.
The total number of listings for September 2024 on the MLS was 14,932 – a 31.2% increase when compared to the 11,382 listed in September 2023. It was also 24.2% aabove the 10 year seasonal average of 12,027.
Sales-To-Active-Listings Ratio/br>
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio was 12.8%. When broken down by property types, the ratio was:
| Property Type | Sept 2024 sales | Sept 2023 sales | % +/- |
| Detached | 516 | 572 | -9.8% |
| Apartment | 940 | 988 | -4.9% |
| Townhouse | 378 | 352 | +7.4% |
- 9.1% for detached homes
- 16.9% for townhomes
- 14.6% for condos