Courtesy of Aileen Noguer

Buyer demand surges in October

$757,200 apartment DOWN 1.6% year-to-year

$2,022,900 detached UP 0.3% year-to-year

BENCHMARK PRICES

$1,108,800 attached

14,477 ACTIVE LISTINGS 2,632 SOLD LISTINGS

detached 724 1,393 apartment

UP 0.4% year-to-year

detached 5,408

6,269 apartment

5.5 MONTHS OF INVENTORY

5,452 NEW LISTINGS

18.0% SALES TO ACTIVE LISTING RATIO

38 DAYS ON MARKET (detached)

Vancouver, November 4, 2024 – The Greater Vancouver REALTORS ® (GVR) reports that residential sales registered on the Multiple Listing Service ® (MLS ® ) in the region totalled 2,632 in October 2024. “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.” There were 5,452 detached, attached and apartment

properties newly listed for sale on the MLS ® in Metro Vancouver in October 2024. The total number of properties currently listed for sale on the MLS ® system in Metro Vancouver is 14,477. The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023. Sales of detached homes in October 2024 reached 724. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024. Statistics reflect market activity in October 2024 | Source: Greater Vancouver REALTORS ® (GVR) | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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