Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of September 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Vancouver Market
The Vancouver real estate market for September 2024 presents a contrasting narrative of increasing inventory and slowing sales. While new listings are down slightly, the rising inventory and months of supply signal that the market is cooling. However, prices remain high, underscoring Vancouver’s resilience in maintaining value, even amidst softened demand. Across all residential property types in Metro Vancouver, sales have decreased by 23% compared to the average of the last five Augusts. This decline in demand is juxtaposed with an inventory that has grown by 22%, marking a shift in the market dynamics, with supply now outstripping demand. As a result, the months of supply have jumped by 50%, suggesting it’s becoming a more buyer-friendly market. Despite these trends, the overall benchmark price for residential properties in Metro Vancouver remains a hefty $1,197,700.
Vancouver's Detached Homes
The detached housing market reflects the broader slowdown. New listings for detached homes in Vancouver are down by 4%, while sales have fallen more sharply by 30%. Despite this drop in demand, inventory has increased by 20%, leading to a significant rise in months of supply—up 54%—indicating a softer market. The benchmark price for a detached home in Vancouver is still among the highest at $2,044,800, holding firm despite reduced buyer activity.
Vancouver's Apartments
The apartment market mirrors the general market trends, albeit with slightly less volatility. New apartment listings have dropped by 4%, and sales are down by 19% compared to the last five Augusts. With inventory growing by 22%, the apartment market has also seen an increase in months of supply, now up by 43%. Nevertheless, the benchmark price for apartments in Metro Vancouver remains strong at $768,200, indicating continued demand for urban living spaces, albeit at a slower pace.
Vancouver's Attached Homes
The attached home segment (which includes townhouses and duplexes) has seen similar shifts. While new listings have remained stable (0% change), sales have decreased by 21%. However, inventory has increased significantly, up 28%, which has pushed the months of supply up by 56%. The benchmark price for attached homes stands at $1,124,700, still robust, but the increasing supply suggests some softening could follow if demand doesn’t rebound.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Saved nearly $15,000 by having my offer accepted through Bōde instead of through a real estate agent. If you are willing to be more involved in the process it's definitely worth checking out.
My house sold with Bōde for $30k higher than what most realtors estimated, while saving me a ton in fees.
As a builder, I pour my heart and soul into these projects. With Bōde I was able to sell four luxury homes in 21 days, saving well over $100,000 in commissions.
We saved thousands of dollars selling out home with Bōde.
If we ever sell another home we will definitely use Bōde again.
We were amazed at how fast we were able to sell our home using Bōde.
We certainly priced our hom eright and were able to sell it for 7% more than market and 92 days faster!
Used Bōde to sell my condo, they were super responsive and helpful through the entire thing.
Scheduling all the showings myself was great, really simplified the process and saved a lot of money.
I have always wanted to list, show and sell my own homes in the pas but without a real estate licence it was never possible.
Now with Bōde, marketing and selling your own home is in reach.
Home » Blog » Monthly Market Updates » Vancouver Real Estate Market – September 2024
Vancouver Real Estate Market – September 2024
Real Estate Market Report | Vancouver | September 2024
Market Tightens as Sales Slow and Inventory Swells Across All Segments
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of September 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Vancouver Market
The Vancouver real estate market for September 2024 presents a contrasting narrative of increasing inventory and slowing sales. While new listings are down slightly, the rising inventory and months of supply signal that the market is cooling. However, prices remain high, underscoring Vancouver’s resilience in maintaining value, even amidst softened demand. Across all residential property types in Metro Vancouver, sales have decreased by 23% compared to the average of the last five Augusts. This decline in demand is juxtaposed with an inventory that has grown by 22%, marking a shift in the market dynamics, with supply now outstripping demand. As a result, the months of supply have jumped by 50%, suggesting it’s becoming a more buyer-friendly market. Despite these trends, the overall benchmark price for residential properties in Metro Vancouver remains a hefty $1,197,700.
Vancouver's Detached Homes
The detached housing market reflects the broader slowdown. New listings for detached homes in Vancouver are down by 4%, while sales have fallen more sharply by 30%. Despite this drop in demand, inventory has increased by 20%, leading to a significant rise in months of supply—up 54%—indicating a softer market. The benchmark price for a detached home in Vancouver is still among the highest at $2,044,800, holding firm despite reduced buyer activity.
Vancouver's Apartments
The apartment market mirrors the general market trends, albeit with slightly less volatility. New apartment listings have dropped by 4%, and sales are down by 19% compared to the last five Augusts. With inventory growing by 22%, the apartment market has also seen an increase in months of supply, now up by 43%. Nevertheless, the benchmark price for apartments in Metro Vancouver remains strong at $768,200, indicating continued demand for urban living spaces, albeit at a slower pace.
Vancouver's Attached Homes
The attached home segment (which includes townhouses and duplexes) has seen similar shifts. While new listings have remained stable (0% change), sales have decreased by 21%. However, inventory has increased significantly, up 28%, which has pushed the months of supply up by 56%. The benchmark price for attached homes stands at $1,124,700, still robust, but the increasing supply suggests some softening could follow if demand doesn’t rebound.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca
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