Real Estate Market Report | Vancouver | August 2024
Rising Supply Meets Cooling Demand
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 August 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
Vancouver’s overall market is seeing a 14% increase in new listings year-over-year, signaling a rise in supply. However, sales have declined by 11% over the same period, indicating a cooling demand. Inventory has surged by 23%, leading to a 33% increase in months of supply, which suggests that buyers now have more options to choose from. The benchmark price across all residential properties stands at $1,207,100, reflecting the city’s ongoing price resilience.
Vancouver's Detached Homes
The detached home segment is characterized by a 16% increase in new listings compared to last year, but sales have fallen by 15%. The inventory is up by 20%, contributing to a 29% rise in months of supply. Despite these shifts, the benchmark price for detached homes remains high at $2,057,600, though the market appears to be adjusting to the increased supply.
Vancouver's Apartments
The apartment market is experiencing a 10% increase in new listings, while sales have dropped by 10% year-over-year. Inventory levels have risen by 24%, resulting in a 33% increase in months of supply. The benchmark price for apartments is $773,400, indicating a relatively stable market, though the rising supply may temper future price growth.
Vancouver's Attached Homes
The attached home segment has seen the most significant changes, with a 21% increase in new listings and a 10% decline in sales year-over-year. Inventory has jumped by 30%, leading to a 35% increase in months of supply. The benchmark price for attached homes is now $1,138,100, reflecting the segment’s robust demand despite the cooling in sales.
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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