The average sale price in the Greater Vancouver housing market has increased by 3.1 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $1,258,179 in 2023 to $1,309,596 in 2024).
The number of sales decreased by 4.4 per cent for the same time period (from 16,859 in 2023 to 16,112 in 2024). The number of listings increased by 23 per cent (from 31,052 in 2023 to 38,125 in 2024).
Average sale prices across all property types are anticipated to increase by three per cent for the remainder of 2024, while the number of sales is predicted to also increase by 10 per cent.
The Greater Vancouver housing market is currently experiencing balanced conditions. These conditions will likely persist, with the possibility of shifting toward a seller's market pending further interest rate cuts.
The Greater Vancouver Area is currently oversupplied with plenty of choices for savvy homebuyers and investors looking to jump back into the market early.
On September 4, the Bank of Canada will share its next interest rate announcement. If rates drop another 0.50 to 0.75 per cent, or more, demand could increase as buyers attempt to enter the market before another price surge.
The biggest trend transpiring in the Greater Vancouver housing market over the last three months is an increase in “subject-to-sale” offers entering the market again, which is anticipated to continue into the fall. With uncertainty on how fast or how much one can sell their home for, many buyers are opting for the “subject to sale" condition, giving them certainty in their transactions. This is in fact the safest way to move; however, it is a type of offer that is only typically seen for short periods of time.
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