Vancouver’s actual property market noticed resale exercise proceed to say no in August, as potential patrons remained cautious regardless of latest rate of interest cuts from the Financial institution of Canada.
Residence gross sales in Better Vancouver fell 17.1% in comparison with August 2023 and have been down 21% from the earlier month. Simply 1,904 properties traded properties in Canada’s third-largest metropolis, considerably beneath the 10-year seasonal common.
“From a seasonal perspective, August is often a slower month for gross sales than June or July. On this respect, this August has been no completely different,” famous Andrew Lis, director of economics and information analytics for Better Vancouver Realtors.
“With that mentioned, gross sales stay in a holding sample, trending roughly 20% beneath their 10-year seasonal common, which suggests patrons are nonetheless feeling the pinch of upper borrowing prices, regardless of two latest quarter proportion level reductions to the coverage price this summer time.”
By way of new listings, there have been 4,109 properties added to the market in August, representing a 4.2% enhance from the identical time final yr.
This introduced the full variety of properties listed on the market in Metro Vancouver to 13,812, marking a 37% enhance from the ten,082 listings recorded in August 2023. This determine can also be 20.8% larger than the 10-year seasonal common of 11,432.
The decrease demand brought on the composite benchmark worth for residential properties to drop by 0.9% year-over-year to $1,195,900. This was additionally down barely by 0.1% from July.
Residence gross sales throughout Better Vancouver skilled a notable 17.1% drop in August in comparison with the identical month final yr, in keeping with Better Vancouver Realtors. Gross sales have been additionally 27.6% beneath the 10-year seasonal common, with a complete of 1,904 properties bought, down from 2,296 in August 2023.
The composite benchmark worth for all residential properties in Metro Vancouver stood at $1,195,900, marking a 0.9% decline from a yr earlier and a 0.1% lower in comparison with July.
“With the Financial institution of Canada’s determination to scale back the coverage price at this time by one other quarter proportion level, and with September being a month that usually sees a rise in gross sales from a seasonal perspective, the autumn market is about as much as convey extra patrons off the sidelines,” Record added. “We’ll watch the upcoming September information to see whether or not they resolve to point out up.”
Visited 37 occasions, 3 go to(s) at this time
andrew lis british columbia Better Vancouver Realtors Regional vancouver vancouver residence costs vancouver residence gross sales
Final modified: September 4, 2024