Vancouver’s real estate market was subdued over the summer, and is gradually moving towards more balanced conditions as inventory continues to accumulate. Home sales fell below the ten-year seasonal average in August. The rental market remains competitive, with high prices across all property types, though there are signs of easing in some areas as new listings rise.
Total Residential Market
Sales
Residential sales in Greater Vancouver totalled 1,904 in August 2024, according to the Greater Vancouver Realtors®, reflecting a 17.1% decrease compared to August 2023, and falling 26% below the 10-year seasonal average.
Listings
A total of 4,109 new listings were added to the market in August, a 4.2% increase from the same time last year, bringing the number of available homes to 13,812, a significant 37% rise over 2023. The current level of listings is 20.8% higher than the 10-year seasonal average. This uptick in listings is helping to balance the market, particularly with inventory accumulating steadily.
Prices
The MLS® Home Price Index composite benchmark price for residential properties in Metro Vancouver was $1,195,900, down 0.9% from August 2023 and relatively stable compared to July 2024. Home prices are seeing downward pressure, particularly in detached homes and apartments.
Market by Housing Type
Detached Homes
Detached home sales reached 509 units in August, a 13.9% decrease from last year. The benchmark price for a detached home was $2,048,400, representing a 1.8% annual increase but a slight decline of 0.1% from July 2024. Despite reduced sales, prices remain relatively strong, supported by limited inventory in the detached market.
Attached Homes
There were 370 sales of attached homes in August, down 12.3% from August 2023. The benchmark price of a townhouse was $1,119,300, an increase of 0.8% year-over-year, though prices saw a 0.5% dip from the previous month. Attached homes continue to experience higher demand, maintaining price levels despite fewer sales.
Apartments
Apartment sales totalled 1,012 units in August, reflecting a significant 20.3% drop from August 2023. Apartments remain more affordable, and the apartment market offers increasing listings providing more options for potential buyers and easing price pressures.
Rental Market Overview
In Vancouver, rental prices remain high despite some softening in recent months. The median rent for all property types was $3,000 in September 2024, a decrease of 8% year-over-year, but still 50% higher than the national average.
Rents for one-bedroom apartments in Vancouver averaged $2,710, up 2% month-over-month and 8% year-over-year, while two-bedroom apartments saw an average rent of $3,996, reflecting a 4% monthly increase and a 10% annual increase. Larger units, such as three-bedroom apartments, averaged $5,284, while four-bedroom homes commanded $5,946.
Employment Trends
Vancouver’s unemployment rate edged up to 5.9% in August 2024, a 0.1% increase from the previous month. However, Vancouver saw a loss of 8,600 jobs in August, driven by declines in both full-time and part-time positions. Full-time employment was particularly hard-hit, with a loss of 3,900 positions compared to July. Vancouver’s rate remains lower than Canada’s overall unemployment rate of 6.6%.
Consumer Confidence
Consumer confidence in British Columbia ticked downward in August 2024, as concerns about job prospects and household finances continued to weigh on sentiment. Despite the recent interest rate cuts, most consumers remain cautious about making major purchases, such as homes or vehicles, as economic uncertainty lingers.
