Metro Vancouver Real Estate Update: After months of trailing nearly 20% below the ten-year seasonal average, Metro Vancouver home sales surged in October, jumping over 30% year-over-year. The Greater Vancouver REALTORS® reported 2,632 residential sales on the MLS®, a 31.9% increase from October 2023. New listings also rose, with 5,452 properties added to the market—up 16.9% from the previous year and 20% above the ten-year seasonal average. This recent activity has brought both sales and listings closer to typical seasonal levels.
Real Estate Update by Property Type
Condos
Sales: 1,393 up by 33.4% from last year
Benchmark Price: $757,200 down 1.6% from last year
Townhouses
Sales: 501 up by 40.7% from last year
Benchmark Price: $ 1,108,800 up 0.4% from last year
Detached Homes
Sales: 724 up by 25.5% from last year
Benchmark Price: $2,002,900 up 0.3% from last year
What Does This Mean?
October sales numbers suggest that buyers may be responding to recent interest rate reductions. Increased sales in the condo and townhouse market have pushed these segments closer to a seller’s market, with the detached market not far behind. This shift could signal an end to price moderation in the Metro Vancouver housing market. However, a single month’s data doesn’t make a trend, so we’ll need to keep monitoring the market in the coming months to see what the spring season has in store.
Contact your Two Awesome Realtors for more information on how the market is performing in your neighbourhood!
