VANCOUVER WEST OCTOBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release announces a surge in sales for October with residential sales up 31.9 percent last month compared to October 2023. Buyers have moved away from the sidelines, likely in response to four rate cuts in a row by the Bank of Canada. If this trend continues it could reverse recent price moderations. Right now the composite value of all properties is down 1.9 percent year to year. October to October newly listed properties are up 16.9 percent. The total inventory is now 24.8 percent higher than October 2023.
The graph shows a 5.8 percent drop from September to October for the average price of Metro Vancouver detached properties. The benchmark price for houses in October 2024 is 0.3 percent above the previous October. Year to year the volume of detached home sales jumps 25.5 percent.
Last month versus October 2023, Vancouver west detached prices decline 1.9 percent. West side house sales see a 2.8 percent dip year to year. Inventory this October versus the previous October is up 8.3 percent.
From September to October west side house sales are lifted 16.9 percent. Month to month detached inventory falls 29.5 percent.