Home sales in Metro Vancouver dropped sharply last month, with 1,904 properties sold, down from 2,296 in August 2023, representing a 17.1% decline year-over-year. This figure also falls more than 25% below the 10-year seasonal average, according to Greater Vancouver Realtors.
The composite benchmark price for all residential properties in the region stood at $1,195,900 in August, marking a 0.9% decrease from the previous year and a slight 0.1% dip from July.
In August, 4,109 new detached, attached, and apartment listings were recorded, up 4.2% from the same period last year.
Andrew Lis, Director of Economics and Data Analytics for Greater Vancouver Realtors, noted that the market remained in a “holding pattern” last month as buyers grappled with higher borrowing costs, despite two previous interest rate cuts by the Bank of Canada. However, Lis expressed optimism that sales could pick up after the central bank’s third consecutive quarter-point rate cut, combined with the seasonal increase in sales typically seen in September.
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