We're currently in a buyer's market, with September marking the fourth month of price decreases.
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, Greater Vancouver Realtors’ director of economics and data analytics said.
September had several economic indicators that dominated much of the news. Most notably, per the Financial Post, "Canada's inflation rate hits 2% target — the lowest level in more than three years" — along with the Bank of Canada's quarter-percent rate cut and a more significant half-percent rate reduction by the U.S. Treasury, which signals that the Bank of Canada could take bolder steps. Deloitte Canada forecasted that rates could be as low as 3% by next year, a sentiment shared by many financial lenders.
In addition to monetary policy grabbing headlines, there were multiple announcements regarding the BC provincial election and its impact on housing. The BC Conservative Party is advocating for tax cuts and reducing red tape in permitting and zoning—essentially a more free-market approach—while the BC NDP seeks government intervention to spur the development of new housing.
Here's the summary for September:
3.8% ↓ in sales since September 2023 (demand)
26.0% ↓ below the 10-year September sales average
31.2% ↑ in listed properties compared to September 2023 (supply)
24.2% ↑ above the 10-year September listings average
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8% decrease from September 2023 and a 1.4% decrease compared to August 2024.
