We're currently in a buyer's market, with August marking the third month of price decreases after four months of consecutive price gains.
August has had major announcements worth noting, namely that BC United has dropped out of the provisional race and is lending its support for the BC Conservatives. With regard to real estate, a change in governance will impact current housing goals, infrastructure plans, tenancy rules, and business confidence. Additionally, the province announced a 3% rent hike for 2025 with a minimum of three-months notice. And as of today, the Bank of Canada reduced rates by 0.25% with the next announcement schedule for October 23rd.
Here's the summary for August:
17.1% ↓ in sales since August 2023 (demand)
26.0% ↓ below the 10-year August sales average
37.0% ↑ in listed properties compared to August 2023 (supply)
20.8% ↑ above the 10-year August listings average
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9% decrease from August 2023 and a 0.1% decrease compared to August 2024.
