October 2024 saw a dynamic month for Vancouver’s real estate market, with Vancouver East and Vancouver West continuing to perform robustly across all housing types, even as the broader Metro Vancouver market experienced fluctuations.
Vancouver East – Year-Over-Year Prices Rise Across Most Types, New Listings Rise continue to rise, and Sales Ratios Increased
Price Analysis:
In October 2024, Vancouver East showed varied shifts across property types.
House/Detached:
The benchmark price for detached homes in Vancouver East rose to $1,891,900, reflecting a 2.3% month-over-month increase and a 1.1% increase year-over-year. This growth highlights Vancouver East’s appeal in a competitive detached market. When compared to the Metro Vancouver benchmark of $2,002,900, Vancouver East remains a more affordable option.
Discover Vancouver East single family homes priced under $1,891,900 here, or priced over $1,891,900 here.
Townhouse/Attached:
Townhouse prices rose significantly in Vancouver East, with the benchmark at $1,156,400, marking a 5.5% month-over-month increase with a 3.6% year-over-year rise. The benchmark surpasses Metro Vancouver’s $1,108,800 benchmark.
See Vancouver East townhouses priced below $1,156,400 here, or find those above $1,156,400 here.
Condo/Apartments:
The condo market saw a 3.2% monthly decline price in Vancouver East, bringing the benchmark to $685,500. This is well below the Metro Vancouver benchmark of $757,200, making it an attractive option for first-time buyers. Despite a 3.2% price drop from last month and a 3.4% decline year-over-year, demand remains active.
Find Vancouver East condos priced below $685,500 here, or those above $685,500 here.
New Listings and Sales:
In October 2024, Vancouver East saw 180 new listings for detached homes, marking a 6.1% increase from last year but a slight decline from September’s 221 listings. The townhouse market in Vancouver East added 176 new listings, an 11.9% rise year-over-year, though also down slightly from September (222). Meanwhile, condo listings grew by 2.8% from last year, totaling 250 in October, maintaining a steady stream of options for prospective buyers following September’s high inventory levels of 326.
Detached home sales reached 80 in October, raising the sales-to-listing ratio to a robust 44.4%. While this ratio is 3.7% lower than last year’s, it remains well above Metro Vancouver’s average of 13.4%, highlighting solid demand. Townhouse sales rose to 74 units, boosting the sales ratio to 42.0%—a substantial 25.3% increase over October 2023 and nearly double the Metro Vancouver average of 22.5%. Condo sales hit 128 units in October, achieving a strong 51.2% sales ratio, a 24.4% improvement over last year. This high ratio demonstrates sustained buyer interest, with Vancouver East’s condo market performing more than twice as well as Metro Vancouver’s 22.2% average. Take a look at all the condos in East Vancouver with an open house coming up here.
Vancouver West – Year-Over-Year Prices Drop Across Most Property Types, New Listings Increased compared to last year, and Sales Ratios Increased Overall
Price Analysis:
In October 2024, Vancouver West remained a premium market, with prices consistently higher than the Metro Vancouver averages, even as certain segments showed softening
House/Detached:
The benchmark price in Vancouver West stands at $3,369,100, well above Metro Vancouver’s $2,002,900, though it experienced a 3.0% decrease from September and a 1.9% annual decline.
Explore Vancouver West homes under $3,370,000 right here, or uncover options priced over $3,370,000 here.
Townhouse/Attached:
Priced at $1,456,500, Vancouver West townhouses also surpass the Metro Vancouver benchmark of $1,108,800. With a 2.8% monthly gain and a 1.4% year-over-year rise, this segment reflects continued demand.
Discover townhomes in Vancouver West under $1,456,500 here, or browse those priced over $1,456,500 here.
Condo/Apartments:
Vancouver West condos are priced at a premium of $829,900, exceeding Metro Vancouver’s benchmark of $757,200. Prices dropped by 1.0% from September and 1.8% year-over-year, showing minor adjustments.
See condos Vancouver West for under $829,900 in Vancouver West here and discover options priced over $829,900 here.
New Listings and Sales:
New listings in Vancouver West demonstrated robust year-over-year growth, particularly within the townhouse segment. The area recorded 170 new listings for detached houses, representing a 7.6% increase compared to the previous year. While this figure is lower than September’s numbers, it still provides a steady stream of options for prospective buyers. Townhouse listings in Vancouver Westside surged to 171, reflecting a significant 28.1% year-over-year increase. Additionally, condo listings in Vancouver West rose by 9.1%, reaching 790 new units.
Sales ratios in Vancouver West varied by property type, with condos attracting the most buyer interest and aligning closely with Metro Vancouver averages. Detached houses in Vancouver West had a sales ratio of 40.6%, significantly higher than Metro Vancouver’s average of 13.4%, indicating strong activity despite a recent price dip. Townhouses also performed well, with a sales ratio of 35.7%, exceeding the Metro Vancouver average of 22.5%, although it showed slight moderation year-over-year. Condo sales reached a sales ratio of 43.2%, nearly double the Metro Vancouver ratio of 22.2%. Take a look at all the condos in West Vancouver with an open house coming up here.
The real estate market surged as a seller’s market, with increasing inventory year-over-year and surge sales ratios.
In October 2024, Vancouver East and Vancouver West displayed mixed price trends across housing types, while Metro Vancouver saw a 1.9% year-over-year decrease in the composite benchmark price for residential properties. Despite some decreases in prices, both Vancouver East and West continue to show strong seller’s markets, especially for detached homes and townhouses.
The sales-to-active listings ratio—a key measure of market conditions—demonstrates the relative strength of Vancouver East and West compared to the broader Metro Vancouver market, where average sales ratios are currently 13.4% for detached houses, 22.5% for townhomes, and 22.2% for condos.
Buyer demand in Metro Vancouver surged in October. According to Andrew Lis, GVRD’s director of economics and data analytics: “Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months. To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada—and more likely to come—it was only a matter of time until signs of renewed strength in demand showed up.”
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