As the autumn season settles in, the Vancouver real estate market is showing notable shifts in pricing, listings, and sales activities. Both Vancouver East and Vancouver West experienced varied changes in benchmarks, sales ratios, and new listings most following Metro Vancouver’s trend.
Vancouver East – Year-Over-Year Prices Dip Across All Types, Notable New Listings Rise, but Sales Ratios Decline
Price Analysis:
In September 2024, Vancouver East had lower benchmark prices across all property types compared to the Metro Vancouver average. Although, both Vancouver East and Metro Vancouver showed similar downward price trends in September 2024, suggesting a cooling market.
House/Detached:
The benchmark price for detached homes in Vancouver East decreased to $1,848,700, reflecting a 1.1% decline from August and a 2.3% decrease year-over-year. While prices have softened, they remain significantly lower than the Metro Vancouver benchmark of $2,022,200.
Discover Vancouver East single family homes priced under $1,848,700 here, or priced over $1,848,700 here.
Townhouse/Attached:
Townhouses in Vancouver East saw a notable price drop of 5.0% from August, with a benchmark of $1,096,100. This price is very close to the overall Metro Vancouver townhouse benchmark of $1,099,200, indicating that the East market is aligning closely with regional pricing trends.
See Vancouver East townhouses priced below $1,096,100 here, or find those above $1,096,100 here.
Condo/Apartments:
In contrast, condos in Vancouver East saw a slight increase of 0.5%, bringing the benchmark to $708,500. Compared to the Metro Vancouver apartment benchmark of $762,000, this indicates that Vancouver East remains a more affordable option for condo buyers.
Find Vancouver East condos priced below $708,500 here, or those above $708,500 here.
New Listings and Sales:
Vancouver East experienced a notable increase in new listings across all property types in September 2024. New house listings rose to 221, a significant jump from 146 in August, representing a 14.0% increase compared to September 2023. Similarly, townhouse listings surged to 222 in September, up from 127 in August, marking a remarkable 26.1% year-over-year increase. Condo listings also saw growth, reaching 326 in September, up from 182 in August, with a 17.2% increase compared to the previous year.
In terms of sales, detached homes totaled 60, resulting in a sales ratio of 27.1%. While this reflects a slower pace compared to last year, it remains robust when compared to the Metro Vancouver sales ratio of 9.1% for detached homes. Townhouse sales reached 43, leading to a sales ratio of 19.4%. This slight improvement from the previous year illustrates the impact of higher inventory. The condo market had a strong performance with 108 sales, yielding a sales ratio of 33.1%, significantly surpassing the Metro Vancouver average of 14.6%. This indicates a strong buyer interest in the condo segment.
Vancouver West – Year-Over-Year Prices Drop Across All Property Types, New Listings Increased, and Sales Ratios Decline Overall
Price Analysis:
In September 2024, Vancouver West had generally higher benchmark prices than Metro Vancouver average for all property types. Following Metro Vancouver, Vancouver West also experienced slight month-over-month price decreases, indicating a softening market.
House/Detached:
The benchmark price for detached homes in Vancouver West edged up to $3,471,900, representing a 0.4% increase from August. Despite this, it remains 2.3% lower compared to the same period last year. This price is still above the overall Metro Vancouver benchmark for detached homes, which is $2,022,200.
Explore Vancouver West homes under $3,471,900 right here, or uncover options priced over $3,471,900 here.
Townhouse/Attached:
Townhouses in Vancouver West experienced a 2.8% decrease in price month-over-month, with a benchmark of $1,416,300. This represents a minor 0.5% decline compared to September 2023. While still higher than the overall Metro benchmark, this decline suggests adjustments in buyer preferences.
Discover townhomes in Vancouver West under $1,416,300 here, or browse those priced over $1,416,300 here.
Condo/Apartments:
Condo prices in Vancouver West fell by 1.7% from August, with a benchmark price of $838,800 in September 2024, down 0.6% year-over-year. Compared to the Metro Vancouver overall apartment benchmark of $762,000, Vancouver West condos remain in a premium pricing tier.
See condos Vancouver West for under $838,800 in Vancouver West here and discover options priced over $838,800 here.
New Listings and Sales:
Following Metro Vancouver, Vancouver West saw increased new listings year-over-year for all property types in September 202. New house listings increased significantly to 241 in September 2024, up from 120 in August, marking a 19.9% increase compared to September 2023. Townhouse listings also rose, reaching 194 in September 2024, up from 104 in August, and representing a 23.2% year-over-year increase. Condo listings increased to 861 in September 2024 from 531 in August, showing a 6.0% increase compared to September 2023.
Despite increased listings, both Vancouver West and Metro Vancouver show declines in sales volume and sales ratios year-over-year in September 2024.This indicates that although more properties are entering the market, buyer demand hasn’t kept pace.
This mirrors the broader Metro Vancouver trend of shrinking sales, suggesting a shared market influence. Both Vancouver West Side and Metro Vancouver are moving towards a more balanced market, characterised by buyers and sellers having more equal influence. There were 59 sales of detached homes in Vancouver West, leading to a sales ratio of 24.5%. This, however, marked a 14.1% decline in the sales ratio year-over-year. This is significantly higher than the overall market sales ratio of 9.1%, indicating stronger demand in this sub-market. Townhouse sales totaled 50, resulting in a sales ratio of 25.8%, showcasing a healthy level of activity against the Metro Vancouver average of 16.9% Although down 12.7% compared to the same month last year. Vancouver West recorded 200 sales, leading to a sales ratio of 23.2%, reflecting a 21.0% decrease year-over-year. While this is lower than last year, it remains higher than the Metro Vancouver ratio for apartments of 14.6%.
The real estate market is shifting towards a buyer’s market, with increasing inventory and lower sales ratios.
In September 2024, both Vancouver East and Vancouver West saw slight month-over-month price decreases across all property types, following the broader trend in Metro Vancouver. Additionally, both regions experienced year-over-year increases in new listings for all property types, indicating growing inventory levels that could favour buyers.
Despite the rise in listings, both Vancouver West and Metro Vancouver recorded declines in sales volume and sales ratios year-over-year in September 2024. However, activity levels in Vancouver West remain notably higher than the Metro Vancouver average. The average sales ratios across the region were 9.1% for detached houses, 16.9% for townhomes, and 14.6% for condos.
Looking ahead, potential rate reductions in the broader Metro Vancouver market could stimulate demand later in the year, potentially altering the current market trajectory.
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