Great Vancouver Area

Vancouver Housing Market Update: September 2024

In September 2024, a total of 1,852 homes were sold in Vancouver, including 516 detached homes, 940 apartments, and 378 attached homes. Examining the broader Metro Vancouver housing market, active listings at the end of September reached 14,932, marking a 31% increase compared to the same period last year and representing the highest level since July 2019. This figure significantly surpasses the long-term average for this time of year.

The market saw 6,144 new listings this month, reflecting a 13% year-over-year increase and a substantial 49% rise compared to the previous month. Despite these new listings, the total home sales of 1,852 in September were 3.8% lower than the same month last year. These dynamics resulted in a sales-to-active listings ratio (SALR) of 12% for Vancouver, indicating a clear decline from the 23% observed in March 2024.

Furthermore, the sales-to-new-listings ratio (SNLR) for September 2024 stood at 30%, classifying Vancouver firmly as a buyer's market. Typically, an SNLR above 60% indicates a seller's market, while an SNLR below 40% signals a buyer's market. An SNLR between 40% and 60% is generally considered indicative of a balanced market.

In summary, the Vancouver housing market in September 2024 is characterized by a substantial increase in active and new listings, coupled with a decline in the sales-to-active listings ratio, confirming the transition to a buyer's market. As new listings continue to outpace sales, buyers have more options and greater negotiating power in the current market environment.