Great Vancouver Area

Mixed Trends in Vancouver Housing Market

In October 2024, the average home price in Greater Vancouver was $1,250,329, reflecting a 3.9% annual decrease and a 0.1% monthly decline. The average sale price of detached homes decreased by 5.8% from the previous month, reaching $2,062,398, representing a 7.8% annual decrease. In contrast, the average prices for attached homes and apartments in Greater Vancouver were $1,287,408 and $812,038, respectively. These figures indicate year-over-year increases of 6.1% for attached homes and 0.1% for apartments, with monthly increases of 8.3% and 5.9%, respectively.

The benchmark price of homes in Metro Vancouver stood at $1,172,200 in October 2024, showing a monthly decrease of 0.6% and a year-over-year decline of 1.9%. The benchmark price for detached homes in Vancouver increased by 0.5% over the past year but decreased by 1.3% month-over-month, reaching $2,022,900 in October 2024. The benchmark price for attached homes in Vancouver was $1,108,800, representing a 0.4% year-over-year increase and a 0.9% month-over-month increase. Meanwhile, apartment benchmark prices decreased by 1.6% year-over-year and 0.6% month-over-month, settling at $757,200.

Overall, these trends indicate a mixed picture for the Vancouver housing market in October 2024. While detached home prices saw a decline, attached homes and apartments experienced significant monthly increases. The benchmark price for homes in Metro Vancouver also showed a decline, further illustrating the varied trends in the market.