Despite two quarter-point interest rate cuts before August came around, home sales failed to pick in the Greater Vancouver region.that came in early September, and that is showing in the latest statistics from Greater Vancouver Realtors, released on Wednesday.
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” GVR Economist Andrew Lis said. “With that said, sales remain in a holding pattern, trending roughly 20% below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.
Looking at new listings — those came in at 13,812 in Metro Vancouver in August, a figure that marked a 37% rise year over year, and a 20.8% jump over the the 10-year seasonal average for the metric. On the price side, the MLS® Home Price Index composite benchmark price for all residential properties clocked in at $1,195,900 in August, a 0.9% dip year over year, and just a 0.1% decrease over the month prior. Meanwhile, detached home sales hit 509 last month, jumping 13.9% from the year prior. “The benchmark price for a detached home is $2,048,400. This represents a 1.8% increase from August 2023 and a 0.1% decrease compared to July 2024,” TRREB said.