VANCOUVER: The Greater Vancouver Real Estate Board (GVREB) reports a modest increase in home sales in the Vancouver area for September compared to the same period last year.
The Board noted that while the market remains under pressure, the recent interest rate cut by the Bank of Canada last month—along with expectations of another rate reduction before the end of the year—is anticipated to revitalize the housing market.
A total of 1,875 homes were sold in September, marking a 1.2% increase compared to sales from the previous year. However, this figure is still 20.1% below the 10-year seasonal average for sales.
Inventory Increases and Price Adjustments
The region saw a significant influx of new listings, with 6,527 new homes entering the market in September, representing a 6.2% increase year-over-year.
The total number of active listings grew by 14.4% compared to last year, reaching 17,079 homes. This high level of inventory is 36.1% above the 10-year seasonal average, indicating a buyers’ market environment.
Due to the increased supply and slower pace of sales, the price of homes in the city has seen a decline. The average price fell to $1,142,100. This represents a 3.2% decrease compared to last year and a 0.7% drop compared to August, reflecting a softening in the market value.
