{"id":24731,"date":"2024-10-07T10:10:12","date_gmt":"2024-10-07T17:10:12","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24731"},"modified":"2024-10-03T10:45:30","modified_gmt":"2024-10-03T17:45:30","slug":"metro-vancouver-inventory-up-31-2-residential-hpi-represents-a-1-8-decrease-y-y-giving-buyers-a-break","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/10\/metro-vancouver-inventory-up-31-2-residential-hpi-represents-a-1-8-decrease-y-y-giving-buyers-a-break\/","title":{"rendered":"Metro Vancouver Inventory Up 31.2% &#038; Residential HPI Represents A 1.8% decrease Y\/Y, Giving Buyers A Break"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver home sales declined by 3.8% in September 2024 compared to September 2023, suggesting that recent interest rate reductions are having a limited effect on demand so far.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada cut its key interest rate to 4.25% on Sept. 4, its third consecutive quarter-point reduction from a high of 5%. Many analysts believe the country is now in a monetary policy easing cycle, with further cuts expected as inflation is reined in and the central bank pivots to bolstering economic growth.<\/p>\n<p style=\"text-align: justify;\">But these rate movements are not yet causing renewed strength in housing demand, said Greater Vancouver Realtors (GVR) in an Oct. 2 news release, pointing out that sales in the region fell from 1,926 in September 2023 to 1,852 last month. This was also 26% below the 10-year seasonal average of 2,502.<\/p>\n<p style=\"text-align: justify;\">\u201cGoing back to 2022-ish, we\u2019ve seen those sales have been trending below the 10-year seasonal average and it\u2019s been that way for some time,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics, told BIV. \u201cDemand has not been as strong as we would normally expect to see in the market. Interest rates and mortgage rates have been very high for the past few years, keeping a lot of buyers on the sidelines.\u201d<\/p>\n<p style=\"text-align: justify;\">Lis said inventory has been rising recently, as the growing number of listings is paired against slower sales. \u201cThere are factors that could stimulate demand for the rest of the year,\u201d Lis said, pointing to last month\u2019s unusually large half-point rate reduction by the US Federal Reserve, which the Bank of Canada could potentially emulate in its next announcement on Oct. 23.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve really moved toward buyer\u2019s market conditions with sales not being as strong and inventory beginning to rise,\u201d Lis said.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on GVR\u2019s Multiple Listing Service (MLS) system in Metro Vancouver is 14,932, a 31.2% increase compared to September 2023 (11,382). This is also 24.2% above the 10-year seasonal average.<\/p>\n<p style=\"text-align: justify;\">Broken down by property type, sales of detached homes fell 9.8% from a year ago, with a benchmark price of $2,022,200. Sales of condos fell 4.9% from a year ago, with a benchmark price of $762,000, but sales of townhouses and duplexes increased by 7.4%, with a benchmark price of $1,099,200.<\/p>\n<p style=\"text-align: justify;\">The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8% decrease over September 2023 and a 1.4% decrease compared to August 2024.<\/p>\n<p style=\"text-align: justify;\">GVR&#8217;s Lis will be keeping an eye on the condominium sector, which tends to be more responsive to interest rate movements. \u201cThe condo segment tends to find more first-time or entry-level buyers, and they are most sensitive to high costs to borrow,\u201d he said. \u201cThis has impacted that segment, compared to other segments where people come with a lot more equity and it may be the second, third or fourth purchase in their lifetime.\u201d<\/p>\n<p style=\"text-align: justify;\">The condo market in Toronto has seen a significant degree of softening, according to media reports, but the Vancouver market is different in key respects. Compared to Vancouver, Toronto has a much bigger investment market in their condo segment.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver it\u2019s not quite as large, so it\u2019s not quite the same story,\u201d said Lis. \u201cHere in Vancouver and more generally in the region, we\u2019ve seen patterns where the apartment market is moving a lot like the other segments to a degree.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/metro-van-home-sales-dip-as-buyers-remain-cautious-says-realtors-association-9608015\" target=\"_blank\" rel=\"noopener\">Metro Van Home Sales Dip as Buyers Remain Cautious, Says Realtors&#8217; Association<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver home sales declined by 3.8% in September 2024 compared to September 2023, suggesting that recent interest rate reductions are having a limited effect on demand so far. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/10\/metro-vancouver-inventory-up-31-2-residential-hpi-represents-a-1-8-decrease-y-y-giving-buyers-a-break\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-24731","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Inventory Up 31.2% &amp; Residential HPI Represents A 1.8% decrease Y\/Y, Giving Buyers A Break &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/10\/metro-vancouver-inventory-up-31-2-residential-hpi-represents-a-1-8-decrease-y-y-giving-buyers-a-break\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Inventory Up 31.2% &amp; Residential HPI Represents A 1.8% decrease Y\/Y, Giving Buyers A Break &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver home sales declined by 3.8% in September 2024 compared to September 2023, suggesting that recent interest rate reductions are having a limited effect on demand so far. 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