Downtown Vancouver Condo Market Statistics
October 2024 Statistics
After months of tracking approximately 20% below the ten-year seasonal average, Metro Vancouver home sales surged more than 30% year-over-year in October.
The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9% increase from the 1,996 sales recorded in October 2023. This was 5.5% below the 10-year seasonal average (2,784).
“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”
“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."
Focusing on the Downtown Vancouver condo market in October 2024, activity is way up and prices are trending downwards.
The under $900,000 market is selling at 14%, 99 out of 546 homes are selling, up 1% from last month.
The $900,000 to $1,000,000 market is selling at 14%, 11 out of 76 homes are selling, up 9% from last month.
The $1,000,000 to $1,250,000 market is selling at 11%, 16 out of 147 homes are selling, up 1% from last month.
The $1,250,000 to $2,000,000 market is selling at 8%, 18 out of 234 homes are selling, up 4% from last month.
The $2,000,000 to $2,500,000 market is selling at 5%, 3 out of 61 homes are selling, up 5% from last month.
The $2,500,000 to $3,000,000 market is selling at 6%, 3 out of 48 homes are selling, same as last month.
The $3,000,000 to $5,000,000 market is selling at 3%, 2 out of 63 homes are selling, down 4% from last month.
The $5,000,000 plus market is selling at 4%, 2 out of 51 homes are selling, up 4% from last month.
Total unit sales in Downtown Vancouver were up 45% from last month and up 23% from September 2023.
Those who are priced correctly for this market are selling on average at a rate of 21 days which is 24% slower than last month.
The median price decreased 1% from last month, and the median price has decreased 6% from October 2023.
The average price per square foot decreased from $1,087 in September to $1,023 in October.
Our Downtown Vancouver inventory decreased by 2% from last month with 1226 active listings which is up 12% from October 2023.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End. And the buyers’ best bets are units priced between $2.25 million and $2.5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian
Everything You Need to Know
The Vancouver Real Estate Market Statistics are available for Downtown, Yaletown, Coal Harbour, and the West End as well as other areas are provide by Ian Watt and SnapStats™. The following is only a sample.
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