Vancouver-area home sales down 3.8 per cent in September: board
VANCOUVER – Greater Vancouver Realtors says home sales in the region dropped 3.8 per cent in September compared with the same month last year, while listings grew to put modest pressure on pricing.
The real estate board says there were 1,852 sales of existing residential homes last month, which is 26 per cent below the 10-year average, and down 2.7 per cent, not seasonally adjusted, from August.
The board says the September figures show recent interest rate cuts haven’t yet led to a rebound in activity, and that sales are still coming in below its forecast.
It says there were 6,144 newly listed properties, up 12.8 per cent from last year, to bring the total number of listings to 14,932. That’s 24 per cent above the 10-year seasonal average.
The combination of fewer sales and more listings left the composite benchmark price at $1,179,700, which is down 1.8 per cent from September 2023 and down 1.4 per cent from August.
The board says the sales-to-active listings ratio across residential property types was at 12.8 per cent in September, including 9.1 per cent for detached homes, while historical data indicates downward price pressure happens when the ratio dips below 12.
This report by The Canadian Press was first published Oct. 2, 2024.
Credit: Vancouver-area home sales down 3.8 per cent in September: board
