Metro Vancouver’s housing market posted a slight lift in September, as lower interest rates and easing prices encouraged buyers to strike.
Greater Vancouver Realtors (GVR) reported 1,875 residential sales last month, a 1.2 per cent increase (23 sales) from the same month last year.
Despite the gain, sales remained 20.1 per cent below the region’s 10-year seasonal average of 2,348.
The benchmark price for all residential properties was $1.14 million in September, down 3.2 per cent from September 2024, and a 0.7 per cent dip from August.
“With another cut to Bank of Canada’s policy rate behind us, and markets pricing in at least one more cut by the end of the year, Metro Vancouver homebuyers have reason to be optimistic about the fall market,” said Andrew Lis, GVR’s director of economics and data analytics. “Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity.”
Inventory levels on the rise
Sellers were also more active, with 6,527 detached, attached and apartment properties newly listed in September. That marks a 6.2 per cent increase year-over-year, and sits 20.1 per cent above the 10-year seasonal average of 5,434.
The total number of homes listed on the MLS reached 17,079, up 14.4 per cent from 14,932 in September 2024. Current listings stand 36.1 per cent above the long-term average of 12,553.
The sales-to-active listings ratio across all property types was 11.3 per cent in September. Historically, sustained ratios below 12 per cent signal downward pressure on prices, while levels above 20 per cent point to price gains, said GVR.
Outlook
“The past few years have been quite challenging for the market, beginning with 2022’s rapid increase in interest rates, major political and policy shifts in subsequent years, and recent trade tensions with the USA weighing on the market,” Lis said. “With the acute impacts of these events now fading, we expect market activity to continue stabilizing to end the year, barring any unforeseeable major disruptions.”
