Buyers are taking advantage of softening house prices in Vancouver, with August sales up nearly three per cent year-over-year.
According to Greater Vancouver Realtors (GVR), residential sales in the region totalled 1,959 last month.
While that’s 55 sales more than August 2024, sales levels were still nearly 20 per cent below the 10-year seasonal average (2,424).
“The August sales figures add further confirmation that sales activity across Metro Vancouver appears to be recovering, albeit somewhat slowly, from the challenging first half of the year,” said Andrew Lis, GVR’s director of economics and data analytics. “Sales in the detached and attached segments are up over 10 per cent from last August, which suggests buyers shopping in more expensive price points are re-entering the market in a meaningful way.”
Prices are easing as inventory climbs
The total number of properties currently listed for sale on the MLS is 16,242, a 17.6 per cent increase compared to August 2024 (13,812).
This is 36.9 per cent above the 10-year seasonal average (11,862).
At the same time, the composite benchmark price for all residential properties in Metro Vancouver is currently $1.15 million, a 3.8 per cent decline year-over-year, and down 1.3 per cent from July.
As sellers’ and buyers’ expectations have become more aligned, transaction volume has picked up, Lis said.
“Newly listed properties remain in line with their ten-year seasonal average however, which when paired with increasing sales activity, is likely to diminish the available inventory,” he said. “This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue.”