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After months of tepid activity, Metro Vancouver’s real estate market showed surprising strength in October 2024, with sales surging more than 30% compared to the same month last year. The Greater Vancouver REALTORS® (GVR) reported 2,632 residential sales in October 2024, representing a 31.9% increase from October 2023’s 1,996 sales, though still running 5.5% below the 10-year seasonal average.
Market Activity Shows Broad Strength
The market’s vitality is evident in both the volume of transactions and new inventory. New listings increased 16.9% year-over-year to 5,452 properties, running 20% above the 10-year seasonal average. Active listings reached 14,477, representing a healthy 24.8% increase from last year’s levels and providing buyers with more choice than they’ve had in recent months.
The market’s overall sales-to-active listings ratio hit 18.8% in October, with different property types showing varying levels of demand. Townhouses and apartments led the way at 22.5% and 22.2% respectively, while detached homes registered a more balanced 13.4%.
Regional Market Performance
Vancouver
Vancouver’s east side demonstrated particular strength in the townhouse sector, with sales jumping 42.3% compared to last year and benchmark prices rising 3.6% to $1,156,400. The detached market remained stable with modest growth of 2.6% in sales volume and prices holding at $1,891,900.
Vancouver’s west side saw dramatic growth in apartment sales, up 47.6% from last year, though prices eased slightly to $829,900. The luxury detached market showed resilience with benchmark prices at $3,369,100 despite a slight 2.8% decline in sales volume.
Richmond
Richmond emerged as one of the region’s strongest performers, with detached home sales nearly doubling year-over-year (+90%) while maintaining a stable benchmark price of $2,135,700. Townhouse activity also surged, with sales up 42.5% and prices showing modest appreciation to reach $1,127,000.
North Vancouver
The North Shore market demonstrated balanced growth across all segments. Detached sales increased 25.4% despite a 4.6% price adjustment to $2,135,600. The townhouse sector showed particular strength with prices climbing to $1,364,500, representing a 1.9% annual gain and notably strong sales-to-listings ratios.
Burnaby
Burnaby North led the Burnaby market with significant gains across all property types. Apartment sales surged 36.4% though prices adjusted downward slightly to $745,000. The detached sector showed strength with both sales and prices increasing, reaching a benchmark of $2,130,700, up 2.7% from last year.
Surrey
Surrey’s market showed remarkable strength across all its sub-regions. Central Surrey saw townhouse sales surge 65.3%, while North Surrey’s detached market demonstrated particular strength. The region’s more affordable price points relative to core Vancouver areas continued to attract buyers, with benchmark detached prices ranging from $1,475,300 to $1,517,600 depending on the area.
Tri-Cities
Coquitlam emerged as a standout performer in the apartment sector, with sales soaring 77.2% year-over-year while maintaining price stability at $735,200. The detached and townhouse markets also showed healthy activity increases, though price adjustments were modest, reflecting a balanced market environment.
New Westminster
New Westminster’s townhouse sector doubled its sales volume compared to last year, while apartment sales jumped 50.8%. Despite the increased activity, prices remained stable, with detached homes showing particular strength at $1,597,800, up 3.7% from last year.
Market Outlook
The market-wide increase in activity, coupled with healthy inventory levels, suggests a more balanced market environment than seen in recent months. Sales-to-listings ratios indicate a shift toward seller’s market conditions in the townhouse and apartment segments, while the detached market maintains a more balanced position.
The broad-based nature of October’s sales increase, spanning virtually all regions and property types, suggests a genuine shift in market conditions rather than localized or temporary fluctuations. With active listings remaining healthy at 24.8% above last year’s levels, the market appears well-positioned to maintain this more balanced activity level.
All data sourced from Greater Vancouver REALTORS® (GVR) and Fraser Valley Real Estate Board October 2024 reports