Metro Vancouver's housing market saw more buyers stepping in during August, thanks to easing prices. Home sales on the MLS® system increased by nearly three percent compared to August of the previous year. This uptick suggests that buyers, particularly in the detached and attached home markets, are returning more actively.
August Sales and Listings
Realtors recorded just under 2,000 home sales across the MLS® in August. This represents a 3% jump from August 2024. Notably, sales for detached homes and attached properties saw increases of over 10%, indicating a stronger buyer presence in these segments.
On the supply side, sellers listed a little over 4,200 homes. This is a 3% increase from last year and 1% higher than the usual number for this time of year. By the end of the month, there were over 16,200 homes available on the MLS®, which is a significant 37% above the typical average for August.
Market Balance and Price Trends
Buyer and seller expectations seem to be aligning more closely, leading to increased demand and the recovery observed over the past few months. We can see this by looking at the sales-to-active-listings ratio.
This ratio helps us understand the balance between available homes and those sold. Historically, when this ratio stays below 12% for a while, it usually means prices are likely to go down. On the other hand, when it goes above 20% for several months, prices tend to rise.
Currently, the overall market is in a balanced state. The sales-to-active-listings ratio for all homes finished August at 12%. Breaking it down by property type:
- Detached Homes: 9%
- Attached Homes: 16%
- Apartments: 14%
Price Performance in August
The MLS® HPI benchmark price for all types of homes in Metro Vancouver is now $1,150,000. This is a 4% decrease compared to the same period last year.
Here's how prices broke down by property type:
- Detached Homes: $1,950,000
- Townhomes: $1,080,000
- Apartments: $734,000
What's Next for the Market?
While the number of new homes listed is similar to the 10-year average, the rise in sales activity is expected to reduce the number of homes available. This means the current period of good opportunities for buyers might start to shrink if these trends continue.
For more detailed information on the housing market, check out the market watch section on our website.
