Vancouver-area home sales fell 17% in August: real estate board

Greater Vancouver Realtors says home sales in the region dropped 17.1 per cent in August compared to the same month in 2023 and remained more than a quarter below the 10-year seasonal average.

The real estate board says sales in the market totalled 1,904 last month, down from the 2,296 recorded in August 2023.

The composite benchmark price for all residential properties in Metro Vancouver was $1,195,900, a 0.9 per cent decrease compared to August 2023 and a 0.1 per cent decrease from July, according to the MLS Home Price Index.

In the area covered by Greater Vancouver Realtors, 4,109 detached, attached and apartment properties were newly listed in August, 4.2 per cent more than the same month last year.

Andrew Lis, the board's director of economics and data analytics, says sales remained in a "holding pattern" in August, suggesting buyers were still feeling the pinch of higher borrowing costs despite the Bank of Canada's two previous cuts to its key interest rate.

He says he's optimistic buyers will come off the sidelines after the central bank announced a third consecutive decrease by a quarter percentage point on Wednesday, coupled with the fact that September typically sees more homes changing hands.

The areas and municipalities covered by Greater Vancouver Realtors are Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.

Fraser Valley slowdown

The Fraser Valley Real Estate Board (FVREB) says the market is slowing in its region as well, after recording 1,067 home sales in August, down 13 per cent from July and 16 per cent from August 2023. The board says this number is down 30 per cent compared to the 10-year seasonal average. 

It comes after the FVREB announced the second-slowest July in 10 years. 

The board says it all comes down to affordability in B.C.

"With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales," board chair Jeff Chadha said in a media release.

The Fraser Valley Real Estate Board covers Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.