“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.”
Sales-to-active listings ratios remained well below the threshold that typically signals upward price pressure, sitting at 11.3% overall. Detached homes posted a ratio of 8.5%, attached homes 12.7%, and apartments 13.3%. GVR’s historical analysis suggests that when this metric stays under 12% for a sustained period, downward pressure on prices is likely.
Price declines continued across all property types. The composite benchmark price for a Metro Vancouver home fell 3.2% year-over-year to $1,142,100, and was down 0.7% from August. Detached home prices dropped 4.4% to $1,933,100, while apartments and townhomes saw similar annual declines of 4.4% and 2.7%, respectively.
“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.