August is usually a slower month for sales compared to June or July, and this year is no exception. Residential sales in the region reached 1,904 in August 2024, marking a 17.1% drop from the 2,296 sales recorded in August 2023. Despite this, sales remain in a holding pattern, hovering around 20% below the 10-year seasonal average. This trend indicates that buyers are still feeling the impact of higher borrowing costs, even after two recent quarter-point reductions to the policy rate earlier this summer. 

 Detached Home Sales- In August 2024, sales of detached homes totaled 509, reflecting a 13.9% decline from the 591 sales recorded in August 2023. The benchmark price for a detached home currently stands at $2,048,400. This reflects a 1.8% increase from August 2023 and no change (0%) compared to July 2024.

Apartment Home Sales- in August 2024 totaled 1,012, representing a 20.3% drop compared to the 1,270 sales in August 2023. The benchmark price for an apartment home is $768,200. This represents a 0.1% decrease from August 2023 and no change (0%) compared to July 2024.

Attached Home Sales- In August 2024, attached home sales amounted to 370, marking a 12.3% decrease from the 422 sales in August 2023. The benchmark price for a townhouse is $1,119,300. This reflects a 0.8% increase from August 2023 and a 0.5% decrease compared to July 2024.

With the Bank of Canada’s decision to cut the policy rate by another quarter percentage point, and September historically seeing a seasonal uptick in sales, the fall market is poised to attract more buyers off the sidelines. 

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets discuss all the available options. 

Please contact us today at 604-442-9422

ABOUT ANNA LITVAK JOSEPH

Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and through the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.

With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a  Medallion Club Member in 2018, 2019, 2020, 2021, 2022,  and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.

Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.  

About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.

Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.

BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.

BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers. 

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