The Greater Vancouver housing market concluded the summer with higher inventory and lower sales compared to the previous year. In August, the average home sold for $1,252,393, reflecting a 2 per cent annual decrease. Active listings remain elevated, with 13,278 homes on the market—an 11 per cent increase above the 10-year monthly average. Sales activity over the summer remained sluggish, with August continuing this trend. The month recorded 1,896 sales, a 17 per cent decline from the 10-year monthly average.
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The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2024, a 10 per cent decrease from August 2023. The average MLS® residential price in BC in August 2024 was down 1.7 per cent at $938,500 compared to an average price of $955,063 in August 2023.