Historically, during the summer holiday, the market usually slows down. Although there have been two rate cuts this year, they still haven’t sparked much enthusiasm among buyers. 

Sales have dropped by 18% compared to July, and the market remains sluggish. New listings are starting to decrease, leading to the first decline in inventory this year. 

Overall, the months of inventory stand at 7.25, indicating a buyer’s market. The inventory for detached homes has surged to over 10 months, putting buyers in control. Will the rate cut in September offer a chance for the market to rebound?

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August 2024 saw a notable decline in home sales across Greater Vancouver, accompanied by an increase in inventory and a slight decrease in home prices.

Key Highlights:

• Sales Volume: A total of 1,904 homes were sold in August, reflecting an 18.4% decline compared to July 2024 (2,333 homes sold) and a 17.1% drop from August 2023 (2,296 homes sold).

• New Listings: In August 2024, 4,109 homes were newly listed, a 4.2% increase from August 2023 but still 1.7% below the 10-year average, indicating a moderate increase in seller activity.

• Months of Inventory: The overall market saw 7.25 months of inventory in August 2024, significantly higher than 6.14 months in July and 4.39 months in August 2023. This increase reflects slower sales and rising supply, contributing to a more balanced market.

• Home Price Index (HPI): The benchmark price for homes in Greater Vancouver stood at $1,195,900, a 0.2% decrease from July 2024 and 1% lower than August 2023. While price movement remains subdued, downward pressure is emerging.

Inventory by Property Type:

• Detached Homes: Months of inventory rose to 10.38 months in August, compared to 7.81 months in July 2024 and 7.06 months in August 2023, indicating slower demand in this segment.

• Townhomes: The inventory for townhomes increased to 5.55 months, up from 4.98 in July and 3.30 months in August 2023, suggesting a cooling but still relatively balanced market for townhomes.

• Condos: Inventory for condos also grew, reaching 5.82 months, compared to 5.18 in July and 3.14 in August 2023, reflecting softening demand in the condominium market.

Overall, the Greater Vancouver real estate market in August 2024 experienced slower sales, rising inventory levels, and a mild decline in prices, signaling a shift toward more balanced market conditions.

If you are curious about how your area is performing, make sure to download the free market report below. If you have any questions, send me a DM to chat.

九月降息對房市的影響？

暑假期間通常市場都放緩，今年雖然已經降息兩次但還是無法激起買家的激情，銷售相比七月下跌18%，市場不給力，新房源開始減少，造成今年首次出現庫存下滑，整體庫存月份停留在7.25月為買家市場，獨立房庫存飆升超過10個月，已為買家掌控，九月再次降息會否給市場帶來反轉的機會呢？

2024年8月，大溫哥華的房屋銷售顯著下降，庫存增加，房價略有下跌。

主要亮點：

• 銷售量：8月共售出1,904套房屋，較2024年7月（2,333套）下降了18.4%，較2023年8月（2,296套）下降了17.1%。

• 新掛牌數量：2024年8月新掛牌4,109套房屋，較2023年8月增加了4.2%，但仍比10年平均水平低1.7%，顯示出賣家活動有所增加。

• 庫存月份：2024年8月整體市場的庫存為7.25個月，遠高於7月的6.14個月和2023年8月的4.39個月。庫存增加顯示出銷售減緩，供應上升，市場趨於平衡。

• 房屋價格指數 (HPI)：大溫哥華的基準房價為1,195,900加元，較2024年7月下降0.2%，較2023年8月下降1%。雖然價格變動不大，但有下行壓力。

各類房產庫存情況：

• 獨立屋：獨立屋的庫存上升至10.38個月，高於7月的7.81個月和2023年8月的7.06個月，顯示需求減弱。

• 聯排別墅：聯排別墅的庫存增加至5.55個月，高於7月的4.98個月和2023年8月的3.30個月，表明市場有所冷卻但仍相對平衡。

• 公寓：公寓的庫存達到5.82個月，相比7月的5.18個月和2023年8月的3.14個月，反映出公寓市場的需求正在減弱。

總體來看，2024年8月大溫哥華地產市場銷售減緩、庫存上升、價格略有下跌，顯示市場逐漸趨於平衡。

如果您想了解您所在地區的市場表現，請下載下面的免費市場報告。如果您有任何問題，歡迎跟我聯繫。