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Metro Vancouver’s housing market sees rising inventory and declining prices, signaling a possible shift in dynamics. In October 2024, Metro Vancouver reported a 31.9% increase in residential property sales year-over-year.

Home prices are expected to rise by 7%, with the average reaching $1,383,501. Strong demand and limited supply will maintain a seller’s market.

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Vancouver's housing development pipeline now includes 58K new homes in various stages of approval or construction.In the first year of provincial targets, Vancouver completed 4,143 net new homes, falling 26% short.

The Bank of Canada’s recent rate cuts boosted Real Estate markets in Metro Vancouver. October home sales in Greater Vancouver ↑ 30%, compared to 2023.

Home sales in Greater Vancouver rose 31.9% in October compared to last year, suggesting a rebound. In October, Greater Vancouver recorded 2,632 sales, only 5.5% below the 10-year average for the month.

The BoC has cut its key interest rate significantly to stimulate the economy. This reduction marks the fourth consecutive cut, aligning with falling inflation rates of 1.6%.

Vancouver will transform 17 low-density residential areas into Villages, featuring low-rise multi-family housing for increased supply. Each Village, within 400 meters of retail streets, will permit buildings of 3 to 6 storeys.