Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” 

Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions

4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.

For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.

He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.

Where prices landed

The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.

By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.

Review the full report here.

Last month, new listings on Metro Vancouver’s MLS rose about 20 per cent year-over-year, resulting in a healthy level of inventory, Greater Vancouver Realtors (GVR) reports. At the same time, residential sales totalled 2,333, which was 5.0 per cent less than the same time last year and nearly 18 per cent below the 10-year seasonal average.

‘It’s a bit surprising transaction levels remain below historical norms as we enter the midpoint of summer’

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics notes.

“With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the midpoint of summer.”

Balanced conditions, healthy inventory, still early days

In July, Metro Vancouver saw 14,326 total number of properties listed for sale, a 39.1 per cent increase compared to July 2023 and 21.5 per cent above the 10-year seasonal average.

Sales-to-active listings across all property types were 16.9 per cent (12.8 per cent for detached homes, 20.1 per cent for attached homes and 19.3 per cent for apartment homes).

“With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have levelled out with very modest declines occurring month over month,” Lis says.

“While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels.”

Lis adds it’s still early days so they’ll watch the market for signs of increasing transaction activity in the upcoming months.

Sales and prices

Currently, the MLS Home Price Index composite benchmark price for residential properties in Metro Vancouver is $1,197,700, a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease over June 2024. 

Detached home sales last month reached 688, a 1.0 per cent increase compared to July 2023. The benchmark price for a detached home is $2,049,000, 2.1 per cent higher than July 2023 and 0.6 per cent less than June 2024. 

Apartment home sales last month reached 1,192, a 6.9 per cent decrease compared to July 2023. The benchmark price for an apartment home is $768,200, 0.3 per cent less than July 2023 and 0.7 per cent less than June 2024. 

Attached home sales last month reached 437, a 6.2 per cent decrease compared to July 2023. The benchmark price of a townhouse is $1,124,700, 1.4 per cent more than July 2023 and 1.2 per cent less than June 2024. 

Review the full report here.

Metro Vancouver home sales in June stayed below average, at 2,418 (19.1 per cent less than a year prior and 23.6 per cent below the 10-year seasonal average), with inventory climbing to levels not seen since spring 2019, Greater Vancouver Realtors (GVR) reports.

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics notes. 

“This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

Inventory accumulating with more stable prices, well-priced properties still selling quickly

Last month, the region saw 5,723 detached, attached and apartment properties newly listed for sale, a seven per cent increase compared to June 2023 and three per cent above the 10-year seasonal average.

Currently, there are 14,182 properties listed for sale on the MLS system in Metro Vancouver, 42 per cent more than the year prior and 20.3 per cent above the 10-year seasonal average. Across all property types, June’s sales-to-active listings ratio is 17.6 per cent. 

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis says.

“But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

Prices

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,207,100, a 0.5 per cent increase from the year prior and a 0.4 per cent decrease from May 2024.

Currently, the benchmark price for a detached home is $2,061,000, an apartment home is $773,400 and a townhouse is $1,138,100.

Review the full report here.

It’s sometimes hard to decide what Vancouver is better known for: its ever-prevalent and in-demand real estate market, or its well-earned reputation as Hollywood North.

For Canadians looking to break into the film and television industry, Metro Vancouver would seem the logical place to be if you want to pursue a career in acting but aren’t interested in heading south of the border. The region and its competitive markets also offer plenty of opportunities for motivated realtors.

Actors turned realtors

Tyler Burrows, now a realtor with Oakwyn Realty, didn’t originally move to Vancouver from Kamloops to pursue a life in real estate. With Christopher Reeves and Jim Carrey as some of his earliest inspirations, he realized early on in life that he wanted to become an actor. 

“In high school, I got into theatre and acting class there and really developed a love for it,” he shares. “So I decided that was what I was going to pursue.”

Lucas McCann, another realtor with Oakwyn Realty, also moved to Vancouver with acting aspirations. 

“I had no clue what I wanted to do and spent six months in college. I realized it was just not for me”, says McCann.

A friend of his invited him to a workshop in Victoria, where he’s originally from, where his interest in acting first developed. Two years later, after completing an acting program, he made the leap and moved to Vancouver. 

So how did Burrows and McCann find themselves where they are today, as realtors in arguably the hottest real estate market in Canada?

A deep curiosity about the real estate process; a desire to ‘control my own fate’

For Burrows, it was a case of life imitating art. He and his partner, a dancer, purchased their first home together in Vancouver in 2018. As two self-employed creative professionals, the process was a little bit more complicated for them. The learning curve he experienced during this time inspired him to dig deeper into the real estate industry.

“I didn’t know these nuances back then … I was thinking, like, what else do I not know about this industry?” Burrows confesses. “I never got off the real estate track after that.”

In McCann’s case, he found himself motivated to try a different career path after years of grinding it out at auditions and long days on set:

“I wanted to be able to control my own fate. I need to be in a profession that I could put however much hard work I put into it, I’m actually getting out of it,” he adds. “As an actor, I felt like it didn’t matter how good you were. You may be the best in the room. But it didn’t come down to that.”

A passion reignited

On the flip side, Sean Gartland, a realtor with Angell Hasman & Associates, finds himself now pursuing his passion as an actor. Growing up in Vancouver, he was part of the theatre program and acted in several productions in high school. Yet he decided to pursue a more conventional career path in business, and eventually real estate.

“Society can sometimes squash those dreams,” reflects Gartland.

Coincidentally, it was through meeting Burrows one day at an open house that reignited Gartland’s interest in acting. While he still maintains a healthy and robust real estate practice, he is now also exploring the acting profession by working with a coach and taking classes.

“I do enjoy real estate professionally, but it doesn’t do anything for me creatively,” he says.

More in common than meets the eye

One thing that Burrows, McCann and Gartland have in common is their belief that being an actor and being a realtor have more in common than meets the eye.

It just takes one look at Burrows’ social media channels, particularly his video tours, “Touring With Tyler” which are growing in popularity, to see how years of working in film and television have translated well into his current realtor marketing game.

“For my social media, I’ll go out in one day and shoot 10 different places, or two or three days and shoot a bunch of different places,” explains Burrows. “Then I’ll edit them all in one night and do all the voiceovers in one night. I took my film career and blended it into my real estate career.”

If he was approached by any actor interested in becoming a realtor, the first question McCann would ask them would be, “Have you ever worked in the restaurant industry?”

“If you ever served somebody as a bartender, or just talked to people in a common conversation, that’ll help … It’s about building a relationship with your clients,” he shares.

Gartland echoes this sentiment, albeit from an inverse perspective: 

“If you don’t put in the work to truly connect with people during a scene, it’s going to fall flat. And if you don’t connect with people in real estate, they’re not going to trust you.”

Whether you’re getting ready to watch the next blockbuster or you’re carefully watching the real estate market activity in Vancouver, be sure to get the popcorn out this summer.

As attitudes toward land use shift in Metro Vancouver and major centres across Canada, mixed-use industrial projects are becoming key players in economic growth and the future of development. 

These projects bring together a wide range of business types within industrial parks, sparking more opportunities for collaboration and innovation. This can lead to the creation of more jobs, increased investment opportunities and an overall boost to the local economy. 

Mixed-use businesses create many benefits

One of the benefits of mixed-use projects is the impact on employee well-being and productivity. This means taking the time to consider how land use can benefit the bottom line while also improving the daily experiences of staff. A few examples of supportive mixed-use businesses that boost a worker’s quality of life are gym facilities, childcare support and healthcare services. They support existing employees while attracting new talent who may be balancing professional and family life. 

Self-storage is another use increasingly being seen in industrial parks, catering to the shared need for personal and business storage. 

Another notable opportunity tied to mixed-use projects is the ability of professional services companies, particularly those centred on the industrial asset class, to locate themselves near the businesses they serve. This can work to streamline projects and encourage collaborative problem-solving. 

For example, with Link 200 in Langley, British Columbia, we supported preconstruction services to successfully understand the feasibility of adding a third storey of office space to an industrial building. This space was very well received by the market, indicating the strong demand that this type of project has. Had we been able to reduce parking requirements further and add even more office space, it would have been quickly absorbed.

Expansion opportunities for multi-use spaces across Canada

Across Canada, industrial availability climbed to 5.1 per cent in the first quarter of this year, according to data from Altus Group. This allows for more leasing opportunities in tight markets such as Metro Vancouver, where data from Avison Young shows a 2.1 per cent industrial vacancy for the first quarter of 2024, up from 0.3 per cent in the second quarter of 2022.  

Availability like this opens the door for businesses to consider relocating or expanding their operations into multi-use spaces.

Offsetting land and construction expenses

Mixed-use industrial projects also offer the potential for upside in project profitability. When looking at it from a design-build approach, where the overall development health is considered from start to finish, projects stand to benefit from additional density wherever possible. With the cost of land in Metro Vancouver at an all-time high and construction expenses having surged over the past five years, finding ways to offset these costs is crucial. 

Whether it’s adding daycare, a level of self-storage that can be accommodated by the base building or an additional commercial component, these elements can generate future operating income that can support the cost of development a project incurs today. 

Maximizing available space multi-functionally

Further benefits from mixed-use development can be seen in the Metro Vancouver / Fraser Valley Industrial Parking Study by industry organization NAIOP, showing that both regions have an oversupply of parking by roughly 50 per cent. 

By adding additional uses and increasing the allowable maximum density within an industrial complex, developers can accommodate parking for mixed-use and industrial components. This approach shows how we can thoughtfully maximize the use of available space, creating multi-functional developments that better utilize our built environment.

The push toward building density

The push toward building density has been a major goal for cities across the country. While we’ve noticed this trend in Metro Vancouver, the same can be said for the GTA and Montreal.  

Achieving this density is already being seen locally with the move towards transit-oriented development. In the same way that this new zoning policy is encouraging more multi-family development around transit nodes, local governments are adapting their Official Community Plans (OCPs) to better accommodate industrial zoning — although the pace and consistency of these changes vary across the region. 

Mixed-use industrial development also brings to mind the image of stacked industrial:

Photo: Orion Construction

While this type of project has the potential to maximize land use, there are a lot of complexities and challenges surrounding the reality of these projects being normalized.

Poor soil conditions, land value and the cost of construction are increasingly restrictive. This will be further highlighted with the upcoming B.C. Building Code changes in 2025.

Going forward, mixed-use industrial developments represent a new chapter for this asset class, a forward-thinking approach to land use practices and the opportunity to reconceptualize the transitional industrial park. 

Greater Vancouver Realtors (GVR) reports that residential sales in the region totalled 2,733 in May, a drop of nearly 20 per cent from the 3,411 sales of May last year. Last month’s sales were also down 19.6 per cent from May’s 10-year seasonal average. 

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics says.

“It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs to worries about the economy, to policy interventions imposed by various levels of government.” 

More inventory on offer

There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS in Metro Vancouver last month, 12.6 per cent more than the 5,661 properties listed in May 2023 and seven per cent more than the 10-year seasonal average. 

In total, there are 13,600 properties currently listed for sale, 46.3 per cent more than May 2023 and 19.9 per cent above the 10-year seasonal average. The sales-to-active listings ratio for May is 20.8 per cent across all property types.

“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis notes. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.” 

Prices

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,212,000, a 2.3 per cent increase over May 2023 and a 0.5 per cent increase from April 2024. 

Currently, the benchmark price of a detached home is $2,062,600, an apartment home is $776,200 and a townhouse is $1,145,600.

Review the full report here.

Last month, MLS listings in Metro Vancouver were up 42 per cent year-over-year to over 12,000, Greater Vancouver Realtors (GVR) reports. The region hasn’t seen levels like this since the summer of 2020. 

Sales in April reached 2,831, which was 3.3 per cent higher than the same time the year prior and 12.2 per cent below the 10-year seasonal average.

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics notes.

“The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” 

Number of listings

7,092 detached, attached and apartment properties were newly listed for sale in April, a 64.7 per cent increase compared to the 4,307 properties listed the April before and 25.8 per cent above the 10-year seasonal average.

At the same time, 12,491 total properties were listed for sale, a 42.1 per cent increase compared to April 2023 and 16.7 per cent above the 10-year seasonal average.

Prices climbing except for apartments

Sales-to-active listings for all property types last month was 23.5 per cent, and the benchmark price for all Metro Vancouver properties is $1,205,800, a 2.8 per cent increase from April 2023 and 0.8 per cent more than March 2024. 

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis says.

“The one segment that didn’t see an uptick in prices in April was apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability-sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” 

Sales and prices by home type

Detached home sales reached 814, 0.7 per cent higher than April 2023. The benchmark price of a detached home is $2,040,000 — 6.3 per cent more than from April 2023 and 1.6 per cent higher than March 2024. 

Apartment home sales reached 1,416, 0.2 per cent higher than April 2023. The benchmark price of an apartment home is $776,500 — 3.2 per cent more than April 2023 and 0.1 per cent higher than March 2024. 

Attached home sales reached 580, 16 per cent higher than April 2023. The benchmark price of a townhouse is $1,127,200 — 4.3 per cent more than April 2023 and 1.3 per cent higher than March 2024.

Read the full release here.

The Greater Vancouver Realtors (GVR) reports the region’s residential sales totalled 2,415 in March, a 4.7 per cent decrease from the 2,535 sales in March 2023 and 31.2 per cent below the 10-year seasonal average. 

Andrew Lis, GVR’s director of economics and data analytics notes that this year’s spring market isn’t as hot as it was last spring, especially for buyers. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”

Modest month-over-month price gains an “interesting dynamic given that borrowing costs remain elevated”

There were 5,002 detached, attached and apartment properties newly listed for sale on MLS in Metro Vancouver last month, a 15.9 per cent increase compared to the 4,317 properties listed in March 2023 and 9.5 per cent below the 10-year seasonal average. 

The total number of Metro Vancouver properties currently listed for sale on MLS is 10,552, a 22.5 per cent increase compared to March 2023 and 6.3 per cent above the 10-year seasonal average. Sales-to-active listings for March 2024 is 23.8 per cent across all property types.

“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of 1-2 per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis says.

“With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.” 

Benchmark price and sales

The composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800, a 4.5 per cent increase over March 2023 and a 1.1 per cent higher than February 2024. 

Detached home sales in March reached 694, 5.4 per cent less than the 734 detached sales in March 2023. Apartment home sales in March reached 1,207, 7.9 per cent less than the 1,311 sales in March 2023. Attached home sales in March were 495, 6.2 per cent more than the 466 sales in March 2023.

Review the full housing market report here.

February brought a surge of new listings to Metro Vancouver’s housing market, alleviating concerns of dwindling inventory.

Greater Vancouver Realtors reported a 13.5 per cent increase in residential sales compared to last year, with 2,070 properties changing hands. This uptick follows a 31 per cent rise in new listings.

More housing options for buyers this spring and summer

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics explains.

“With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

More inventory, more listings, still a seller’s market

Across all property types, 4,560 homes were listed in February, marking a notable increase from the previous year. The total number of properties listed for sale stands at 9,634, a 16.3 per cent rise from February 2023. Despite this influx of listings, the sales-to-active listings ratio remains at 22.4 per cent, indicating a competitive market favoring sellers.

“Even with the increase in new listings, however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis notes.

Prices below spring 2022 peak but still rising

He continues: “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.”

While the increase in new listings has provided some relief, prices continue to experience modest growth. The benchmark price for all residential properties in Metro Vancouver now sits at $1,183,300, reflecting a 4.5 per cent rise from last year. Detached homes saw a benchmark price of $1,972,400, while apartments and attached homes reached $770,700 and $1,094,700, respectively.

Review February’s full report here.

While the Metro Vancouver housing market ended 2023 with some resilience and balance, this was among the backdrop of decade-high borrowing costs.

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics notes.

“Ultimately, the story of  2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis says. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”  

2023 sales

As reported by the Real Estate Board of Greater Vancouver (REBGV), the region saw 26,249 sales last year, which was 10.3 per cent less than 2022’s sales of 29,261 and 41.5 per cent less than 2021’s 44,884 sales. Last year’s sales were also 23.4 per cent under the 10-year annual sales average of 34,272.

2023 listings

Metro Vancouver MLS listings totalled 50,893 last year. This is 7.5 per cent less than the 55,047 properties listed in 2022 and 20.2 per cent below 2021’s 63,761 listed properties. Last year’s listings were also 10.5 per cent under the region’s 10-year total annual average of 56,868.

December sales

Residential sales in Metro Vancouver totalled 1,345 in December 2023, which is 3.2 per cent more than the 1,303 sales December 2022 and 36.4 per cent below the 10-year seasonal average of 2,114.

Benchmark price

Metro Vancouver’s benchmark price for all residential properties sits at $1,168,700, which is five per cent more than it was in December 2022 and 1.4 per cent less than in November 2023.

December listings

In December, the total number of Metro Vancouver properties listed for sale on MLS was 8,802, 13 per cent more than December 2022’s 7,791 listings and 0.3 per cent more than the 10-year seasonal average of 8,772.

There were 1,327 detached, attached and apartment properties newly listed for sale on Metro Vancouver’s MLS last month, 9.9 per cent over the 1,208 properties listed the year prior and 22.7 per cent below the 10-year seasonal average of 1,716.

Across all property types, the sales-to-active listings ratio for December was 16 per cent (11.1 per cent for detached homes, 18.7 per cent for attached homes and 19.6 per cent for apartments).

“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were,” Lis notes. “And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the new year.” 

Get more details and stats here.