Home sales creep up in Metro Vancouver, plummet in Fraser Valley: August reports

A new report shows home sales activity in Metro Vancouver seems to be recovering after a months-long decline driven by increased inventory and economic uncertainty.

Greater Vancouver Realtors’ report on August sales says buyers are coming “off the sidelines,” with property sales in the region edging up 2.9 per cent over the same month in 2024.

But the collective points out that the 1,959 sales are still around 20 per cent lower than the 10-year average for August.

GVR’s director of economics and data analytics, Andrew Lis, says sale prices eased about one per cent from the previous month.

“As sellers’ and buyers’ expectations have become more aligned, transaction volume has picked up. Newly listed properties remain in line with their ten-year seasonal average, however, which when paired with increasing sales activity, is likely to diminish the available inventory. This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue,” Lis explained.

The Greater Vancouver benchmark price for a residential property sale was $1,150,400.

Meanwhile, in the Fraser Valley, home sales dropped 13 per cent year-over-year, and plummeted by 22 per cent month-to-month in August.

The Fraser Valley Real Estate Board reports that the market “remains strong” with inventory levels holding “relatively stable,” despite the drop.

“Current market conditions are allowing buyers the opportunity to make bold offers, especially for properties that have been on the market for a while and where sellers may be more motivated,” said Board Chair Tore Jacobsen. “As in all transactions, timing is everything and we expect to see more buyers come off the sidelines heading into fall to take advantage of the lower price floor.”

The composite benchmark price in the Fraser Valley decreased 0.9 per cent in August, to $936,200.

—With files from Mike Lloyd.