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Highlights of Dexter’s September 2024report● Bank of Canada should cut its rate by 0.5% thismonth● 5th straight month of declining sales in MetroVancouver● Highest number of Vancouver condo listings since2012● Buy now before everyone else does when the ratescome down furtherSeptember 2024 brought on promises and morepromises. The Bank of Canada dropped their interestrate for the third consecutive time and by the end ofthe month the U.S. went ahead with their first rate cut– jumping right in with a half point drop. We’re nowexpecting a half point drop by the Bank of Canada inOctober based on the latest economic data. And ifthat wasn’t enough, the province is heading to thepolls later in October with promise after promise fromthe incumbent NDP government and challengingConservatives.Is it any wonder that buyers are waiting to seewhat happens? That was the tone of buyers inSeptember, all while sellers jumped back into themarket with another rush of listings.

For the third consecutive meeting the Bank of Canadahas reduced its key interest rate by a quarter point inSeptember, bringing down mortgage costs forhomeowners with variable rate mortgages and lines ofcredit. While not overly expected, there was somethought that a half point reduction was in order. Butwhat this does now is leave the remaining twomeetings open to further reductions in the Bank ofCanada’s rate as the economy and inflation numbersclearly indicate that stimulus is needed. Expect bothcountries to use the remainder of the year to reducetheir rates, with Canada going from the current 4.25%to 3.5% or lower by the time 2025 begins.Many buyers may be thinking that significant Bankof Canada rate cuts will lead to equivalentreductions in fixed rates. But that’s not going tohappen. Fixed rates are based on bond yields andcurrent yields have factored in the anticipateddrops in the Bank of Canada’s rate. That’s thereason why fixed rates have come down morethan 1.5% from their highs already. With economicgrowth and inflation in Canada lagging, it’sbecome more likely that the Bank of Canada willcut quicker and deeper than anticipated, so expectvariable rate mortgage costs to drop more thanfixed rate mortgage costs. That means buyerslooking for fixed rate mortgages aren’t going to

gain by waiting. With the highest inventory ofproperties available in the last 6 years,opportunities exist for buyers more so than ever.There were 1,852 properties sold in GreaterVancouver in September, after 1,903 sold in August,2,333 properties sold in July, and 2,418 sold in June.With the highest number of active listings availablesince mid-2019, buyers are still in a holding pattern.Given the path to a sub 3 Bank of Canada rate bysome time next year, variable rate mortgages are theflavour of buyers. Taking advantage of the increase inchoice will allow those buyers brave enough to buynow and ride the rate down to beat out thecompetition that will come next spring.Sales in September were a 4% decrease from the1,903 properties sold last year, after a 17% decreasein August from the 2,296 properties sold in August2023. September typically sees a tepid start to the fallmarket, so less sales in the month after August is notunusual. Will it take another rate cut to further enticemore buyers into the market? While the federalgovernment’s promise to extend amortizations for allbuyers of presales to 30% and increase of thethreshold for insured mortgages to $1.5M givespromise to buyers for easing the mortgage pain, thiswon’t come until December. Just what the market

needs, another reason to wait and push more into thespring market. Buy now or compete later is themantra of this fall market.Sales in September were 26% below the 10-yearaverage, like August with sales 26% below the10-year average after July was 18% below the10-year average and June was 24% below the10-year average. The fall market has some work to doto eclipse the spring market in terms of activity butwhat’s clear is that the longer demand holds off, thebusier it will become in the spring. With the inventoryof listings continuing to rise, buyers have choice andopportunity like they haven’t seen since 2019.In Greater Vancouver the number of new listings inSeptember were the highest totals since May afterdropping to a low in August. With 6,228 new listings inSeptember, this was a 48% jump from what came onthe market in August and an increase of 11%compared to September 2023. Sellers were certainlyready to get into the fall market, even if buyers werestill reluctant.The number of new listings in September were 16%above the 10-year average after August was 1.5%below the 10-year average, July 12% above the10-year average, and June 2% above the 10-yearaverage. With 3 months left in the year, the total new

listings so far are almost at the total for 2023 and willlikely be the second highest annual amount in the last10 years. Even with this, prices have remainedrelatively flat but are trending lower in the last fewmonths, albeit in the 1 to 3% range for declines. Theincrease in listings will help keep prices in check asdemand enters back into the market at a greater rateover the next year.There were 14,932 active listings in GreaterVancouver at month end, compared to 13,812 at theend of August, 14,325 at the end of July and 14,180at the end of June. After being up 46% year-over-yearat the end of May, currently there are 31% moreactive listings year-over-year, a drop from being at37% at the end of August. While we did see asignificant jump in active listings after the month ofSeptember, we’re still not at the highs we saw in2019, although for the month of September we’d haveto go back to 2014 to see an active listing count thishigh for the month of September. Count on total activelistings climbing above 15,000 in Greater Vancouveras we move through October before declining throughthe rest of year.Overall, the detached market in Greater Vancouveris up to 11 months supply from 10 whiletownhomes remained at 6 months supply and

condos climbed to 7 months from 6. Condos haveseen the biggest increase in listings with therebeing 39% active listings year-over-year, withdetached at 24% above the same time last year.Detached sales activity has slowed more sothough, putting many areas into strong buyer’smarkets with over 10 months supply.Vancouver westside condos are at the highestnumber of active listings since 2012 and sitting with10 months supply – likely a result of rental legislationand short-term rental rules making that type ofproperty a less attractive investment. Move over tothe east side though and sales are up compared tolast month and last year with their only being 5months supply. That’s what a $200,000 difference inaverage price will do. As we move through October,election rhetoric and interest rate relief will be adistraction for many buyers.Affordability will continue to be the word thrownaround by the two main parties in B.C. whenreferencing housing, but with so many regulationsput in place by the current government, supplysuffers at the hands of so many restrictions. Evenwith the promise to build more, we are still left withthe question of how that’s going to happen.

Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in Septemberwere 1,852 – down from 1,903 (3%) in August, downfrom 2,333 (21%) in July, down from 2,418 (23%) inJune, down from 1,93 (4%) in September 2023, upfrom 1,701 (9%) in September 2022, down from 3,200(42%) in September 2021, down from 3,741 (50%) inSeptember 2020, and down from 2,363 (22%) inSeptember 2019; Active Listings were at 14,932 atmonth end compared to 11,382 at that time last year(up 31%) and 13,812 at the end of August (up 8%);the 6,228 New Listings in September were up 48%compared to August 2024, up 14% compared toSeptember 2023, up 43% compared to September2022, up 17% compared to September 2021, down6% compared to September 2020, and up 24%compared to September 2019. Month’s supply of totalresidential listings is up to 8 month’s supply from 7(buyer’s market conditions) and sales to listings ratioof 30% compared to 45% in August 2024, 35% inSeptember 2023, and 39% in September 2022.Month-over-month, the house price index is down1.4% and in the last 6 months down 1.6%.

Vancouver Westside: Total Units Sold in Septemberwere 312 – down from 337 (7%) in August, down from416 (25%) in July, down from 470 (34%) in June,down from 338 (8%) in September 2023, up from 301(4%) in September 2022, down from 567 (45%) inSeptember 2021, down from 539 (42%) in September2020, and down from 404 (23%) in September 2019;Active Listings were at 3,174 at month end comparedto 2,558 at that time last year (up 24%) and 2,873 atthe end of August (up 10%); the 1,302 New Listings inSeptember were up 69% compared to August 2024,up 57% compared to September 2023, up 43%compared to September 2022, up 5% compared toSeptember 2021, down 4% compared to September2020, and up 31% compared to September 2019.Month’s supply of total residential listings is up to 10month’s supply from 9 (buyer’s market conditions)and sales to listings ratio of 24% compared to 44% inAugust 2024, 29% in September 2023, and 33% inSeptember 2022.Month-over-month, the house price index is down1.2% and in the last 6 months up 0.4%.

Vancouver East Side: Total Units Sold in Septemberwere 211 – up from 193 (9%) in August, down from263 (20%) in July, down from 270 (22%) in June, upfrom 192 (10%) in September 2023, up from 178(19%) in September 2022, down from 368 (43%) inSeptember 2021, down from 443 (52%) in September2020, and down from 293 (28%) in September 2019;Active Listings were at 1,529 at month end comparedto 1,196 at that time last year (up 27%) and 1,407 atthe end of August (up 8%); the 772 New Listings inSeptember were up 67% compared to August 2024,up 22% compared to September 2023, up 71%compared to September 2022, up 22% compared toSeptember 2021, down 7% compared to September2020, and up 33% compared to September 2019.Month’s supply of total residential listings is steady at7 month’s supply (balanced market conditions) andsales to listings ratio of 28% compared to 42% inAugust 2024, 31% in September 2023, and 40% inSeptember 2022.Month-over-month, the house price index is down1.3% and in the last 6 months down 0.4%.

North Vancouver: Total Units Sold in Septemberwere 144 – down from 145 (1%) in August, down from201 (28%) in July, down from 221 (35%) in June,down from 169 (15%) in September 2023, up from128 (13%) in September 2022, down from 230 (37%)in September 2021, down from 328 (56%) inSeptember 2020, and down from 166 (13%) inSeptember 2019; Active Listings were at 856 atmonth end compared to 627 at that time last year (up36%) and 675 at the end of August (up 27%); the 543New Listings in September were up 102% comparedto August 2024, up 13% compared to September2023, up 35% compared to September 2022, up 29%compared to September 2021, down 8% compared toSeptember 2020, and up 21% compared toSeptember 2019. Month’s supply of total residentiallistings is up to 6 month’s supply from 5 (balancedmarket conditions) and sales to listings ratio of 27%compared to 54% in August 2024, 35% in September2023, and 32% in September 2022.Month-over-month, the house price index is down2.5% and in the last 6 months down 3.1%.

West Vancouver: Total Units Sold in September were45 – down from 57 (21%) in August, down from 59(24%) in July, down from 75 (40%) in June, downfrom 53 (15%) in September 2023, up from 42 (7%) inSeptember 2022, down from 71 (37%) in September2021, down from 98 (54%) in September 2020, anddown from 51 (12%) in September 2019; ActiveListings were at 724 at month end compared to 626 atthat time last year (up 31%) and 678 at the end ofAugust (up 8%); the 237 New Listings in Septemberwere up 71% compared to August 2024, down 8%compared to September 2023, up 21% compared toSeptember 2022, up 9% compared to September2021, up 13% compared to September 2020, and up1% compared to September 2019. Month’s supply oftotal residential listings is up to 16 month’s supplyfrom 12 (buyer’s market conditions) and sales tolistings ratio of 19% compared to 42% in August2024, 21% in September 2023, and 22% inSeptember 2022.Month-over-month, the house price index is down3.0% but in the last 6 months down 2.8%.

Richmond: Total Units Sold in September were 197 –up from 191 (3%) in August, down from 255 (23%) inJuly, down from 263 (25%) in June, down from 256(23%) in September 2023, down from 210 (6%) inSeptember 2022, down from 432 (54%) in September2021, down from 415 (53%) in September 2020, anddown from 283 (30%) in September 2019; ActiveListings were at 1,736 at month end compared to1,268 at that time last year (up 37%) and 1,632 at theend of August (up 6%); the 629 New Listings inSeptember were up 16% compared to August 2024,up 4% compared to September 2023, up 35%compared to September 2022, up 0.5% compared toSeptember 2021, down 10% compared to September2020, and up 12% compared to September 2019.Month’s supply of total residential listings is steady at9 month’s supply (balanced market conditions) andsales to listings ratio of 31% compared to 35% inAugust 2024, 43% in September 2023, and 45% inSeptember 2022.Month-over-month, the house price index is down1.2% and in the last 6 months down 2.5%.

Burnaby East: Total Units Sold in September were29 – up from 25 (16%) in August, down from 33 (12%)in July, up from 17 (71%) in June, up from 18 (61%) inSeptember 2023, up from 17 (18%) in September2022, down from 38 (24%) in September 2021, downfrom 41 (29%) in September 2020, and up from 22(32%) in September 2019; Active Listings were at 148at month end compared to 96 at that time last year(up 54%) and 140 at the end of August (up 6%); the67 New Listings in September were up 37%compared to August 2024, up 37% compared toSeptember 2023, up 148% compared to September2022, up 37% compared to September 2021, up 22%compared to September 2020, and up 20% comparedto September 2019. Month’s supply of total residentiallistings is down to 5 month’s supply from 6 (balancedmarket conditions) and sales to listings ratio of 43%compared to 51% in August 2024, 37% in September2023, and 63% in September 2022.Month-over-month, the house price index is down1.4% and in the last 6 months down 2.4%.

Burnaby North: Total Units Sold in September were122 – down from 145 (16%) in August, down from 137(11%) in July, down from 172 (29%) in June, up from113 (8%) in September 2023, up from 111 (10%) inSeptember 2022, down from 189 (47%) in September2021, down from 192 (36%) in September 2020, anddown from 138 (6%) in September 2019; ActiveListings were at 839 at month end compared to 561 atthat time last year (up 49%) and 826 at the end ofAugust (up 1%); the 339 New Listings in Septemberwere up 15% compared to August 2024, up 11%compared to September 2023, up 73% compared toSeptember 2022, down 12% compared to September2021, down 3% compared to September 2020, andup 34% compared to September 2019. Month’ssupply of total residential listings is up to 7 month’ssupply from 6 (balanced market conditions) and salesto listings ratio of 36% compared to 49% in August2024, 37% in September 2023, and 57% inSeptember 2022.Month-over-month, the house price index is down1.5% and in the last 6 months down 2.1%.

Burnaby South: Total Units Sold in September were114 – up from 112 (2%) in August, down from 140(19%) in July, down from 135 (16%) in June, downfrom 126 (10%) in September 2023, up from 96 (19%)in September 2022, down from 183 (38%) inSeptember 2021, down from 173 (34%) in September2020, and down from 119 (4%) in September 2019;Active Listings were at 694 at month end compared to518 at that time last year (up 34%) and 634 at the endof August (up 9%); the 332 New Listings inSeptember were up 49% compared to August 2024,up 18% compared to September 2023, up 53%compared to September 2022, up 16% compared toSeptember 2021, down 8% compared to September2020, and up 42% compared to September 2019.Month’s supply of total residential listings is steady at6 month’s supply (balanced market conditions) andsales to listings ratio of 35% compared to 51% inAugust 2024, 45% in September 2023, and 44% inSeptember 2022.Month-over-month, the house price index is down3.4% and in the last 6 months down 4.3%.

New Westminster: Total Units Sold in Septemberwere 73 – down from 79 (8%) in August, down from98 (26%) in July, down from 108 (32%) in June, upfrom 72 (1%) in September 2023, up from 67 (9%) inSeptember 2022, down from 131 (44%) in September2021, down from 176 (59%) in September 2020, anddown from 110 (34%) in September 2019; ActiveListings were at 468 at month end compared to 298 atthat time last year (up 57%) and 406 at the end ofAugust (up 15%); the 242 New Listings in Septemberwere up 69% compared to August 2024, up 39%compared to September 2023, up 40% compared toSeptember 2022, up 3% compared to September2021, down 24% compared to September 2020, andup 11% compared to September 2019. Month’ssupply of total residential listings is up to 6 month’ssupply from 5 (balanced market conditions) and salesto listings ratio of 30% compared to 56% in August2024, 42% in September 2023, and 39% inSeptember 2022.Month-over-month, the house price index is up 0.6%and in the last 6 months down 0.3%.

Coquitlam: Total Units Sold in September were 155 –down from 171 (9%) in August, down from 178 (13%)in July, down from 189 (18%) in June, down from 170(9%) in September 2023, up from 142 (9%) inSeptember 2022, down from 247 (37%) in September2021, down from 307 (50%) in September 2020, anddown from 213 (27%) in September 2019; ActiveListings were at 1,146 at month end compared to 713at that time last year (up 61%) and 1,052 at the end ofAugust (up 9%); the 512 New Listings in Septemberwere up 22% compared to August 2024, up 15%compared to September 2023, up 58% compared toSeptember 2022, up 43% compared to September2021, the same as September 2020, and up 34%compared to September 2019. Month’s supply of totalresidential listings is up to 7 month’s supply from 6(balanced market conditions) and sales to listingsratio of 30% compared to 41% in August 2024, 38%in September 2023, and 44% in September 2022.Month-over-month, the house price index is down1.5% and in the last 6 months down 3.0%.

Port Moody: Total Units Sold in September were 61 –up from 39 (56%) in August, up from 58 (5%) in July,up from 56 (9%) in June, up from 44 (39%) inSeptember 2023, up from 53 (15%) in September2022, down from 69 (12%) in September 2021, downfrom 88 (31%) in September 2020, and up from 49(24%) in September 2019; Active Listings were at 251at month end compared to 185 at that time last year(up 36%) and 243 at the end of August (up 3%); the143 New Listings in September were up 59%compared to August 2024, up 38% compared toSeptember 2023, up 61% compared to September2022, up 46% compared to September 2021, down14% compared to September 2020, and up 51%compared to September 2019. Month’s supply of totalresidential listings is down to 4 month’s supply from 6(seller’s market conditions) and sales to listings ratioof 43% compared to 43% in August 2024, 42% inSeptember 2023, and 60% in September 2022.Month-over-month, the house price index is down0.7% and in the last 6 months up 2.4%.

Port Coquitlam: Total Units Sold in September were52 – down from 56 (7%) in August, down from 66(21%) in July, down from 62 (16%) in June, downfrom 65 (20%) in September 2023, up from 50 (4%) inSeptember 2022, down from 97 (46%) in September2021, down from 114 (54%) in September 2020, anddown from 78 (33%) in September 2019; ActiveListings were at 358 at month end compared to 191 atthat time last year (up 87%) and 306 at the end ofAugust (up 17%); the 186 New Listings in Septemberwere up 81% compared to August 2024, up 33%compared to September 2023, up 49% compared toSeptember 2022, up 28% compared to September2021, down 7% compared to September 2020, andup 28% compared to September 2019. Month’ssupply of total residential listings is up to 7 month’ssupply from 5 (balanced market conditions) and salesto listings ratio of 28% compared to 55% in August2024, 47% in September 2023, and 40% inSeptember 2022.Month-over-month, the house price index is down2.1% and in the last 6 months down 1.6%.

Pitt Meadows: Total Units Sold in September were24 – up from 21 (14%) in August, down from 27 (11%)in July, down from 28 (14%) in June, the same asSeptember 2023, up from 20 (20%) in September2022, down from 41 (41%) in September 2021, downfrom 44 (45%) in September 2020, and down from 32(25%) in September 2019; Active Listings were at 125at month end compared to 94 at that time last year(up 32%) and 105 at the end of August (up 19%); the70 New Listings in September were up 75%compared to August 2024, up 29% compared toSeptember 2023, up 27% compared to September2022, up 59% compared to September 2021, down9% compared to September 2020, and up 19%compared to September 2019. Month’s supply of totalresidential listings is steady at 5 month’s supply(balanced market conditions) and sales to listingsratio of 34% compared to 52% in August 2024, 44%in September 2023, and 36% in September 2022.Month-over-month, the house price index is down1.5% and in the last 6 months down 3.1%.

Maple Ridge: Total Units Sold in September were114 – down from 123 (7%) in August, down from 166(31%) in July, down from 130 (12%) in June, up from108 (6%) in September 2023, down from 115 (1%) inSeptember 2022, down from 182 (37%) in September2021, down from 267 (57%) in September 2020, anddown from 157 (27%) in September 2019; ActiveListings were at 887 at month end compared to 752 atthat time last year (up 17%) and 855 at the end ofAugust (up 4%); the 344 New Listings in Septemberwere up 24% compared to August 2024, down 4%compared to September 2023, up 22% compared toSeptember 2022, up 50% compared to September2021, up 14% compared to September 2020, and up21% compared to September 2019. Month’s supply oftotal residential listings is up to 8 month’s supply from7 (buyer’s market conditions) and sales to listingsratio of 33% compared to 44% in August 2024, 30%in September 2023, and 40% in September 2022.Month-over-month, the house price index is down0.7% and in the last 6 months down 1.2%.

Ladner: Total Units Sold in September were 22 –down from 25 (12%) in August, down from 31 (29%)in July, down from 27 (19%) in June, down from 26(15%) in September 2023, up from 20 (10%) inSeptember 2022, down from 38 (42%) in September2021, down from 53 (58%) in September 2020, anddown from 28 (21%) in September 2019; ActiveListings were at 136 at month end compared to 117 atthat time last year (up 16%) and 124 at the end ofAugust (up 10%); the 73 New Listings in Septemberwere up 62% compared to August 2024, up 12%compared to September 2023, up 83% compared toSeptember 2022, up 62% compared to September2021, up 30% compared to September 2020, and up33% compared to September 2019. Month’s supply oftotal residential listings is up to 6 month’s supply from5 (balanced market conditions) and sales to listingsratio of 30% compared to 56% in August 2024, 40%in September 2023, and 50% in September 2022.Month-over-month, the house price index is up 1.0%and in the last 6 months up 1.6%.

Tsawwassen: Total Units Sold in September were 34– up from 32 (6%) in August, down from 45 (24%) inJuly, down from 44 (23%) in June, down from 42(35%) in September 2023, up from 21 (62%) inSeptember 2022, down from 57 (40%) in September2021, down from 80 (57%) in September 2020, andup from 26 (31%) in September 2019; Active Listingswere at 215 at month end compared to 174 at thattime last year (up 23%) and 199 at the end of August(up 7%); the 80 New Listings in September were up32% compared to August 2024, up 7% compared toSeptember 2023, up 36% compared to September2022, up 8% compared to September 2021, down32% compared to September 2020, and the same asSeptember 2019. Month’s supply of total residentiallistings is steady at 6 month’s supply (buyer’s marketconditions) and sales to listings ratio of 43%compared to 53% in August 2024, 57% in September2023, and 36% in September 2022.Month-over-month, the house price index is down2.8% and in the last 6 months down 4.3%.

Fraser Valley: Sales in September were down 8.0%,compared to August and were down 10.7% fromSeptember 2023. New listings were up 20.7% fromAugust and up 17.2% from September 2023. Theaverage price was down 2.3% month-over-month andis up 2.4% year-over-year. Active listings were up4.9% to 9,045 from 8,626 last month and up 38.5%from September 2023 which was at 6,532. Month’ssupply of total residential listings is up to 9 month’ssupply from 8 (buyer’s market conditions).“With three rate cuts already and more expectedbefore the end of the year, buyers are watching themarket closely to time their purchasing decisions,”said Jeff Chadha, Chair of the Fraser Valley RealEstate Board. “The current conditions should favourbuyers, particularly in the detached market, howeveruntil we start to see some movement in asking prices,properties will continue to sit on the market forextended periods as both buyers and sellers await thenext rate announcement.Month-over-month, the house price index is down 1%and in the last 6 months 3%.

Download September Sales andListings Statistics All RegionalDownload September Sales andListings Statistics HousesTownhouses CondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? We'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.