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Highlights of Dexter’s August 2024 report● Detached home sales in August down 18% toJuly● Active listing counts declined except forRichmond, Coquitlam and Port Moody● Lowest number of monthly sales since January● Buyers ready for more interest rate cutsAugust 2024 was the month of taking a break! Withsales and listing activity down, it felt like most wereenjoying the weather and holiday time beforeSeptember rolled around. After a thrust of listingsover the last 5 months, there was a significantdecline for August that left fewer homes on themarket as we move into the fall market.For the third consecutive meeting the Bank ofCanada has reduced its key interest rate by aquarter point, bringing down mortgage costsfor homeowners with variable ratemortgages and lines of credit. While notoverly expected, there was some thought

that a half point reduction could have come.But what this does now is leave theremaining two meetings open to furtherreductions in the Bank of Canada’s rate asthe economy and inflation numbers clearlyare indicating that stimulus is needed. Eventhough the United States Feds seemedsteadfast in keeping their rate unchanged forthe remainder of 2024 earlier in the summer,they have now signalled that there will be arate cut in September at their meeting on the17th. Expect both countries to use theremainder of the year to reduce their rates,with Canada going from the current 4.5% to3.75% or even 3.5% by the time 2025 begins.Of course, fixed rate mortgages are affected bybond yields, and after hitting a high of 4.46% in2023 the 5-year Canada bond rate then droppeddown to 2.9% in July and is just over 3.0% now. Thislikely means fixed interest rates won’t see muchchange from the Bank of Canada interest rate cutin September as bond markets typically predict

what’s going to happen and thus bond rates arepriced accordingly. Meaning, everyone is expectinga rate cut. But as the fall moves forward expectfixed rates to see movement downward as theBank of Canada is predicted to continue itsdownward trajectory. All this means, mortgagecosts will come down, and buyers will have moreincentive to go back into the market. And with 2025coming, we’ll start to see 5-year mortgages comeup for renewal that were locked in to record lowrates. The disincentive to sell could be off the tablefor those with expiring “cheap rate” mortgages andcreate more transactional activity in the real estatemarket.There were 1,903 properties sold in GreaterVancouver in August after 2,333 properties sold inJuly, 2,418 sold in June, 2,733 sold in May, and2,831 sold in April. Buyers have signalled they wantmore interest rate relief with the total number ofsales declining month over month for the fourthstraight time. And they are about to get it. What willbe the tipping point to move buyers back into themarket at a greater pace? We’ll likely see that thisfall. Sales in August were a 17% decrease from the

2,296 properties sold last year after a 5% decreasein July from the 2,455 properties sold in July 2023,and a 19% decrease in June from the 2,988properties sold in June 2023. Last summer buyersfaced the shock of two sudden Bank of Canadainterest rate increases which brought sales activityquickly down after a robust spring in 2023. To seesales levels at this level after two rate reductionspoints to a deep pool of buyers waiting. Economicuncertainty certainly weighs on the market withunemployment rates rising and overall spendingbeing held in check. All signs point to a market thatwill see demand unleash, but it’s a question ofwhen. Buyers are likely saying “Show me the ratereductions” before fully embracing this buyer’smarket.Sales in August were 26% below the 10-yearaverage after July was 18% below the 10-yearaverage and June was 24% below the 10-yearaverage. This trend will be changing in the monthsahead as buyers get behind interest ratereductions. Like 2019, the fall market will be moreactive than spring. We’ve seen an increase inlistings albeit not as many as 2019, and how many

listings come out in the fall will dictate where pricesgo over the next 6 months.With the number of new listings dropping for thefourth straight month, the absorption rateincreased to 45%, the highest percentage sinceMarch. Even with the lower number of sales, fewerlistings were added to the overall active listingcount. And with approximately 400 listings expiringat the end of August, that total dropped even moreat the start of September. Greater Vancouver ispushed up to 7 months of inventory, closer to abuyer’s market, after being at 6 months and lowerall year. All areas in Greater Vancouver have shiftedinto balanced to buyer’s markets after NorthVancouver, New Westminster, Port Moody, Ladnerand Pitt Meadows being the only areas in a seller’smarket prior to August. This is mainly due to fallingsales in those areas. Vancouver’s Westside andRichmond joined West Vancouver in buyer’s marketterritory due to their drop in total sales along withhigher active listing counts. There may be areasand product types that act differently either withstronger activity or less activity. It’s not unusual tosee multiple offers on Vancouver’s Westside

detached while condo apartments downtown sitwithout any offers.The number of new listings dropped again inAugust, the biggest month over month decline thisyear. After seeing 7,229 in April, 6,484 new listingsin May, 5,851 new listings in June, 5,689 newlistings in July, the total for August was 4,199.While the number of new listings declinedmonth-over-month, there were slightly morenew listings in August this year compared tothat month in 2023. In August 2023 therewere 4,015 new listings, 5% more thanAugust last year. August typically sees thereal estate market less active, so it's notcompletely surprising to see fewer newlistings come on but after a higher number inJuly, it perhaps could be a trend of less selleractivity through the remainder of 2024.The number of new listings in August were 1.5%below the 10-year average, after seeing July at 12%above the 10-year average, June at 2% above the

10-year average, May at 7% above the 10-yearaverage and April at 29% above the 10-yearaverage. Even with the summer slowdown, Augustproduced less listings than typical for this month.There were 13,812 active listings in GreaterVancouver at month end, compared to 14,325 atthe end of July and 14,180 at the end of June. Afterbeing up 46% year-over-year at the end of May,currently there are 37% more new listingsyear-over-year. After the end of August, Septemberstarted with 13,444 with listings expiring at the endof August or sellers simply taking them off themarket. In 2019, there was a similar pattern, withthe active listing count going from 15,037 at theend of July to 14,191 at the end of August andcontinuing to decline for the remainder of the yearto finish with 9,309. We’ve likely seen the numberof active listings peak in 2024 and as we movethrough the remainder of the year, buyer choicewill likely decline.Overall the detached market in GreaterVancouver is up to 10 months supply from 8while townhomes and condos both jumped

up to 6 from 5 months supply making it abalanced to buyer’s market in the region.Detached homes are showing less buyerengagement while townhouses and condosare in some areas still in a seller’s market.With cost control on the minds of buyers, it’snot surprising to see lower priced propertiesbeing more attractive in the market.The biggest movement in B.C. in August was theshift in the political landscape with the leader ofthe B.C. United party stepping his party away fromthe election race. It’s now a two-horse race.Housing is sure to be a significant part of thecampaign for both parties, but will either partyhave a viable solution for increasing supply? For 8years the NDP government has moved the needlevery little even with significant regulatory andlegislative changes to property rights and municipalzoning requirements. Investment in housing hasbeen pushed away, without considering that smallscale investors provide rental stock at a pace fargreater than the government can. And while thepush has been to build more purpose-built rental

buildings it has come at the cost of multi-familyunits for ownership. This will have long-termeffects for buyers and future private rentals in theyears to come. Supply and demand shouldn’t beignored but unfortunately supply is being stifled forfuture buyers with current policies as well ascurrent economic conditions.

Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in Augustwere 1,903 – down from 2,333 (18%) in July, downfrom 2,418 (21%) in June, down from 2,296 (17%) inAugust 2023, up from 1,892 (1%) in August 2022,down from 3,166 (40%) in August 2021, down from3,122 (39%) in August 2020, and down from 2,256(16%) in August 2019; Active Listings were at 13,812at month end compared to 10,082 at that time lastyear (up 37%) and 14,326 at the end of July (down4%); New Listings in August were down 26%compared to July 2024, up 5% compared to August2023, up 24% compared to August 2022, up 2%compared to August 2021, down 30% compared toAugust 2020, and up 9% compared to August 2019.Month’s supply of total residential listings is up to 7month’s supply from 6 (balanced marketconditions) and sales to listings ratio of 45%compared to 41% in July 2024, 57% in August 2023,and 56% in August 2022.Month-over-month, the house price index is down0.1% and in the last 6 months up 1.2%.

Vancouver Westside: Total Units Sold in Augustwere 337 – down from 416 (19%) in July, down from470 (28%) in June, down from 433 (22%) in August2023, down from 380 (11%) in August 2022, downfrom 593 (38%) in August 2021, down from 490(31%) in August 2020, and down from 423 (20%) inAugust 2019; Active Listings were at 2,873 at monthend compared to 2,294 at that time last year (up25%) and 3,040 at the end of July (down 5%); NewListings in August were down 33% compared to July2024, down 7% compared to August 2023, up 5%compared to August 2022, down 16% compared toAugust 2021, down 36% compared to August 2020,and up 20% compared to August 2019. Month’ssupply of total residential listings is up to 9 month’ssupply from 7 (buyer’s market conditions) and salesto listings ratio of 44% compared to 37% in July2024, 53% in August 2023, and 52% in August 2022.Month-over-month, the house price index is down0.3% and in the last 6 months up 1.9%.

Vancouver East Side: Total Units Sold in Augustwere 193 – down from 263 (27%) in July, down from270 (29%) in June, down from 250 (23%) in August2023, down from 196 (2%) in August 2022, downfrom 295 (35%) in August 2021, down from 330(42%) in August 2020, and down from 235 (18%) inAugust 2019; Active Listings were at 1,407 at monthend compared to 1,013 at that time last year (up39%) and 1,468 at the end of July (down 4%); NewListings in August were down 23% compared to July2024, up 20% compared to August 2023, up 38%compared to August 2022, up 7% compared toAugust 2021, down 38% compared to August 2020,and up 27% compared to August 2019. Month’ssupply of total residential listings is up to 7 month’ssupply from 6 (balanced market conditions) andsales to listings ratio of 42% compared to 44% inJuly 2024, 66% in August 2023, and 59% in August2022.Month-over-month, the house price index is up0.3% and in the last 6 months up 1.9%.

North Vancouver: Total Units Sold in August were145 – down from 201 (28%) in July, down from 221(34%) in June, down from 160 (9%) in August 2023,up from 126 (15%) in August 2022, down from 212(32%) in August 2021, down from 239 (39%) inAugust 2020, and down from 184 (21%) in August2019; Active Listings were at 675 at month endcompared to 498 at that time last year (up 36%)and 740 at the end of July (down 9%); New Listingsin August were down 37% compared to July 2024,up 5% compared to August 2023, up 19%compared to August 2022, up 9% compared toAugust 2021, down 45% compared to August 2020,and up 2% compared to August 2019. Month’ssupply of total residential listings is up to 5 month’ssupply from 4 (balanced market conditions) andsales to listings ratio of 54% compared to 47% inJuly 2024, 63% in August 2023, and 56% in August2022.Month-over-month, the house price index is down1.3% and in the last 6 months up 0.6%.

West Vancouver: Total Units Sold in August were57 – down from 59 (3%) in July, down from 75 (24%)in June, the same as 57 in August 2023, up from 53(8%) in August 2022, down from 67 (15%) in August2021, down from 67 (15%) in August 2020, and upfrom 49 (16%) in August 2019; Active Listings wereat 678 at month end compared to 582 at that timelast year (up 16%) and 733 at the end of July (down8%); New Listings in August were down 37%compared to July 2024, down 8% compared toAugust 2023, down 11% compared to August 2022,up 5% compared to August 2021, down 30%compared to August 2020, and the same as August2019. Month’s supply of total residential listings issteady at 12 month’s supply (buyer’s marketconditions) and sales to listings ratio of 42%compared to 27% in July 2024, 39% in August 2023,and 35% in August 2022.Month-over-month, the house price index is up0.8% but in the last 6 months up 4.3%.

Richmond: Total Units Sold in August were 191 –down from 255 (25%) in July, down from 263 (27%)in June, down from 319 (40%) in August 2023, downfrom 226 (15%) in August 2022, down from 440(57%) in August 2021, down from 340 (44%) inAugust 2020, and down from 250 (24%) in August2019; Active Listings were at 1,632 at month endcompared to 1,162 at that time last year (up 40%)and 1,563 at the end of July (up 4%); New Listings inAugust were down 15% compared to July 2024, up9% compared to August 2023, up 44% compared toAugust 2022, up 1% compared to August 2021,down 19% compared to August 2020, and up 5%compared to August 2019. Month’s supply of totalresidential listings is up to 9 month’s supply from 6(buyer’s market conditions) and sales to listingsratio of 35% compared to 40% in July 2024, 64% inAugust 2023, and 60% in August 2022.Month-over-month, the house price index is up0.7% and in the last 6 months down 0.3%.

Burnaby East: Total Units Sold in August were 25 –down from 33 (24%) in July, up from 17 (47%) inJune, down from 31 (19%) in August 2023, up from20 (25%) in August 2022, down from 29 (14%) inAugust 2021, down from 37 (32%) in August 2020,and down from 31 (19%) in August 2019; ActiveListings were at 140 at month end compared to 83at that time last year (up 69%) and 160 at the endof July (down 12%); New Listings in August weredown 23% compared to July 2024, up 29%compared to August 2023, up 81% compared toAugust 2022, down 4% compared to August 2021,down 23% compared to August 2020, and down 8%compared to August 2019. Month’s supply of totalresidential listings is up to 6 month’s supply from 5(balanced market conditions) and sales to listingsratio of 51% compared to 52% in July 2024, 82% inAugust 2023, and 74% in August 2022.Month-over-month, the house price index is down0.1% and in the last 6 months up 0.1%.

Burnaby North: Total Units Sold in August were145 – up from 137 (6%) in July, down from 172(16%) in June, up from 139 (4%) in August 2023, upfrom 120 (21%) in August 2022, down from 181(20%) in August 2021, down from 197 (26%) inAugust 2020, and up from 129 (12%) in August2019; Active Listings were at 826 at month endcompared to 495 at that time last year (up 67%)and 837 at the end of July (down 1%); New Listingsin August were down 26% compared to July 2024,up 13% compared to August 2023, up 54%compared to August 2022, up 23% compared toAugust 2021, down 16% compared to August 2020,and up 38% compared to August 2019. Month’ssupply of total residential listings is steady at 6month’s supply (balanced market conditions) andsales to listings ratio of 49% compared to 35% inJuly 2024, 54% in August 2023, and 63% in August2022.Month-over-month, the house price index is down0.6% and in the last 6 months up 0.7%.

Burnaby South: Total Units Sold in August were112 – down from 140 (20%) in July, down from 135(17%) in June, down from 133 (16%) in August 2023,down from 123 (9%) in August 2022, down from199 (44%) in August 2021, down from 130 (14%) inAugust 2020, and down from 126 (19%) in August2019; Active Listings were at 634 at month endcompared to 445 at that time last year (up 42%)and 682 at the end of July (down 7%); New Listingsin August were down 21% compared to July 2024,up 4% compared to August 2023, up 31%compared to August 2022, down 21% compared toAugust 2021, down 29% compared to August 2020,and down 19% compared to August 2019. Month’ssupply of total residential listings is up to 6 month’ssupply from 5 (balanced market conditions) andsales to listings ratio of 51% compared to 50% inJuly 2024, 62% in August 2023, and 73% in August2022.Month-over-month, the house price index is down0.1% and in the last 6 months up 0%.

New Westminster: Total Units Sold in August were79 – down from 98 (19%) in July, down from 108(27%) in June, down from 87 (9%) in August 2023,up from 77 (3%) in August 2022, down from 146(46%) in August 2021, down from 161 (51%) inAugust 2020, and down from 97 (19%) in August2019; Active Listings were at 406 at month endcompared to 299 at that time last year (up 36%)and 428 at the end of July (down 5%); New Listingsin August were down 32% compared to July 2024,down 8% compared to August 2023, up 19%compared to August 2022, down 14% compared toAugust 2021, down 50% compared to August 2020,and down 14% compared to August 2019. Month’ssupply of total residential listings is up to 5 month’ssupply from 4 (balanced market conditions) andsales to listings ratio of 56% compared to 47% inJuly 2024, 56% in August 2023, and 65% in August2022.Month-over-month, the house price index is up1.3% and in the last 6 months up 0.4%.

Coquitlam: Total Units Sold in August were 171 –down from 178 (4%) in July, down from 189 (10%) inJune, down from 203 (16%) in August 2023, up from157 (9%) in August 2022, down from 284 (40%) inAugust 2021, down from 246 (30%) in August 2020,and down from 198 (14%) in August 2019; ActiveListings were at 1,052 at month end compared to599 at that time last year (up 76%) and 1,057 at theend of July (up 0.5%); New Listings in August weredown 16% compared to July 2024, up 43%compared to August 2023, up 60% compared toAugust 2022, up 38% compared to August 2021, up3% compared to August 2020, and up 20%compared to August 2019. Month’s supply of totalresidential listings is steady at 6 month’s supply(balanced market conditions) and sales to listingsratio of 41% compared to 35% in July 2024, 69% inAugust 2023, and 59% in August 2022.Month-over-month, the house price index is down0.6% and in the last 6 months down 0.7%.

Port Moody: Total Units Sold in August were 39 –down from 58 (33%) in July, down from 56 (30%) inJune, down from 58 (33%) in August 2023, up from33 (18%) in August 2022, down from 57 (32%) inAugust 2021, down from 86 (55%) in August 2020,and the same amount in August 2019; ActiveListings were at 243 at month end compared to167 at that time last year (up 46%) and 238 at theend of July (up 2%); New Listings in August weredown 20% compared to July 2024, up 17%compared to August 2023, up 17% compared toAugust 2022, up 15% compared to August 2021,down 24% compared to August 2020, and up 18%compared to August 2019. Month’s supply of totalresidential listings is up to 6 month’s supply from 4(balanced market conditions) and sales to listingsratio of 43% compared to 52% in July 2024, 75% inAugust 2023, and 43% in August 2022.Month-over-month, the house price index is down0.2% and in the last 6 months up 3.6%.

Port Coquitlam: Total Units Sold in August were56 – down from 66 (15%) in July, down from 62(10%) in June, down from 69 (19%) in August 2023,up from 78 (28%) in August 2022, down from 97(43%) in August 2021, down from 169 (67%) inAugust 2020, and down from 79 (29%) in August2019; Active Listings were at 306 at month endcompared to 169 at that time last year (up 81%)and 331 at the end of July (down 8%); New Listingsin August were down 38% compared to July 2024,down 11% compared to August 2023, down 1%compared to August 2022, down 12% compared toAugust 2021, down 40% compared to August 2020,and down 12% compared to August 2019. Month’ssupply of total residential listings is steady at 5month’s supply (balanced market conditions) andsales to listings ratio of 55% compared to 40% inJuly 2024, 60% in August 2023, and 76% in August2022.Month-over-month, the house price index is down0.1% and in the last 6 months up 1.4%.

Pitt Meadows: Total Units Sold in August were 21– down from 27 (23%) in July, down from 28 (25%)in June, down from 23 (9%) in August 2023, up from17 (24%) in August 2022, down from 24 (12%) inAugust 2021, down from 42 (50%) in August 2020,and down from 39 (46%) in August 2019; ActiveListings were at 105 at month end compared to 78at that time last year (up 34%) and 108 at the endof July (down 3%); New Listings in August weredown 44% compared to July 2024, up 5% comparedto August 2023, down 7% compared to August2022, up 8% compared to August 2021, down 18%compared to August 2020, and up 5% compared toAugust 2019. Month’s supply of total residentiallistings is up to 5 month’s supply from 4 (balancedmarket conditions) and sales to listings ratio of 52%compared to 38% in July 2024, 60% in August 2023,and 39% in August 2022.Month-over-month, the house price index is down0.4% and in the last 6 months up 0.1%.

Maple Ridge: Total Units Sold in August were 123 –down from 166 (26%) in July, down from 130 (5%) inJune, up from 119 (3%) in August 2023, up from 113(9%) in August 2022, down from 185 (34%) inAugust 2021, down from 216 (43%) in August 2020,and down from 133 (8%) in August 2019; ActiveListings were at 855 at month end compared to653 at that time last year (up 30%) and 879 at theend of July (down 3%); New Listings in August weredown 19% compared to July 2024, up 1% comparedto August 2023, up 18% compared to August 2022,up 26% compared to August 2021, down 9%compared to August 2020, and up 32% comparedto August 2019. Month’s supply of total residentiallistings is up to 7 month’s supply from 5 (balancedmarket conditions) and sales to listings ratio of 44%compared to 48% in July 2024, 43% in August 2023,and 48% in August 2022.Month-over-month, the house price index is down0.6% and in the last 6 months up 0.5%.

Ladner: Total Units Sold in August were 25 – downfrom 31 (19%) in July, down from 27 (11%) in June,up from 24 (4%) in August 2023, down from 27 (7%)in August 2022, down from 35 (29%) in August2021, down from 40 (37%) in August 2020, anddown from 33 (24%) in August 2019; Active Listingswere at 124 at month end compared to 97 at thattime last year (up 28%) and 138 at the end of July(down 10%); New Listings in August were down15% compared to July 2024, up 36% compared toAugust 2023, up 36% compared to August 2022, up29% compared to August 2021, down 35%compared to August 2020, and down 33%compared to August 2019. Month’s supply of totalresidential listings is up to 5 month’s supply from 4(balanced market conditions) and sales to listingsratio of 56% compared to 58% in July 2024, 73% inAugust 2023, and 82% in August 2022.Month-over-month, the house price index is up1.0% and in the last 6 months up 3.8%.

Tsawwassen: Total Units Sold in August were 32 –down from 45 (29%) in July, down from 44 (27%) inJune, up from 28 (14%) in August 2023, up from 25(28%) in August 2022, down from 74 (57%) inAugust 2021, down from 53 (40%) in August 2020,and up from 30 (7%) in August 2019; Active Listingswere at 199 at month end compared to 162 at thattime last year (up 23%) and 206 at the end of July(down 3%); New Listings in August were down 15%compared to July 2024, up 11% compared toAugust 2023, down5% compared to August 2022,down 9% compared to August 2021, down 46%compared to August 2020, and down 18%compared to August 2019. Month’s supply of totalresidential listings is up to 6 month’s supply from 5(balanced market conditions) and sales to listingsratio of 53% compared to 63% in July 2024, 52% inAugust 2023, and 40% in August 2022.Month-over-month, the house price index is up0.6% and in the last 6 months up 4.1%.

Fraser Valley: Sales in August were down 13.1%,compared to July and were down 16.2% fromAugust 2023. New listings were down 18.6% fromJuly and up 5.9% from August 2023. The averageprice was up 3.4% month-over-month and is up7.9% year-over-year. Active listings were down 1.2%to 8,626 from 8,731 last month and up 37.1% fromAugust 2023 which was at 6,291. Month’s supply oftotal residential listings is up to 8 month’s supplyfrom 6 (buyer’s market conditions).“Despite two policy rate cuts by the Bank ofCanada, buyers are still feeling the squeezeof overall affordability challenges in B.C,” saidJeff Chadha, Chair of the Fraser Valley RealEstate Board. “With prices for single-familyhomes, townhouses and condos holdingrelatively flat year-over-year, many continueto face challenges buying their first home ormoving up in the market, as reflected inseasonally slow August sales.”Month-over-month, the house price index is down0.6% and in the last 6 months 0.8%.

Download August Sales and ListingsStatistics All RegionalDownload August Sales and ListingsStatistics Houses TownhousesCondosKevin 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.