Greater Vancouver Real Estate Market Sees Both Buyers And Sellers Hesitating

Home sales in Greater Vancouver remained sluggish in August, with 1,904 transactions, down 17.1% from the previous year and 26% below the 10-year average. Despite two recent interest rate cuts by the Bank of Canada, buyers are still affected by high borrowing costs. New listings increased by 4.2% year-over-year, while active listings rose 37%. The sales-to-active listings ratio was 14.3%, indicating potential downward price pressure. The benchmark price for residential properties was $1,195,900, showing minimal changes. The fall market may see increased activity as buyers return.