• Detached home sales in August down 18% to July

• Active listing counts declined except for Richmond, Coquitlam and Port Moody

• Lowest number of monthly sales since January

• Buyers ready for more interest rate cuts

August 2024 was a month of taking a break! Sales and listings slowed as many enjoyed the summer weather before the busy fall market. After five months of rising listings, August saw a sharp decline, reducing available homes.

The Bank of Canada reduced its key interest rate for the third straight time, lowering costs for variable-rate mortgage holders. While a half-point cut was expected, there’s still room for more reductions, with rates likely to drop further by year-end. Meanwhile, the U.S. has hinted at a September rate cut.

Fixed-rate mortgages, linked to bond yields, may not see an immediate drop, but further rate cuts could bring relief. With falling rates, buyer interest is expected to pick up, and 2025 will see many five-year mortgages up for renewal.

August sales hit 1,903, down from 2,333 in July and 2,831 in April. This marks the fourth month of declining sales. Buyers seem to be waiting for further rate relief, and while sales are down 26% from the 10-year average, there’s a sense that demand is building.

The number of new listings also dropped for the fourth consecutive month, with 4,199 new listings in August, down from 7,229 in April. Inventory is now closer to a buyer’s market, and many areas have shifted from seller’s markets.

Active listings have dropped slightly, signalling that the peak for 2024 may have passed. With 13,812 listings at month’s end, buyer choice will likely shrink as we move through the rest of the year.

The political landscape in B.C. has also shifted, with the B.C. United leader stepping down. Housing will be a major focus in the upcoming election, but whether either party can effectively address supply issues remains to be seen. The NDP's efforts over the past eight years have had minimal impact, and the current regulatory environment continues to challenge future housing supply.

For the full report of any or all specific neighbourhoods, please contact me @ kit@kitbrown.ca or 778.828.9891.

Whether you own a condo or a large single family home, selling your home in the fall can be an advantage, as buyers are typically more serious and there’s less competition than in the spring or summer. Here’s how to make your home stand out:

1. Maximize Curb Appeal: As leaves fall, ensure your lawn is neat and tidy. Rake leaves, trim bushes, and plant seasonal flowers like mums to give your home a warm and welcoming look.

2. Let the Light In: Fall days are shorter, so make the most of natural light. Clean windows, open curtains, and add soft lighting to brighten your home. This can make rooms feel more inviting.

3. Cozy Up Your Space: Use neutral tones and soft textures like blankets and pillows to create a cozy atmosphere. A warm, inviting interior can help buyers imagine themselves living in the space.

4. Seasonal Maintenance: Ensure gutters are clean, HVAC systems are in working order, and any weather-related repairs are complete. A well-maintained home signals to buyers that it has been cared for.

5. Highlight Fall Features: If your home has a fireplace, emphasize it. Stage outdoor spaces with fall decorations or fire pits to showcase their year-round usability.

By focusing on these areas, you can attract more buyers and potentially sell your home faster, even during the fall season!