September in Metro Vancouver is a month where the city starts to truly transform, blending the last warmth of summer with the crisp beginnings of fall. The changing leaves paint the streets with saturated colours, while the weather still invites outdoor adventures and strolls on the seawall or through local parks. It’s also a time when the real estate market typically picks up, as buyers and sellers get back to business after the summer break. This year, despite the recent cuts in borrowing costs, home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September.

Residential Home Sales

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

“Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.” – Andrew Lis, REBGV director of economics and data analytics.

Inventory

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®)3 in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

Home Price Data Analysis

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Detached

Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.

Apartments

Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.

Attached Homes

Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.

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Bridget 604-805-6820

As housing affordability and availability continue to be top concerns for many families, small-scale, multi-unit housing is emerging as a crucial solution. This type of housing can offer an alternative to single-family housing that fits seamlessly into existing neighbourhoods. Throughout BC, new zoning regulations are making small-scale housing more accessible and encouraging communities to grow sustainably while meeting the needs of families.

Whether you’re a buyer, seller, or property owner looking to maximize the potential of your investment, here’s how small-scale, multi-unit housing can benefit you and your community.

What is Small-Scale, Multi-Unit Housing?
This housing includes:

• Secondary suites (units within a single-family home)

• Accessory dwelling units (ADUs), such as garden suites or laneway homes

• Triplexes and fourplexes

• Townhomes and house-plexes

These options offer more affordable alternatives to single-family homes and provide flexible living arrangements while preserving neighbourhood character.

Zoning Changes: Making Multi-Unit Housing Accessible
Across BC, new zoning rules allow secondary suites and ADUs in single-family zones across all municipalities and regional district electoral areas, without needing to rezone.

• In areas zoned for single-family or duplex homes, three to four units must be permitted if the property:

• Is within an urban containment boundary established by a regional growth strategy

• Is in a municipality with a population over 5,000, regardless of containment boundaries

For properties over 280m² located near frequent bus routes, zoning now allows up to six units. This supports transit-oriented development, encouraging sustainable living by reducing car reliance.

 Benefits for Buyers and Sellers

Whether you’re a buyer looking for affordable options or a seller looking to maximize your property’s value, small-scale, multi-unit housing offers numerous advantages. 

For Buyers:

• AFFORDABILITY: Multi-unit housing options like triplexes, townhomes, and ADUs provide more affordable alternatives to single-family homes, especially in competitive urban markets.

• FLEXIBILITY: Living in or owning a property with multiple units allows for rental income or multi-generational living, offering financial benefits and more flexible living arrangements.

• PROXIMITY TO TRANSIT: Properties near frequent bus routes reduce reliance on cars, cutting transportation costs and promoting sustainable lifestyles.

 For Sellers: 

• INCREASED PROPERTY VALUE: Properties that can accommodate multi-unit housing, especially near transit, are likely to see higher demand and increased property values.

• BROADER MARKET APPEAL: Multi-unit properties attract a wider range of buyers, from investors seeking rental income to families looking for flexible housing arrangements.

• INVESTMENT POTENTIAL: Adding secondary suites or ADUs can boost the appeal and value of your property, making it a more attractive investment for future buyers.

   Conclusion: The Future of Family-Friendly, Attainable Housing 

  As cities and communities grow, small-scale, multi-unit housing is poised to play a crucial role in providing affordable, family-oriented homes. With new zoning regulations, it’s easier than ever to add additional units to single-family lots, especially in areas near frequent transit. This shift not only helps address the housing crisis but also supports sustainable, transit-oriented growth.

  • Wondering how these changes might impact your home buying or selling experience? Don’t hesitate to reach out!

    Bridget Ross - 604-805-6820 - bridget@bridgetross.ca

*Article courtesy of Stilhavn Real Estate Services