Opinion: Vancouver housing market may be in limbo as sales lag, prices slip

Housing market activity in the Lower Mainland declined in September, with home sales at 2,783 units, down 5.7% year over year. Despite lower mortgage rates, many buyers are waiting for further rate reductions and increased inventory. New listings rose 14% from last year, pushing total inventory above 22,000 units. Average home prices fell 2.4% year over year to $1.18 million. Future market recovery depends on interest rate trends, with expectations of cuts by mid-2025, which may encourage more buyers to enter the market.