Home sales in Metro Vancouver remained below seasonal and historical averages in June 2024, with buyer competition reduced and inventory levels rising to levels not seen since spring 2019.
Sales and Inventory:
Total Sales: 2,418 residential sales, a 19.1% decrease from June 2023, and 23.6% below the 10-year seasonal average.
New Listings: 5,723 properties, a 7% increase from June 2023, and 3% above the 10-year seasonal average.
Current Listings: 14,182 properties, a 42% increase from June 2023, and 20.3% above the 10-year seasonal average.
Sales-to-Active Listings Ratio:
Overall: 17.6%
Detached Homes: 13.1%
Attached Homes: 21.1%
Apartments: 20.3%
Price Trends:
Composite Benchmark Price: $1,207,100, a 0.5% increase from June 2023, and a 0.4% decrease from May 2024.
Detached Homes: $2,061,000, a 3.7% increase from June 2023, and a 0.1% decrease from May 2024.
Apartments: $773,400, a 1% increase from June 2023, and a 0.4% decrease from May 2024.
Townhouses: $1,138,100, a 3% increase from June 2023, and a 0.6% decrease from May 2024.
Market Analysis:
Andrew Lis, REBGV director of economics and data analytics, notes that despite reduced transaction volumes, inventory levels are healthy, providing buyers with more selection. The possibility of an interest rate cut by the Bank of Canada this summer could further tilt the market in favor of buyers. Well-priced properties are still selling quickly, indicating that opportunities exist for astute buyers.
Stay tuned for more updates and insights in our next Market Trends.
