News: Vancouver Real Estate Market

Market shifting in buyers’ favour, though hesitation remains

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,418 in June 2024, a decrease of 19.1% from the 2,988 sales recorded in June 2023. This was 23.6% below the 10-year seasonal average (3,166).

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” said Andrew Lis, GVR’s director of economics and data analytics. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

There were 5,723 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7% increase compared to the 5,347 properties listed in June 2023. This total is 3% above the 10-year seasonal average (5,554).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42% increase compared to June 2023 (9,990). This total is 20.3% above the 10-year seasonal average (11,790).

Across all detached, attached, and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6%. By property type, the ratio is 13.1% for detached homes, 21.1% for attached, and 20.3% for apartments.

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

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favor of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5% increase over June 2023 and a 0.4% decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, an 18.2% decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7% increase from June 2023 and a 0.1% decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9% decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1% increase from June 2023 and a 0.4% decrease compared to May 2024.

Attached home sales in June 2024 totaled 456, a 16.6% decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3% increase from June 2023 and a 0.6% decrease compared to May 2024.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.