June 2024 Greater Vancouver Realtors Statistics

Market shifting in buyers’ favour, though hesitation remains – June 2024 Greater Vancouver Realtors Statistics

VANCOUVER, BC – July 3, 2024 – Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. Inventory levels have continued to rise due to reduced competition between buyers.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23,6% below the seasonal average of 3166 over a 10-year period.

“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. 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.”

Andrew Lis, REBGV Director of Economics and Data Analytics

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 in comparison to the 5,347 listed properties in June 2023. This total is 3% above the seasonal average of 5554, which has been in place for 10 years. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20,3 per cent higher than the seasonal average of the past 10 years (11,790).

The ratio of sales to active properties for June 2024 across all types of detached, attached, or apartment property is 17.6 %. According to property type, the sales-to-active listings ratio for June 2024 is 17.6 per cent across all detached, attached, and apartment properties. According to historical data, the ratio can cause downward pressure on home values when it dips below 12 percent over a sustained period. On the other hand, the ratio can cause upward pressure if it exceeds 20 cents for 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 favour 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. The number of detached homes sold in June, 2024 was 694. That’s a drop of 18.2 % from the 848 detached homes sold in June, 2023. The benchmark price of a detached house is $2,061,000. This represents a 3.7% increase from June 2023, and a 0.1% decrease compared to may 2024.

In June 2024, apartment home sales reached 1,245 units. This is a decrease of 20,9 per cent compared to 1,573 units sold in June 2023. The benchmark price for an apartment home is $773.400. This represents an increase of 1% from June 2023. It also represents a decrease of 0.4 % compared to the month of May 2024. In June 2024 the number of attached homes sold was 456, which is a 16.6% decrease from June 2023’s 547 sales. The benchmark price for a townhouse in the United States is $1,138.100. This represents a 3 percent increase from June 2023, and a 0.6% decrease compared to may 2024.

The Real Estate Board of Greater Vancouver includes Burnaby, Coquitlam and Maple Ridge as well as New Westminster, North Vancouver. Port Coquitlam Port Moody Richmond South Delta Squamish Sunshine Coast Vancouver West Vancouver Whistler.