July 2024 Greater Vancouver Realtors Statistics

More selection does not translate into more transactions

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.

On the demand side of the equation, Greater Vancouver REALTORS® (GVR)Reports indicate that residential sales in the area totaled 2,333 units in July 2024. This is a 5 percent decrease from the 2,455 units sold in July 2023. This was 17.6 % below the 10-year average seasonal sales (2,831).

“The trend of buyers remaining hesitant, which began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate. With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.” Andrew Lis, REBGV Director of Economics and Data Analytics

There were 5,597 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20,4 per cent increase in comparison to the 4,649 listed properties in July 2023.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21,5 per cent higher than the 10-year seasonal median (11 788).

The sales-to-active-listings ratio for all types of property, including detached, attached and apartment properties, is 16.9% in July 2024. The ratio varies by property type: detached homes are 12.8%, attached homes are 20.1%, and apartments are 19.3%.

Analyzing historical data, it is clear that home prices are often under downward pressure when the ratio falls below 12 percent for a sustained time period. However, home prices are often under upward pressure when the ratio exceeds 20 percent over a period of several months.

“With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month,”Lis explained “While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents an 0.8 percent decrease from July 2023 as well as a 0.8 percent decrease from June 2024.

In July 2024, the number of detached home sales reached 688. This represents a 1% increase over the 681 detached home sales recorded in July. The benchmark price is $2 049,000 for a detached residence. This represents a 2.1% increase from July 2023, and a 0.6% decrease from June 2024.

In July 2024 the number of apartment homes sold reached 1,192, a 6.9 % decrease compared to July 2023 when 1,281 apartments were sold. The benchmark price for an apartment home is $768.200. This represents a decrease of 0.3 percent from July 2023, and a decrease of 0.7 percent compared to June 2020.

The attached home sales in 2024 totaled only 437. That’s a 6.2% drop from the 466 sold in July 2023. The benchmark price for a townhouse in 2024 is $1,124.700. This represents a 1.4% increase from July 2023, and a 1.2% decrease from June 2024.