July 2024 Real Estate Market Update for Greater Vancouver

The Metro Vancouver housing market in July 2024 saw notable trends, including an increase in inventory and a slight decline in sales. These changes reflect the current state of the market, offering a balanced outlook as the region heads into the fall season.

• Increase in New Listings:
  • Newly listed properties on the Multiple Listing Service® (MLS®) rose nearly 20% year-over-year.
  • A total of 5,597 detached, attached, and apartment properties were newly listed, representing a 20.4% increase from July 2023.
  • This number is also 12.7% above the 10-year seasonal average of 4,968 new listings.
• Total Inventory Growth:
  • The total number of properties listed for sale reached 14,326, marking a 39.1% increase compared to July 2023.
  • This inventory level is 21.5% above the 10-year seasonal average of 11,788 properties.
• Sales Decline:
  • Residential sales totaled 2,333 in July 2024, a 5% decrease from the 2,455 sales in July 2023.
  • This figure is 17.6% below the 10-year seasonal average of 2,831 sales.
  • The decline in sales occurred despite a recent half-percentage-point reduction in the policy rate, which typically encourages buying activity.
• Sales-to-Active Listings Ratio:
  • The overall ratio for July 2024 was 16.9%, indicating balanced market conditions.
  • By property type, the ratios were:
    • Detached Homes: 12.8%
    • Attached Homes: 20.1%
    • Apartments: 19.3%
  • Historical trends indicate downward pressure on prices when this ratio falls below 12%, and upward pressure when it surpasses 20% over several months.
• Price Trends:
  • The MLS® Home Price Index composite benchmark price for all residential properties is $1,197,700.
  • This represents a 0.8% decrease compared to both July 2023 and June 2024.
  • Detached Homes:
    • Sales reached 688, a 1% increase from July 2023.
    • The benchmark price is $2,049,000, up 2.1% year-over-year, but down 0.6% from June 2024.
  • Apartment Homes:
    • Sales reached 1,192, a 6.9% decrease from July 2023.
    • The benchmark price is $768,200, down 0.3% year-over-year and 0.7% from June 2024.
  • Attached Homes (Townhouses):
    • Sales totaled 437, a 6.2% decrease from July 2023.
    • The benchmark price is $1,124,700, up 1.4% year-over-year, but down 1.2% from June 2024.

Summary:

The Metro Vancouver housing market in July 2024 experienced a significant rise in inventory, with new listings up nearly 20% year-over-year. However, residential sales showed a slight decline, remaining below historical norms despite improved borrowing conditions. The market remains balanced, with stable price trends across all property types, although slight month-over-month declines were observed. As the market moves towards the fall season, the potential impact of these trends on future buyer activity remains to be seen.

Data sourced from gvrealtors.ca