June 2024 Real Estate Market Update for Greater Vancouver

Home sales in Metro Vancouver for June 2024 were notably below both seasonal and historical averages. This trend was evident across all property types, leading to increased inventory levels not seen since spring 2019. The reduced competition among buyers and a growing number of sellers have contributed to this shift.

-Residential Sales: 2,418 sales in June 2024, down 19.1% from June 2023, and 23.6% below the 10-year seasonal average.

– New Listings: 5,723 new listings, a 7% increase from June 2023, and 3% above the 10-year seasonal average.

– Total Listings: 14,182 properties, a 42% increase from June 2023, and 20.3% above the 10-year seasonal average.

– Composite Benchmark Price: $1,207,100, up 0.5% from June 2023, down 0.4% from May 2024.

– Detached Homes: Sales decreased by 18.2%, benchmark price at $2,061,000, up 3.7% from June 2023.

– Apartments: Sales decreased by 20.9%, benchmark price at $773,400, up 1% from June 2023.

– Attached Homes: Sales decreased by 16.6%, benchmark price at $1,138,100, up 3% from June 2023.

– The market shows signs of buyer hesitancy, leading to lower transaction volumes.

– Inventory accumulation provides buyers with more options, stabilizing price increases.

– Well-priced properties still sell quickly, indicating buyer awareness and responsiveness to value.

– Potential interest rate cuts by the Bank of Canada may further influence market dynamics, possibly improving affordability modestly.

 Summary

In June 2024, Metro Vancouver’s real estate market experienced below-average sales and a significant rise in inventory levels, leading to a balanced market condition. Residential sales were down 19.1% year-over-year, with a total of 14,182 properties listed for sale, a 42% increase from the previous year. The sales-to-active listings ratio indicates a balanced market, with detached homes at 13.1%, attached homes at 21.1%, and apartments at 20.3%.

The composite benchmark price for all residential properties was $1,207,100, showing a slight annual increase of 0.5% but a minor decline from the previous month. Detached homes had a benchmark price of $2,061,000, apartments $773,400, and attached homes $1,138,100, all showing modest year-over-year price increases. Buyer hesitancy and increased inventory have kept upward price pressure in check, with well-priced properties still attracting quick sales. An anticipated interest rate decision by the Bank of Canada may further influence the market dynamics.