In June, Metro Vancouver home sales remained below average at 2,418, which is 19.1% lower than the previous year and 23.6% below the 10-year seasonal average, according to Greater Vancouver Realtors (GVR).
GVR’s director of economics and data analytics, Andrew Lis, noted that buyers are hesitant to transact at typical volumes for this time of year, while sellers are eager to bring their properties to market. This trend has led to inventory levels not seen since before the pandemic, providing buyers with more options and moving all market segments towards balanced conditions.
Inventory accumulating with more stable prices, well-priced properties still selling quickly
In the last month, 5,723 detached, attached, and apartment properties were newly listed for sale, a 7% increase compared to June 2023 and 3% above the 10-year seasonal average. Currently, there are 14,182 properties listed for sale, a 42% increase from the previous year and 20.3% above the 10-year seasonal average. The sales-to-active listings ratio for June is 17.6%.
Lis mentioned the possibility of a cut to the policy rate by the Bank of Canada in July, which would benefit buyers. Despite lower transaction volumes in June, well-priced properties are still selling quickly, indicating that savvy buyers can identify value and act on opportunities.
Prices
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,207,100, a 0.5% increase from the previous year and a 0.4% decrease from May 2024. The benchmark prices for different property types are as follows: detached home – $2,061,000, apartment home – $773,400, townhouse – $1,138,100.
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