RSS

Greater Vancouver Stats June 2024

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.


The 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 per cent below the 10-year seasonal average (3,166).


“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,” Andrew Lis, GVR’s director of economics and data analytics
said. “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.”


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 per cent increase compared to
the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal
average (5,554).


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 above the 10-year seasonal average (11,790).


Across all detached, attached and apartment property types, the sales-to-active listings ratio
for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes,
21.1 per cent for attached, and 20.3 per cent for apartments.


Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over 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 per cent increase over June2023 and a 0.4 per cent decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848
detached sales recorded in June 2023. The benchmark price for a detached home is
$2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent
decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to
the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This
represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to
May 2024.

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547
sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per
cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.

For more stats and details CLICK HERE.

Comments:

No comments

Post Your Comment:

Your email will not be published
RSS

Greater Vancouver Stats June 2024

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.


The 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 per cent below the 10-year seasonal average (3,166).


“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,” Andrew Lis, GVR’s director of economics and data analytics
said. “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.”


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 per cent increase compared to
the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal
average (5,554).


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 above the 10-year seasonal average (11,790).


Across all detached, attached and apartment property types, the sales-to-active listings ratio
for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes,
21.1 per cent for attached, and 20.3 per cent for apartments.


Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over 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 per cent increase over June2023 and a 0.4 per cent decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848
detached sales recorded in June 2023. The benchmark price for a detached home is
$2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent
decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to
the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This
represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to
May 2024.

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547
sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per
cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.

For more stats and details CLICK HERE.

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.