Vancouver Real Estate Market Update: June 2024

The Vancouver real estate market saw some big changes in June 2024, with sales numbers staying lower than usual. This means more homes are available for buyers to choose from, creating a balanced market.

Sales and Inventory Trends

In June 2024, 2,418 homes were sold in Metro Vancouver. This is a 19.1% drop from the 2,988 homes sold in June 2023. Typically, we would see about 3,166 sales this time of year, so we're below the 10-year average. Andrew Lis from the REBGV noted that while buyers are hesitant to make moves, sellers are still eager to list their properties. This is pushing the number of available homes to levels we haven't seen since spring 2019.

There were 5,723 new listings for detached houses, townhomes, and apartments in June 2024, a 7% increase compared to June 2023. This is also 3% higher than the 10-year average of 5,554 new listings. Overall, 14,182 properties were listed for sale, a 42% increase from June 2023 and 20.3% above the 10-year average of 11,790.

Sales-to-Active Listings Ratio

The sales-to-active listings ratio, which shows the number of sales compared to the number of available homes, was 17.6% in June 2024. Here’s a breakdown by property type:

• Detached homes: 13.1%
• Townhomes: 21.1%
• Apartments: 20.3%

When this ratio stays below 12%, home prices usually drop. When it goes above 20%, prices often rise.

Market Insights

Even though fewer homes are being sold, more homes are being listed, which helps keep prices steady. Well-priced homes are still selling quickly, indicating that knowledgeable buyers are ready to act when they see good opportunities.

Andrew Lis mentioned that a potential interest rate cut by the Bank of Canada in July could make buying a home a bit easier. However, many buyers are still hesitant, which means there are plenty of options available.

Home Prices

The benchmark price for all residential properties in Metro Vancouver is now $1,207,100. This is a slight increase of 0.5% from June 2023 but a small decrease of 0.4% compared to May 2024.

Detached Homes:

• Sales: 694 (18.2% decrease from June 2023)
• Benchmark price: $2,061,000 (3.7% increase from June 2023, 0.1% decrease from May 2024)

Apartment Homes:

• Sales: 1,245 (20.9% decrease from June 2023)
• Benchmark price: $773,400 (1% increase from June 2023, 0.4% decrease from May 2024)

Townhomes:

• Sales: 456 (16.6% decrease from June 2023)
• Benchmark price: $1,138,100 (3% increase from June 2023, 0.6% decrease from May 2024)

Conclusion

The Vancouver real estate market in June 2024 offers more options for buyers due to increased listings. If you are looking to buy, this is a good time to explore opportunities. For sellers, it's important to price your property competitively to attract buyers.

Looking for a Vancouver Realtor?

If you’re looking to buy or sell a home in Vancouver and need expert guidance, contact me, Taylor Ross, a dedicated Vancouver Realtor. I can help you navigate these new regulations and ensure a smooth transaction. Let's work together to achieve your real estate goals.