Metro Vancouver home sales fell 19.1% in June 2024 compared to last year, well below historical and seasonal averages. According to the Greater Vancouver Realtors, which collects MLS data on home sales in the Lower Mainland, sales are down 23.6% over the 10-year seasonal average of 3,166.
“The June data continued a trend where buyers appear hesitant, while sellers remain keen to bring properties to market,” said Andrew Lis, Real Estate Board of Greater Vancouver director of economics and data analytics. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic.”
New listings in June totalled 5,723, a 7% increase from last year, and 3% above the 10-year seasonal average. The total number of properties listed for sale reached 14,182, a 42% increase from June 2023 and 20.3% above the 10-year seasonal average.
Sales-to-Active Listings Ratio Insights
The sales-to-active listings ratio for June was 17.6%, with detached homes at 13.1%, attached homes at 21.1%, and apartments at 20.3%. Historically, home prices drop when this ratio falls below 12% and rise when it surpasses 20%.
The MLS Home Price Index benchmark price for all residential properties is $1,207,100, a 0.5% increase from June 2023 but a 0.4% decrease from May 2024. Detached home sales dropped 18.2% from June 2023, with a benchmark price of $2,061,000. Apartment sales fell 20.9%, with a benchmark price of $773,400. Attached home sales decreased by 16.6%, with a benchmark price of $1,138,100.
Future Market Predictions and Interest Rates
“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another rate cut this summer,” Lis noted. “June’s lower transaction volumes suggest many buyers remain hesitant, allowing inventory to accumulate and keeping price pressure down. However, well-priced properties are still selling quickly, indicating that savvy buyers are finding value.”
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