Home sales in Metro Vancouver fell below seasonal and historical averages in June as fewer buyers entered the market and inventory grew to levels not seen since the spring of 2019.
In its latest market update, the Greater Vancouver REALTORS® (GVR) reported 2,418 residential sales in June 2024, a 19.1% decrease from the 2,988 sales recorded during the same month last year. Last month’s sales were 23.6% below the 10-year seasonal average of 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,” said Andrew Lis, GVR’s director of economics and data analytics in a press release. “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.”
More Homes Hitting the Market
June 2024 recorded 5,723 new listings for detached, attached, and apartment properties on the Metro Vancouver MLS, a 7% increase compared to the 5,347 properties listed in June 2023 and a 3% rise from the region’s 10-year seasonal average of 5,554.
The total number of properties listed for sale on the MLS® system in Metro Vancouver in June was 14,182, marking a 42% year-over-year increase compared to last year’s 9,990 listings. This total is also 20.3% above the 10-year seasonal average of 11,790.
Across all property types, the sales-to-active listings ratio for June 2024 was 17.6%. By property type, the ratio is 13.1% for detached homes, 21.1% for attached homes, and 20.3% for apartments.
Property prices hold steady
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100 as of June, showing a modest 0.5% increase over June 2023, and a slight 0.4% decrease month over month.
Homes sales decrease as prices show modest gains
Detached home sales in June 2024 totaled 694, an 18.2% drop from the 848 sales recorded in June 2023. The benchmark price for a detached home is $2,061,000 as of June, 3.7% higher than June 2023, but essentially flat on a monthly basis, up 0.1% from May 2024.
Sales of apartment homes reached 1,245 in June 2024, a 20.9% decrease compared to the 1,573 sales in the same month last year. The benchmark price for an apartment is $773,400, up a modest 1% from June 2023, but down 0.4% from May 2024.
Last month, attached homes recorded 456 sales, a 16.6% decrease compared to the 547 sales in June 2023. The benchmark price for a townhouse is now $1,138,100, reflecting a 3% increase from the same month in 2023 and a minor 0.6% decrease from May 2024.
