More selection not translating to more transactions
VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.
On the demand side, the Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).
“The trend of buyers remaining hesitant, which began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate. With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”
Andrew Lis, REBGV director of economics and data analytics
There were 5,597 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023 and was also 12.7 per cent above the 10-year seasonal average (4,968).
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).
Across all detached, attached, and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9 per cent. By property type, the ratio is 12.8 per cent for detached homes, 20.1 per cent for attached, and 19.3 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 the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month,” Lis explained. “While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease compared to June 2024.
Sales of detached homes in July 2024 reached 688, a 1 per cent increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1 per cent increase from July 2023 and a 0.6 per cent decrease compared to June 2024.
Sales of apartment homes reached 1,192 in July 2024, a 6.9 per cent decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3 per cent decrease from July 2023 and a 0.7 per cent decrease compared to June 2024.
Attached home sales in July 2024 totaled 437, a 6.2 per cent decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4 per cent increase from July 2023 and a 1.2 per cent decrease compared to June 2024.
June 2025 Fraser Valley Real Estate Board Statistics – Buying opportunities remain untapped in Fraser Valley real estate market SURREY, BC – Economic uncertainty continued to be the main driver in buying decisions as home sales in the Fraser Valley remain mostly unchanged, despite abundant inventory and lower prices. The Fraser Valley Real Estate Board…
November 2023 Fraser Valley Real Estate Board Statistics – Home sales fall for fifth straight month in the Fraser Valley SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year. The Fraser…
August 2024 Fraser Valley Real Estate Board Statistics – Two rate cuts not enough to ignite summer home sales in the Fraser Valley SURREY, BC – The Fraser Valley residential resale market slowed again in August, as homebuyers continue to face affordability challenges. The Fraser Valley Real Estate Board recorded 1,067 sales in August, down…
April 2024 Fraser Valley Real Estate Board Statistics – Modest increase in April home sales in the Fraser Valley takes lead from cooler spring weather SURREY, BC – Supply of available homes in the Fraser Valley market continued to build last month,however buyers remained relatively hesitant, leading to a cooler resale market in April. The…
Housing prices remain soft, sales flat, throughout the Fraser Valley SURREY, BC – Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories. In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of…
Metro Vancouver home sales down in May while inventory continues to increase – May 2024 Greater Vancouver Realtors Statistics VANCOUVER, BC – June 4, 2024 – The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has…
