What happened in June 2024 in the Greater Vancouver Housing Market?

Sales Down, Inventory Up: June 2024 saw a 24% decrease in sales compared to the 10-year average, while inventory increased by 20%, which should theoretically put downward pressure on prices.

Price Changes: Overall pricing is up year-over-year, with detached homes seeing a 3.7% increase, condos up 1%, and townhomes/duplexes up 3%.

Month-over-Month Decline: Prices for detached, attached, and condos have decreased slightly from May to June, ranging between 0.1% and 0.6%.

Seller Resistance: Despite increased inventory, sellers are holding firm on prices, leading to a slower price decline.

Interest Rate Impact: The recent interest rate cut by the Bank of Canada did not significantly boost buyer activity, with the next update expected on July 24th potentially influencing future market conditions.

JUNE 2024 VANCOUVER REAL ESTATE STATS:

Sales are down 19.1% from June 2023

Sales are down 23.6% compared to the 10 year seasonal average

New listings up 7% compared to June 2023

Total listings on the market are up 20.3% compared to June 2023

Detached Market

• Benchmark price up 3.7%
• 13.1% sales to active ratio

Townhome Market

• Benchmark price up 3%
• 21.1% sales to active ratio

Condo Market

• Benchmark price up 1% 
• 20.3% sales to active ratio