Home sales in the Greater Vancouver Area (GVA) in June hit 2,418, a 19.1 % decrease from the 2,988 sales recorded in June 2023 and down from the 2,733 sales in May. The slower sales month led to inventory rising to levels not seen since the spring of 2019, said the Real Estate Board of Greater Vancouver (REBGV) in a release. "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, REBGV director of economics and data analytics. "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 condition." New listings, including single-family, detached, attached and apartment homes reached 5,723 in June, a 7% increase over properties listed in June 2023 and 3% above the 10-year seasonal average (5,554). The new listings took the total number of properties listed at the end of June to 14,182, a 42% increase compared to June 2023 (9,990) and 20.3% above the 10-year seasonal average (11,790). The GVA sales-to-active listings ratio for June 2024 was 17.6%; by property type, the ratio is 13.1% for single-family homes, 21.1% for attached and 20.3% for apartments. “With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. "With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.” The MLS Home Price Index composite benchmark price for all residential properties in GVA is $1,207,100, a 0.5% year-over-year increase and a 0.4% decrease compared to May 2024. Activity by home type: Single-family home sales reached 694 in June, an 18.2% decrease from the 848 detached sales recorded in June 2023. The benchmark price for a single-family home is $2,061,000, a 3.7% increase from June last year and a 0.1% decrease from May 2024. Sales of apartments reached 1,245 last month, a 20.9% decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400, a 1% increase from June last year and a 0.4% decrease compared to May 2024. Attached home sales in June 2024 were 456, a 16.6% decrease compared to the 547 sales in June last year. The benchmark price of a townhouse is $1,138,100, a 3% increase from June 2023 and a 0.6% decrease from May 2024.
