Home sales in the Greater Vancouver Area (GVA) in July totalled 2,333 units, a 5% decrease from July 2023. Meanwhile, new listings jumped 20% year-over-year, sustaining a healthy level of homes for sale. "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," said Andrew Lis, Greater Vancouver Realtors (GVR) director of economics and data analytics There were 5,597 new listings of all property types in newly listed in Metro Vancouver in July 2024, a 20.4% increase over the 4,649 properties newly listed in July 2023. In total, there were 14,326 properties listed for sale at the end of July, up 39.1% from July 2023 (10,301). “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 said. “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.” July’s Home Price Index composite benchmark price for the GVA reached $1,197,700, a 0.8% decrease from July 2023 and also a 0.8% decrease from June 2024. Sales of single-family homes in July 2024 reached 688, a 1% increase from the 681 single-family sales in July 2023. The benchmark price for a single-family home is $2,049,000, a 2.1% increase from July 2023 and a decrease of 0.6% from June 2024. Apartment sales were 1,192 homes in July, a 6.9% decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment is $768,200, a 0.3% decrease from July 2023 and a 0.7% decrease compared to June 2024. Attached home sales in July 2024 totalled 437, down 6.2% from the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700, a 1.4% increase from July 2023 and a 1.2% decrease compared to June 2024.
