Last month, new listings on Metro Vancouver’s MLS rose about 20 per cent year-over-year, resulting in a healthy level of inventory, Greater Vancouver Realtors (GVR) reports. At the same time, residential sales totalled 2,333, which was 5.0 per cent less than the same time last year and nearly 18 per cent below the 10-year seasonal average.
‘It’s a bit surprising transaction levels remain below historical norms as we enter the midpoint of summer’
“The trend of buyers remaining hesitant, that 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,” Andrew Lis, GVR’s director of economics and data analytics notes.
“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 midpoint of summer.”
Balanced conditions, healthy inventory, still early days
In July, Metro Vancouver saw 14,326 total number of properties listed for sale, a 39.1 per cent increase compared to July 2023 and 21.5 per cent above the 10-year seasonal average.
Sales-to-active listings across all property types were 16.9 per cent (12.8 per cent for detached homes, 20.1 per cent for attached homes and 19.3 per cent for apartment homes).
“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 levelled out with very modest declines occurring month over month,” Lis says.
“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.”
Lis adds it’s still early days so they’ll watch the market for signs of increasing transaction activity in the upcoming months.
Sales and prices
Currently, the MLS Home Price Index composite benchmark price for residential properties in Metro Vancouver is $1,197,700, a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease over June 2024.
Detached home sales last month reached 688, a 1.0 per cent increase compared to July 2023. The benchmark price for a detached home is $2,049,000, 2.1 per cent higher than July 2023 and 0.6 per cent less than June 2024.
Apartment home sales last month reached 1,192, a 6.9 per cent decrease compared to July 2023. The benchmark price for an apartment home is $768,200, 0.3 per cent less than July 2023 and 0.7 per cent less than June 2024.
Attached home sales last month reached 437, a 6.2 per cent decrease compared to July 2023. The benchmark price of a townhouse is $1,124,700, 1.4 per cent more than July 2023 and 1.2 per cent less than June 2024.
Review the full report here.
