July 2024 Vancouver Market Update

“More Selection Not Translating to More Transactions”

Newly listed properties registered on the MLS rose nearly 20% year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver  housing market. On the demand side, the GVR reports that residential sales in the region totalled 2,333 in July 2024, a 5 % decrease from the 2,455 sales recorded in July 2023. This was 17.6 % below the 10-year seasonal average. 

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, noted Andrew Lis, GRV director of economics and data analytics. “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.”

Lis added, “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. 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.”

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $300,000 – $400,000 with average 75% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5 mil, Coal Harbour and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in West End and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $2.5 mil – $2.75 mil with average 25% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $5.5 mil to $6 mil/ Minimum %7.5 mil Arbutus, Mackenzie Heights and South Granville
• Opportunity for Sellers: Selling homes in Kitsilano, South Cambie, and up to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 18% Sales Ratio average (1.8 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 33% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2 mil – $2.5 mil, South Granville, and minimum 3 bedroom properties
• Opportunity for Sellers: Selling homes in Quilchena and up to 2 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 16% Sales Ratio average (1.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $1.75 mil – $2 mil with average 32% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.75 mil – $3 mil, Collingwood, South Vancouver and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Knight, main and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 32% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.5 mil – $1.75 mil, Fraser, Strathcona and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Champlain Heights, Hastings, Kilarney and minimum 4 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on August 1, 2024  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.