June 2024 Vancouver Housing Market Update

Jul 07, 2024

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019. The GVR reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 % decrease from the 2,988 sales recorded in June 2023. This was 23.6 % below the 10-year seasonal average. 

“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,” Andrew Lis, GVR’s director of economics and data analytics said. 

“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.”

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 14% Sales Ratio average (1.4 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 50% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes minimum $5 mil, Coal Harbour, Downtown 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 13% Sales Ratio average (1.3 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 2% below list price
  • Most Active Price Band: Homes between $2.25 mil – $$2.5 mil with average 29% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes minimum $7.5 mil, Marpole, South Granville and minimum 7 bedroom properties
  • Opportunity for Sellers: Selling homes in Dunbar, Mackenzie Heights and 3 to 4 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 21% Sales Ratio average (2.1 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 3% below list price
  • Most Active Price Band: Homes between $1 mil – $1.25 mil with average 36% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $2.25 – $2.5 mil,  Oakridge, SW Marine, South Granville, and min 4 bedroom properties
  • Opportunity for Sellers: Selling homes in Fairview, Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

  • Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 100% of list price
  • Most Active Price Band: Homes between $1.25 mil – $1.5 mil with average 38% Sales Ratio (Sellers Market)
  • Opportunity for Buyers: Homes between $2.5 mil – $2.75 mil / $3 mil – $4 mil in Collingwood, Renfrew Heights, South Vancouver and Victoria
  • Opportunity for Sellers: Selling homes Renfrew and 5 to 6 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 24% Sales Ratio average (2.4 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 100% of list price
  • Most Active Price Band: Homes between $400,000 – $500,000 with average %41 Sales Ratio (Sellers Market)
  • Opportunity for Buyers: Homes between $1 mil – $1.25 mil, Main and South Vancouver
  • Opportunity for Sellers: Selling homes in Fraser, Hastings, Mount Pleasant and up to 3 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 July 2nd  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.

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