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Metro Vancouver home sales decline in June as inventory hits pre-pandemic levels: GVR

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Metro Vancouver home sales in June stayed below average, at 2,418 (19.1 per cent less than a year prior and 23.6 per cent below the 10-year seasonal average), with inventory climbing to levels not seen since spring 2019, Greater Vancouver Realtors (GVR) reports.

“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 notes. 

“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 conditions.”

 

Inventory accumulating with more stable prices, well-priced properties still selling quickly

 

Last month, the region saw 5,723 detached, attached and apartment properties newly listed for sale, a seven per cent increase compared to June 2023 and three per cent above the 10-year seasonal average.

Currently, there are 14,182 properties listed for sale on the MLS system in Metro Vancouver, 42 per cent more than the year prior and 20.3 per cent above the 10-year seasonal average. Across all property types, June’s sales-to-active listings ratio is 17.6 per cent. 

“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 says.

“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.”

 

Prices

 

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,207,100, a 0.5 per cent increase from the year prior and a 0.4 per cent decrease from May 2024.

Currently, the benchmark price for a detached home is $2,061,000, an apartment home is $773,400 and a townhouse is $1,138,100.

 

Review the full report here.

 


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