VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver¹ housing market.

On the demand side, the Greater Vancouver REALTORS®² (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“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 said. “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.”

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9 per cent. By property type, the ratio is 12.8 per cent for detached homes, 20.1 per cent for attached, and 19.3 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

"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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease compared to June 2024.

Sales of detached homes in July 2024 reached 688, a 1 per cent increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1 per cent increase from July 2023 and a 0.6 per cent decrease compared to June 2024.

Sales of apartment homes reached 1,192 in July 2024, a 6.9 per cent decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3 per cent decrease from July 2023 and a 0.7 per cent decrease compared to June 2024.

Attached home sales in July 2024 totalled 437, a 6.2 per cent decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4 per cent increase from July 2023 and a 1.2 per cent decrease compared to June 2024.

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Provided by: Greater Vancouver REALTORS®

Editor’s Note:

1. Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.

Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.gvrealtors.ca.

Top Floor Home

Bright & Spacious Layout

2 Bed, 2 Bath, 795sqft

Priced at $548,800

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Bright top floor home with over height ceilings. Spacious open floor plan. Welcome to Brydon Green, located in the heart of Langley City close to all sort of amenities: schools, shopping, dining and so much more. This 2 bed, 2 bath, 795sqft home features granite counters, stainless appliances, quality laminate flooring, plenty of cupboard and counter space, large laundry closet with extra storage, tons of windows & more. The large master has pass through closets & ensuite with double sinks. The 2nd bed is well sized with soaring ceiling height. Bonus: parking, locker & rental & pet friendly. Something for everyone: investors, first time buyers or down sizing couples. Act Now! Book your private viewing today.

Brand New Home

7 Bed, 8 bath, 5,417sqft

Priced at $2,888,800

Open house: Saturday, July 27th from 2-4pm

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Welcome to this custom-built home in the desirable Capehorn neighborhood of Coquitlam. This 5,417sqft/7bed/8bath/3lvl home on an extensively landscaped 9622sqft lot w/southern city views will not disappoint. Enjoy quality finishing & craftsmanship, an open layout & luxury features. Main: engineered oak & tile floors, formal dining & living rms, large kitchen w/top line appls, spice kitchen, family rm, bed w/4pc ensuite, large mud rm & a large covered deck. Up: spacious primary w/walk-in, 5pc & private deck & 3 well sized rms each w/ensuites. Down; rec rm, games rm, bar area, 4pc bath & a massive crawl space. The bright, partially above-ground 2bed/1bath suite is a perfect mortgage helper. Bonus: radiant heat/AC/HRV/Smart boiler, large dble car garage, tons of parking & lane access. Act Now! Open house Saturday, July 27th from 2-4pm.

Vancouver, BC – July 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,082 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in June 2024, a 19 per cent decrease from June 2023. The average MLS® residential price in BC in June 2024 was up 1 per cent at $998,159 compared to an average price of $988,632 in June 2023. The total sales dollar volume was $7.1 billion, an 18 per cent decline from the same time the previous year. BC MLS® unit sales were 24 per cent lower than the ten-year average for June.

“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in rate hikes,” said BCREA Chief Economist Brendon Ogmundson. “However, both sales and active listings continue to gradually inch upwards, keeping the market in balanced territory.”

Year-to-date, BC residential sales dollar volume was down 2 per cent to $38.6 billion, compared with the same period in 2023. Residential unit sales were down by 4.1 per cent year-over-year at 38,639 units, while the average MLS® residential price was up 2.3 per cent to $997,883.

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Provided by: BCREA

Central Location

Open & Spacious Layout

Large Balcony

Priced at $498,800

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Fantastic central location. 3 years young. Excellent condition. Perfect for investors, first time buyers and everyone in-between. Your search ends here. Welcome to this bright, 1 bed, 1 bath, 533sqft home located in Mackenzie Park of Central Port Coquitlam. Features: over height ceilings, laminate floors, stainless appls w/gas stove, stone counters, excellent cupboard & counter space, spacious living area, room for dinning room table, in-suite laundry & large balcony. The spacious primary bedroom has well-sized closet space. Bonus: balance of 2-5-10 warranty, 1 parking & locker, pet and rental friendly. Close to: shopping, transit, parks, restaurants, easy access to Lougheed Hwy & Hwy 1 and a short walk to new 205Ksqft recreation centre. Call for your private showing.

Large Outdoor Space

Parking & Locker

Priced at $568,800

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Looking for outdoor space? Look no further, your search ends here. Enjoy the 277sqft semi-private, partially covered patio; perfect for gardeners & pet owners alike. This 2bed/1bath/756sqft home, in the Veritas complex, will not disappoint. Features: an abundance of natural light, upgraded flooring, over-height ceilings, open concept plan, kitchen w/plenty of cupboard & counter space, breakfast bar & SS apps. The spacious primary bed has walk-in closet & cheater ensuite. Benefit from a well sized 2nd bed. Bonus: 1 parking & huge full height 6*13 locker. Close to all amenities: transit, shopping, indoor/outdoor recreation and a host of perks available only to UniverCity residents. Do not miss your chance to enjoy living in this great lifestyle neighborhood! Act Now!

Spacious, Jr. 1 Bedroom Home

Rental & Pet Friendly

1 Bed, 1 Bath, 538sqft

Priced at $449,000

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver's premier lifestyle neighborhood. This Jr. 1 bed, 1 bath, 538sqft home is located near the heart of the area in Fraser by Mosaic, a rental and pet friendly building. Perfect for investors, first time buyers, students & everyone in between. Features: excellent natural light, open layout, herringbone floors, over height ceilings, plenty of cupboard & counter space, SS appliances & in-suite laundry. The large bedroom area has loads of closet space. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood! Act Now!

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Studio Home w/ Patio

Efficient Layout

Priced at $372,800

Open house Saturday, July 13th from 2-4pm.

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Investor, student and first-time buyer alert! Excellent condition, nothing to do but move in. Located in Harmony, a rental & pet friendly building, this studio/1bath/407sqft home features: laminate floors throughout, an efficient floor plan, well-sized kitchen w/stainless apps, newer stove & microwave. Enjoy the spacious, partially covered, fully fenced patio; perfect for BBQs. Bonus: parking & built-in murphy bed included. Walk to: transit, campus, childcare, shopping, indoor/outdoor rec. & a host of resident-only perks. Do not miss your chance to enjoy living in this great lifestyle neighborhood! Act Now! Join us for an open house on Saturday, July 13th from 2-4pm.

VANCOUVER, BC – July 3, 2024 – Metro Vancouver¹ 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 Greater Vancouver REALTORS® (GVR) reports that residential sales² in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).

“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. “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.”

There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7 per cent increase compared to the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal average (5,554).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20.3 per cent above the 10-year seasonal average (11,790).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes, 21.1 per cent for attached, and 20.3 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to May 2024.

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse³ is $1,138,100. This represents a 3 per cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.

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Provided by: Greater Vancouver REALTORS®

Editor’s Note:

1. Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.

3. The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in May in-line with statistical best practices. The attributes and neighbourhoods within the model were updated based on sales data to more accurately reflect current market conditions. To ensure the MLS® HPI coverage is consistent and comparable, historical aggregate and composite data has been recalculated.

Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.gvrealtors.ca.

Central Location

Open & Spacious Layout

Large Balcony

Priced at $498,800

Click here for more...

Fantastic central location. 3 years young. Excellent condition. Perfect for investors, first time buyers and everyone in-between. Your search ends here. Welcome to this bright, 1 bed, 1 bath, 533sqft home located in Mackenzie Park of Central Port Coquitlam. Features: over height ceilings, laminate floors, stainless appls w/gas stove, stone counters, excellent cupboard & counter space, spacious living area, room for dinning room table, in-suite laundry & large balcony. The spacious primary bedroom has well-sized closet space. Bonus: balance of 2-5-10 warranty, 1 parking & locker, pet and rental friendly. Close to: shopping, transit, parks, restaurants, easy access to Lougheed Hwy & Hwy 1 and a short walk to new 205Ksqft recreation centre. Call for your private showing.

Open house: Sunday, June 23rd from 2-4pm.

Large Outdoor Space

Parking & Locker

Priced at $568,800

Click here for more…

Looking for outdoor space? Look no further, your search ends here. Enjoy the 277sqft semi-private, partially covered patio; perfect for gardeners & pet owners alike. This 2bed/1bath/756sqft home, in the Veritas complex, will not disappoint. Features: an abundance of natural light, upgraded flooring, over-height ceilings, open concept plan, kitchen w/plenty of cupboard & counter space, breakfast bar & SS apps. The spacious primary bed has walk-in closet & cheater ensuite. Benefit from a well sized 2nd bed. Bonus: 1 parking & huge full height 6*13 locker. Close to all amenities: transit, shopping, indoor/outdoor recreation and a host of perks available only to UniverCity residents. Do not miss your chance to enjoy living in this great lifestyle neighborhood! Act Now! Open house Sunday, June 23rd from 2-4pm.