Vancouver Real Estate Market Report - June 2024

Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,818 in June 2024, a 19.4 per cent increase from the 1,523 sales recorded in June 2023, and a 9.8 per cent decrease compared to May 2024 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year June sales average. By property type, detached sales were down 24.8 per cent from the 10-year June average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose from. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2024. This represents an 8.3 per cent decrease compared to the 4,140 homes listed in June 2023 and a 100.7 per cent increase compared to May 2024 when 1,891 homes were listed.

Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 per cent above the 10-year June sales average.

Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest selling May on record.

FIND OUT HOW MUCH YOUR HOME IS WORTH

The only real value of your home is what a buyer and a seller shake hands on. But if you're selling or buying a home or paying taxes on one, you need a realistic dollar figure to work from.

And that is going to depend on whom you ask. Your home has different value to different people and institutions, and many percentage points can separate the assessed value from the price your home actually fetches on the market. (Isn't that why you immediately suspect something's very wrong with a house that's being offered at below assessed value?)

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

A crash in the Vancouver real estate market is “unlikely, given still-solid economic underpinnings,” according to a national housing report released by RBC April 24.

Although it identified affordability “stress” as a key risk factor in the Vancouver housing market, and despite a “small improvement… mostly in the single family market” in pricing in late 2016, the report observed that prices are on the rise again and foreign buyers seem undeterred by additional taxation.

The question about deposits and what is standard is one that often comes up when considering buying a presale home.

Most presale new homes require a total deposit of 15–20% of the purchase price. However, some developers offer limited opportunities to buy with a 5% or 10% deposit, particularly if it is getting close to completion. Developers are often subject to requirements from their banks as well which is why a 15–20% deposit is needed in most cases or why they can’t be more flexible at times.