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.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to June 2023 (7,238) and a 0.2 per cent decrease compared to May 2024 (6,958).

For all property types, the sales-to-active listings ratio for June 2024 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over June 2023 and a 0.6 per cent increase compared to May 2024.

Detached home sales in June 2024 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in June 2023. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from June 2023 and a 0.3 per cent decrease compared to May 2024.

Apartment home sales reached 1,012 in June 2024, a 22.7 per cent increase compared to the 825 sales in June 2023. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from June 2023 and a 1.5 per cent increase compared to May 2024.

Attached home sales in June 2024 totaled 319, a 25.6 per cent increase compared to the 254 sales in June 2023. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from June 2023 and unchanged compared to May 2024.

* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

Key Takeaways

  • Increased Inventory: The rise in active listings suggests more options for buyers but also indicates potential challenges for sellers.
  • Longer Sales Cycles: The increased average days to sale means properties are staying on the market longer.
  • Price Adjustments: While prices have generally held steady or seen slight increases, some areas are experiencing price adjustments, reflecting the shifting market dynamics.

For more detailed insights and personalized advice, contact Eddie Sad and his team at Eddie Sad Real Estate.