Metro Vancouver home sales last month remained below seasonal and historical averages with reduced competition among buyers and inventory continuing to accumulate to levels not seen since the spring of 2019.
That’s according to Greater Vancouver Realtors (formerly called the Greater Vancouver Real Estate Association), which reports that residential sales in the region in June 2024 saw a 19.1 per cent decrease from the sales recorded in June 2023. The sales were 3.6 per cent 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 in a news release.
“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 towards balanced conditions.”
According to Greater Vancouver Realtors, the June 2024 benchmark price for a detached single-family house in Ladner was $1,409,700. That’s down 2.2 per cent from May 2024, while almost unchanged from a year ago.
The benchmark price for a detached house in Tsawwassen last month was $1,590,100. That’s down 4.6 per cent from the previous month while also almost unchanged from June 2023.
The benchmark price for a townhouse in Ladner and Tsawwassen last month was $1,012,200 and $1,001,700 respectively. The June 2024 benchmark price for a condo in Ladner and Tsawwassen was $702,100 and $706,100 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) said the policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month.
The FVRB recorded sales in June were down by 13 per cent over the previous month and by more than 30 per cent over both last year and the 10-year seasonal average.
While sales remain soft, inventory continued to build for the sixth straight month with active listings increasing 41 per cent over June 2023, as well as being the highest they’ve been in five years.
According to the FVRB, the benchmark price for a detached single-family house in North Delta last month was $1,453,400, up just over one per cent from June 2023.
The June 2024 benchmark price for a North Delta townhouse and condo was $970,200 and $586,400 respectively.
