Newly listed properties registered on the Multiple Listing Service rose nearly 20 per cent year-over-year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.
That’s according to the latest market report from Greater Vancouver Realtors (GVR), which notes that, on the demand side last month, residential sales in the region saw a five per cent decrease from the sales recorded in July 2023.
Last month’s sales number was also 17.6 per cent below the 10-year seasonal average.
“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,” said GVR’s director of economics and data analytics Andrew Lis, in a news release. “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.”
The total number of properties currently listed for sale on the MLS in Metro Vancouver has seen a 39.1 per cent increase compared to July 2023, which is also 21.5 per cent above the 10-year seasonal average.
According to GVR, the July 2024 benchmark price for a detached single-family house in Ladner was $1,398,800, almost unchanged from the previous month and down three per cent from July 2023.
The benchmark price last month for a detached house in Tsawwassen was $1,611,700, up 1.4 per cent from this May, while up just over three per cent from July 2023.
The benchmark price last month for a townhouse in Ladner and Tsawwassen was $1,020,100 and $1,011,500 respectively. The benchmark price for a condo in Ladner and Tsawwassen was $698,200 and $703,300 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says sluggish seasonally adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.
The FVRB notes sales this July were down seven per cent from the previous month, and down by 26 per cent over the 10-year seasonal average.
Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings up five per cent over June and 41 per cent higher than July 2023.
According to the FVRB, last month’s benchmark price for a detached house in North Delta was $1,474,300, up just under three per cent from July 2023.
The benchmark price last month for a townhouse and condo was $987,100 and $583,900 respectively.
