In June, the Metro Vancouver housing market continued to shift in favour of buyers, with inventory levels reaching their highest since spring 2019. The Greater Vancouver REALTORS® (GVR) reported 2,418 residential sales, a 19.1% decrease from June 2023 and 23.6% below the 10-year seasonal average of 3,166.
New listings for the month totalled 5,723 properties, marking a 7% increase from June 2023 and 3% above the 10-year seasonal average. The total inventory of properties listed in Metro Vancouver reached 14,182, representing a 42% increase compared to June 2023 and 20.3% above the 10-year seasonal average. The overall sales-to-active listings ratio for June 2024 was 17.6%, indicating balanced market conditions (12-20% range).
The benchmark price for all residential properties in Metro Vancouver was $1,207,100, a 0.5% increase from June 2023 but a 0.4% decrease from May 2024.
- Single-family: 694 sales, down 18.2%, with a benchmark price of $2,061,000, reflecting a 3.7% year-over-year increase.
- Townhomes: 456 sales, down 16.6%, with a benchmark price of $1,138,100, up 3% year-over-year.
- Apartments: 1,245 sales, down 20.9% from the previous year, with a benchmark price of $773,400, up 1%.
Among the areas covered, Bowen Island experienced the highest annual benchmark price increase at 9.2%, while Whistler saw the lowest, with a decrease of 4.6%. Despite lower transaction volumes, well-priced properties continued to sell quickly. The market may see further shifts with potential interest rate changes from the Bank of Canada.
