July 2024- Vancouver Real estate market update

It's time to get informed about the real estate Market!

I hope you’re all enjoying the summer! As we move into the second half of the year, it’s time to look at how the real estate market is performing in July. Here’s a detailed update on the current trends and what they mean for buyers and sellers in our community.

Market Overview

The Vancouver real estate market continues to navigate a challenging landscape. In June, we saw 2,418 home sales, marking a 19.1% decrease from the same time last year. This was also 23.6% below the 10-year seasonal average. While these numbers might seem concerning, they also highlight some interesting opportunities.

Increased Listings and Inventory

New listings in June were up by 7% compared to last year, with 5,723 homes added to the market. The total number of properties listed for sale reached 14,182, a significant 42% increase from June 2023. This means more choices for buyers, providing them with a broader selection and driving the market towards balanced conditions.

Sales-to-Active Listings Ratio

The overall sales-to-active listings ratio for June was 17.6%. Breaking it down by property type, detached homes had a ratio of 13.1%, attached homes 21.1%, and apartments 20.3%. Generally, a ratio between 12% and 20% indicates a balanced market, so we are seeing stability across different property types.

Benchmark Prices

The benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. Here’s a closer look at the benchmark prices for different property types:

• Detached Homes: $2,061,000 (up 3.7% from June 2023)

• Townhomes: $1,138,100 (up 3% from June 2023)

• Apartments: $773,400 (up 1% from June 2023)

Mortgage Rates and Buyer Sentiment

Despite the Bank of Canada’s 0.25% rate cut in June, the impact on buyer activity has been modest. High real estate prices and growing inventory mean that many potential buyers remain cautious. However, this environment also presents a window of opportunity for well-prepared buyers to find great deals, especially with a variety of properties available.

Looking Ahead

As we move forward, it’s essential to keep an eye on economic indicators and policy changes that might affect the real estate market. The upcoming interest rate announcements and inflation trends will play a significant role in shaping the market dynamics.

If you’re thinking about buying or selling a home, now is a great time to explore your options. With increased listings and more choices available, you can find the perfect property or get a good deal on your current home. Reach out to me for personalized advice and assistance. You can contact me at 604-715-5568 or barton@bartonrealtor.com. Let’s make your real estate dreams a reality!