Courtesy of Natalie King

More selection not translating to more transactions

$768,200 apartment DOWN 0.3% year-to-year

$2,049,000 detached UP 2.1% year-to-year

BENCHMARK PRICES

$1,124,700 attached

14,326 ACTIVE LISTINGS 2,333 SOLD LISTINGS

detached 688 1,192 apartment

UP 1.3% year-to-year

detached 5,387

6,185 apartment

6.1 MONTHS OF INVENTORY

5,597 NEW LISTINGS

16.3% SALES TO ACTIVE LISTING RATIO

37 DAYS ON MARKET (detached)

Vancouver, August 2, 2024 – The Greater Vancouver REALTORS ® (GVR) reports that residential sales in the region totalled 2,333 in July 2024. “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,” Andrew Lis, GVR’s director of economics and data analytics said. “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.” There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS ® in Metro Vancouver in July 2024. The total number of properties currently listed for sale on the MLS ® in Metro Vancouver is 14,326.

The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700, a 0.8 per cent decrease over July 2023. Sales of detached homes in July 2024 reached 688. The benchmark price for a detached home is $2,049,000, a 2.1 per cent increase from July 2023. Sales of apartment homes reached 1,192 in July 2024. The benchmark price of an apartment home is $768,200, a 0.3 per cent decrease from July 2023. Attached home sales in July 2024 totalled 437. The benchmark price of a townhouse is $1,124,700, a 1.4 per cent increase from July 2023. Statistics reflect market activity in July 2024 | Source: Greater Vancouver REALTORS ® (GVR) | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Natalie King Real Estate Agent Direct: 778-870-4323 | natalieking@live.ca www.NatalieKingHomes.com

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