Courtesy of Natalie King

Market shifting in buyers’ favour, though hesitation remains

$773,400 apartment UP 1.0% year-to-year

$2,061,000 detached UP 3.7% year-to-year

BENCHMARK PRICES

$1,138,100 attached

14,182 ACTIVE LISTINGS 2,418 SOLD LISTINGS

detached 694 1,245 apartment

UP 3.0% year-to-year

detached 5,304

6,141 apartment

5.9 MONTHS OF INVENTORY

5,723 NEW LISTINGS

17.6% SALES TO ACTIVE LISTING RATIO

31 DAYS ON MARKET (detached)

Vancouver, July 3, 2024 – The Greater Vancouver REALTORS ® (GVR) reports that residential sales in the region totalled 2,418 in June 2024. "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, REBGV director of economics and data analytics said. “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 toward balanced conditions.” There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS ® in Metro Vancouver in June 2024. The total number of properties currently listed for sale on the MLS ® system in Metro Vancouver is 14,182.

The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100, a 0.5 per cent increase over June 2023. Sales of detached homes in June 2024 reached 694. The benchmark price for a detached home is $2,061,000, a 3.7 per cent increase from June 2023. Sales of apartment homes reached 1,245 in June 2024. The benchmark price of an apartment home is $773,400, up 1 per cent from June 2023. Attached home sales in June 2024 totalled 456. The benchmark price of a townhouse is $1,138,100, up 3 per cent from June 2023. Statistics reflect market activity in June 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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