The real estate market in Greater Vancouver experienced a decline in home sales during July, with a 5% drop compared to the same month last year. At the same time, the market saw a 20% surge in new property listings, indicating shifting conditions within the region.
According to data from Greater Vancouver Realtors, 2,333 homes were sold last month, while 5,597 new listings were introduced to the market. This combination of fewer sales and more listings highlights a noticeable shift in buyer behavior.
The benchmark price for residential properties across Metro Vancouver was approximately $1.2 million in July. This represents a slight decrease of 0.8% when compared to both July 2023 and the previous month, June 2024, suggesting a softening in price growth.
Despite the Bank of Canada’s recent policy rate cut and the increased availability of homes, buyer activity has not picked up as expected.
It is unusual to see such subdued transaction levels during the middle of the summer, a period when the market is typically more active. The lower-than-average sales figures may indicate that potential buyers are adopting a wait-and-see approach, possibly in response to broader economic uncertainties.
As the market moves forward, it will be important to watch how these trends develop and whether the balance between available inventory and buyer demand will shift further.
Source:
Carey, C. (2024, August 2). Vancouver’s July home sales slid 5% from last year, listings up 20%. CityNews Vancouver. https://vancouver.citynews.ca/2024/08/02/vancouver-home-sales-down-inventory-up/
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Source:
Carey, C. (2024, August 2). Vancouver’s July home sales slid 5% from last year, listings up 20%. CityNews Vancouver. https://vancouver.citynews.ca/2024/08/02/vancouver-home-sales-down-inventory-up/