Vancouver Listings Skyrocket By 42% From Last Year

Vancouver real estate continues witnessing a notable increase in available home inventory, reaching volumes not seen since Spring 2019. This June ended with a total of 14,182 homes currently listed on MLS - a 42% increase compared to June 2023 (9,990) and 20.3% above the 10-year seasonal average (11,790). Newly listed properties also rose 7% for a total of 5,723, compared to the same time last year (5,723), but remained within expected range for the season.

Buyer demand fell to more modest levels last month, despite the increased options and seller activity. The Vancouver region recorded a total of 2,395 home sales - down 19.1% from 2,968 sales in June 2023 and 23.6% below the 10-year seasonal average (3,166).

Marginal Price Decreases Despite Significant Jump In Inventory

As June comes to a close, the benchmark price for Greater Vancouver is now $1,207,100, which represents a slight 0.4% decrease from May 2024 and a 0.5% increase from June 2023. 

By property type, the benchmark price is now $2,061,000 for single-detached homes, $1,138,100 for attached homes, and $773,400 for condos. All three represent decreases of between 0.1% and 0.6% from May 2024, but increases of between 1% and 3.7% when compared to June 2023.

As for when the market will start heating up, that will likely be dependent on when the Bank of Canada cuts its policy interest rate once again. "With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer," added Lis. "This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest.

Is Vancouver Heading Towards A Buyer's Market?

The continued rise in available properties, coupled with reduced competition, is all great news for hopeful buyers. These signal a potential shift in market dynamics, though moving towards more balanced conditions, in many sought after areas well positioned properties continue to draw competition and sell quickly. Balancing cautious optimism with informed decision-making, Buyers should capitalize on the expanded inventory, as well as reduced competition now.  The Bank of Canada is set to make their next rate announcement Wednesday July 24th, and with a potential rate cut on the horizon, competition among buyers could ramp up again. Sellers can still capitalize on the current market by carefully pricing and preparing your property. Pay close attention to sales activity in your area, or reach out for a complimentary market analysis to help understand the most up to date home sales and price data.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.