{"id":24186,"date":"2024-07-03T10:10:00","date_gmt":"2024-07-03T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24186"},"modified":"2024-07-03T09:25:19","modified_gmt":"2024-07-03T16:25:19","slug":"greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/","title":{"rendered":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver home sales registered on the MLS\u00ae remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.<\/p>\n<p style=\"text-align: justify;\">The Greater Vancouver REALTORS\u00ae (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1% decrease from the 2,988 sales recorded in June 2023. This was 23.6% below the 10-year seasonal average (3,166).<\/p>\n<p style=\"text-align: justify;\">\u201cThe June data continued a trend we\u2019ve 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,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics said. \u201cThis 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.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS\u00ae in Metro Vancouver in June 2024. This represents a 7% increase compared to the 5,347 properties listed in June 2023. This total is 3% above the 10-year seasonal average (5,554).<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 14,182, a 42% increase compared to June 2023 (9,990). This total is 20.3% above the 10-year seasonal average (11,790).<\/p>\n<p style=\"text-align: justify;\">Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6%. By property type, the ratio is 13.1% for detached homes, 21.1% for attached, and 20.3% for apartments.<\/p>\n<p style=\"text-align: justify;\">Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cWith an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,\u201d Lis said. \u201cBut June\u2019s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5% increase over June 2023 and a 0.4% decrease compared to May 2024.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in June 2024 reached 694, a 18.2% decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7% increase from June 2023 and a 0.1% decrease compared to May 2024.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,245 in June 2024, a 20.9% decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1% increase from June 2023 and a 0.4% decrease compared to May 2024.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in June 2024 totalled 456, a 16.6% decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3% increase from June 2023 and a 0.6% decrease compared to May 2024.<\/p>\n<p><a href=\"https:\/\/members.gvrealtors.ca\/news\/GVR-Stats-Package-June-2024.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the June 2024 stats package.<\/p>\n<p><a href=\"https:\/\/www.gvrealtors.ca\/market-watch\/monthly-market-report\/june-2024.html.html\" target=\"_blank\" rel=\"noopener\">Market Shifting in Buyers&#8217; Favour, Though Hesitation Remains<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver home sales registered on the MLS\u00ae remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-24186","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver home sales registered on the MLS\u00ae remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Greater Vancouver Home Sales Fall 19.1% Y\\\/Y as Inventory Continues to Build\",\"datePublished\":\"2024-07-03T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/\"},\"wordCount\":544,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/\",\"name\":\"Greater Vancouver Home Sales Fall 19.1% Y\\\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2024-07-03T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/07\\\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Greater Vancouver Home Sales Fall 19.1% Y\\\/Y as Inventory Continues to Build\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/","twitter_card":"summary_large_image","twitter_title":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Metro Vancouver home sales registered on the MLS\u00ae remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build","datePublished":"2024-07-03T17:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/"},"wordCount":544,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates","Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/","url":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/","name":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2024-07-03T17:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2024\/07\/greater-vancouver-home-sales-fall-19-1-y-y-as-inventory-continues-to-build\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Greater Vancouver Home Sales Fall 19.1% Y\/Y as Inventory Continues to Build"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=24186"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24186\/revisions"}],"predecessor-version":[{"id":24194,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24186\/revisions\/24194"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=24186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=24186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=24186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}