{"id":24420,"date":"2024-08-14T10:10:24","date_gmt":"2024-08-14T17:10:24","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24420"},"modified":"2024-08-02T09:01:17","modified_gmt":"2024-08-02T16:01:17","slug":"vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/","title":{"rendered":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">According to Edge Realty Analytics\u2019 July Metro Deep Dive, Vancouver\u2019s real estate market is exhibiting mixed trends, as home sales rise, but levels of inventory are building up.<\/p>\n<p style=\"text-align: justify;\"><strong>Home Sales Experience Minor Increase<\/strong><br \/>\nIn June, Vancouver saw a slight increase in home sales, rising by 1.2% month-over-month (m\/m) following a more significant 7% decline in May. Despite this improvement, sales remain substantially lower compared to previous years. Year-over-year (y\/y), sales are down 19.1%, and they are 30% below averages of the past decade. Specifically, condo sales are down nearly 21% from the same period last year. Overall, sales across all segments are trending towards decade lows for the month.<\/p>\n<p style=\"text-align: justify;\"><strong>New Listings Drop<\/strong><br \/>\nSeasonally adjusted new listings saw a 4.5% increase m\/m and a 7% rise compared to the previous year. However, this uptick in new listings has led to a decrease in the sales-to-new listings ratio, which now stands at 44%. Historically, this ratio is associated with an approximate 5% annual decline in house prices.<\/p>\n<p style=\"text-align: justify;\"><strong>Rising Inventory Levels<\/strong><br \/>\nActive listings in Vancouver have surged by 42% y\/y, with a notable 54% increase in the condo segment. Inventory levels are experiencing significant counter-seasonal growth across both condos and single-family homes, contributing to the overall increase in available properties.<\/p>\n<p style=\"text-align: justify;\"><strong>House Prices See Slight Drop<\/strong><br \/>\nIn June, seasonally adjusted house prices decreased by 0.2% m\/m. This modest decline reflects the broader market dynamics influenced by rising inventory and the shifting sales-to-new listings ratio.<\/p>\n<p style=\"text-align: justify;\"><strong>Surge in Construction Activity<\/strong><br \/>\nConstruction activity continues to rise, with the number of dwellings under construction increasing by 1.3% m\/m in May. This growth is led by the condo segment, which saw a 1.8% m\/m increase, and rental properties, which grew by 0.6% m\/m. In contrast, the single-family segment has remained flat and is now down 16% y\/y. Despite the high levels of housing starts, over 90% of the new construction in the past year has been concentrated in the apartment segment (condos and rentals), while single-family starts are at their lowest in 35 years.<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-market-update-july-2024\/\" target=\"_blank\" rel=\"noopener\">Vancouver Real Estate Market Update : July 2024<\/a> by Joanna Gerber | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Edge Realty Analytics\u2019 July Metro Deep Dive, Vancouver\u2019s real estate market is exhibiting mixed trends, as home sales rise, but levels of inventory are building up. Home Sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/\">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-24420","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 v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity &#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\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"According to Edge Realty Analytics\u2019 July Metro Deep Dive, Vancouver\u2019s real estate market is exhibiting mixed trends, as home sales rise, but levels of inventory are building up. Home Sales &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=\"2 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\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\\\/M, Surge in Construction Activity\",\"datePublished\":\"2024-08-14T17:10:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/\"},\"wordCount\":354,\"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\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/\",\"name\":\"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\\\/M, Surge in Construction Activity &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2024-08-14T17:10:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\\\/M, Surge in Construction Activity\"}]},{\"@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":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity &#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\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/","twitter_card":"summary_large_image","twitter_title":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"According to Edge Realty Analytics\u2019 July Metro Deep Dive, Vancouver\u2019s real estate market is exhibiting mixed trends, as home sales rise, but levels of inventory are building up. Home Sales &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity","datePublished":"2024-08-14T17:10:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/"},"wordCount":354,"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\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/","url":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/","name":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2024-08-14T17:10:24+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2024\/08\/vancouver-housing-market-update-home-sales-rising-by-1-2-m-m-surge-in-construction-activity\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Vancouver Housing Market Update : Home Sales Rising by 1.2% M\/M, Surge in Construction Activity"}]},{"@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\/24420","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=24420"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24420\/revisions"}],"predecessor-version":[{"id":24422,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/24420\/revisions\/24422"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=24420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=24420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=24420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}