Home sales in Metro Vancouver remained below seasonal and historical averages in June 2024, with buyer competition reduced and inventory levels rising to levels not seen since spring 2019.
Sales and Inventory:
Total Sales: 2,418 residential sales, a 19.1% decrease from June 2023, and 23.6% below the 10-year seasonal average.
As of June 25, 2024, recent inflation data has cast significant doubt on the anticipated interest rate cuts by the Bank of Canada. The latest figures reveal that inflation accelerated to 2.9% in May on a year-over-year basis, up from 2.7% in April, surprising many economists who had expected a continued easing.
Home sales in Metro Vancouver saw a significant decline in May 2024, with transactions down 19.9% compared to May 2023. This decrease comes amidst an increasing inventory of homes, with over 13,000 properties now listed on the MLS®.
Sales Figures:
Total Sales: 2,733 residential properties, down from 3,411 in May 2023.
April has been a landmark month for Metro Vancouver's real estate market, witnessing inventory levels hitting the highest since the pandemic summer of 2020. The total number of properties listed reached 12,491, marking a 42.1% increase from last year.
Here are some key highlights:
Sales Volume: Residential sales saw a modest rise of 3.3% year-over-ye...
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In a recent report by the Royal Bank of Canada, the home affordability crisis in Vancouver has escalated to unprecedented levels, marking a significant challenge for potential homebuyers. Published in April 2024, the report underscores that the final quarter of 2023 was the most challenging period for Canadians striving to afford a home, with Vanco...
