VANCOUVER EAST JUNE HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that well price properties are still selling quickly and another interest rate cut this summer could boost affordability enough to bring hesitant Buyers in from the sideline. Meantime Sellers have returned to the market in numbers but Buyer shyness has caused inventory to grow and the market continues to balance out. Last month recorded 7 percent more new listings than June 2023. Total inventory is up 42 percent this June compared to last June. Residential sales are 19.1 percent lower June to June. The composite value of all properties is up 0.5 percent year to year.
The graph illustrates a 5.3 percent increase from May to June for the average price of Metro Vancouver detached properties. The benchmark price for houses in June 2024 is 3.7 percent more than the previous June. Year to year the volume of detached home sales drops 18.2 percent.
June 2024 versus the previous June, east side house prices are 1.1 percent higher. Year over year Vancouver east detached sales decline 28 percent. June to June east side inventory is down 6.2 percent.
From May to June east side house sales fall 27.9 percent. Month to month east side inventory decreases 10.6 percent.