VANCOUVER WEST JULY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise that recent declines in the Bank of Canada’s rate have not yet done enough to mitigate Buyer reticence. There is also a reminder that this is early days and it may take some months for these lower rates to influence higher sales. In the meantime inventory continues to grow, further balancing the market. Last month recorded 20.7 percent more new listings than July 2023. Total inventory is up 39.1 percent this July compared to last July. Residential sales are 5 percent lower July to July. The composite value of all properties is down 0.8 percent year to year.
The graph illustrates a significant 9.3 percent drop from June to July for the average price of Metro Vancouver detached properties. The benchmark price for houses in July 2024 is 2.1 percent more than the previous July. Year to year the volume of detached home sales inches up 1 percent.
Last month versus July 2023, Vancouver west detached prices are up 1.6 percent. West side house sales are down 2.9 percent year to year. July 2024 versus the previous July, inventory increases 18.9 percent.
From June to July west side house sales fall 19.3 percent. Month to month detached inventory recedes 7.1 percent.