Greater Vancouver’s real estate board says the number of homes sold in June tumbled 19.1% from the previous year as inventory continued accumulating to levels not seen since the spring of 2019.
Greater Vancouver Realtors said there were 2,418 home sales in the region last month, 23.6% below the 10-year seasonal average for June and down from 2,988 sales recorded in June 2023.
That came as the number of Metro Vancouver homes listed for sale soared 42% year-over-year to 14,182, which is around one-fifth higher than the 10-year seasonal average.
Andrew Lis, the board’s director of economics and data analytics, said the June data marks the continuation of a trend where buyers appear “hesitant,” despite sellers remaining keen to list their properties. He said the result is improved selection for buyers and more balanced conditions.
“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer,” Lis said in a press release.
“This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest.”
The composite benchmark home price was $1,207,100, up 0.5% from a year ago, but a 0.4% decrease from May.
In June, there were 5,723 detached, attached and apartment properties newly available for sale — a 7% increase compared with June 2023.
Calgary
The Calgary Real Estate Board said June home sales fell 12.8% from last year as 2,738 properties changed hands, driven by declines in lower-priced homes.
Despite the decrease in sales, the board said activity was still 17% higher than long-term trends for the month.
The benchmark price across all home types was $608,000 for June — up 8.5% from a year earlier and roughly 0.4% higher than May.
New listings fell 3.6% year-over-year to 3,798 and there were 3,787 units in inventory, 9.2% higher than last year.
Ann-Marie Lurie, chief economist at CREB, said inventory in the lower price ranges of each property type continue to fall, “providing limited choices for potential purchasers looking for more affordable product.”
She also noted that Calgary continues to be a competitive market for some buyers, with more than 40% of the homes sold in June selling over the listed price.