Home sales in Vancouver were down 10 per cent year-over-year in June, but Greater Vancouver Realtors is holding out hope for the rest of the year as buyers come off the sidelines.
GVR reports that residential sales in the region totaled 2,181 in June, down from 2,418 sales recorded in June 2024. This was 25.8 per cent below the 10-year seasonal average.
“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May,” said Andrew Lis, GVR director of economics and data analytics.
“If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.”
The benchmark price dropped 2.8 per cent year-over-year to $1.17 million, virtually unchanged from May.
Inventory still surging
There were 6,315 properties newly listed for sale on the MLS in Vancouver in June, a 10.3 per cent increase year-over-year.
The volume of new listings, which was 13 per cent above the long-term average, pushed the region’s inventory to 17,561, a 23.8 per cent increase compared to last year.
That’s 43.7 per cent above the 10-year seasonal average.
“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said.
“Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favorable conditions seen in years.”
