The Greater Vancouver real estate market showed notable trends this July, with increased inventory and cautious buyer activity shaping the landscape. With Burnaby, New Westminster, Vancouver East and West, and the Tri-Cities in focus, let’s dive into the key developments and what they mean for buyers and sellers.

Inventory Surge Provides More Options

• The number of new listings surged by 20.4% year-over-year, adding 5,597 properties to the market.

• Total active listings reached 13,800, reflecting a 33% increase compared to July 2023.

• Buyers in Burnaby South, Coquitlam, and New Westminster are seeing more choices, particularly in the detached home and condo segments.

Sales Activity Softens

• Residential sales totaled 2,333 units, a 5% decrease from July 2023 and 17.6% below the 10-year seasonal average.

• Despite this decline, certain segments and areas still show resilience:

  • Burnaby North and Vancouver East: Attached homes remain popular, offering a balance of affordability and space.

  • Port Moody: Strong interest in townhomes highlights this area's appeal to families and first-time buyers.

  • Vancouver West: Luxury condos continue to draw attention from high-end buyers.

Sales-to-Active Listings Ratios Signal Balance

• The overall sales-to-active listings ratio in July was 16.9%, suggesting a balanced market, with notable variations by property type:

  • Detached homes: 12.8% (near buyer’s market territory in areas like Burnaby East).

  • Attached homes: 20.1% (balanced, particularly in Tri-Cities and Vancouver East).

  • Apartments: 19.3% (stable, with strong activity in New Westminster condos).

Pricing Trends Remain Stable

• The MLS® Home Price Index composite benchmark price for all residential properties was $1,197,700, reflecting a 0.8% decrease year-over-year and month-over-month.

  • Detached homes: $2,049,000 (+2.1% YoY) with steady interest in Burnaby South and Coquitlam.

  • Townhomes: $1,139,000 (+1.3% YoY) with strong performance in Port Coquitlam.

  • Condos: $772,800 (unchanged YoY) with affordable options in New Westminster attracting first-time buyers.

Insights for Buyers and Sellers

• For Buyers:
  With expanded inventory, buyers have more opportunities to explore options in Burnaby and the Tri-Cities. Detached homes in Coquitlam and townhomes in Port Moody offer excellent value.

• For Sellers:
  The increase in listings means competitive pricing is essential, particularly for luxury properties in Vancouver West and condos in Burnaby North. Strategic marketing and preparation remain key.

July 2024 underscores a market balancing between opportunity and caution. Whether you’re buying a condo in New Westminster, selling a house in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding these dynamics is crucial.

Contact me today to discuss how these trends impact your real estate goals and create a plan tailored to your needs!

As we navigate through the midpoint of 2024, the Greater Vancouver real estate landscape continues to evolve, marked by a blend of trends that provide a nuanced view for potential buyers and sellers. Here’s a comprehensive look at what happened in July 2024, with a special focus on Burnaby, New Westminster, and adjacent areas.

Market Activity

• Total Sales: Residential property sales in Greater Vancouver totaled 2,333 in July 2024, reflecting a 5% decline from the 2,455 sales recorded in July 2023 and 17.6% below the 10-year seasonal average of 2,831.

• New Listings: The market welcomed 5,597 new listings in July, up 20.4% from the previous year and 12.7% above the 10-year average.

• Total Listings: Overall listings reached 14,326, a 39.1% increase compared to last year and 21.5% above the 10-year average.

Sales-to-Active Listings Ratio:

• Overall: 16.9%

• Detached Homes: 12.8%

• Attached Homes: 20.1%

• Apartments: 19.3%

Home Prices:

• Composite Benchmark Price: $1,197,700, showing a 0.8% decrease compared to both last year and the previous month.

Regional Focus: Burnaby and New Westminster

• Burnaby East: The benchmark price here is $1,156,800, with a slight monthly decrease. Despite the short-term dip, the five-year growth stands robust at 99.8%.

• Burnaby North: Current benchmark price is $1,018,800, slightly down by 0.4% over the last month, yet showing an impressive 89.3% growth over the last decade.

• Burnaby South: With a benchmark price of $1,141,500, this area noted a 1.5% decrease year-over-year but has seen a 29.3% rise over the last three years.

• New Westminster: Offers a more affordable entry point at $821,300, with a year-over-year decrease of 2.2%, yet the long-term trend is significantly positive with a 105.7% increase over five years.

Surrounding Areas Spotlight:

• Port Moody and Coquitlam are attracting attention with strong long-term growth prospects, highlighted by Port Moody’s 128.0% increase over five years.

• North Vancouver and Richmond also continue to be areas of interest with steady growth and appealing community amenities.

Market Insights

Andrew Lis, GVR’s director of economics and data analytics, noted a continued trend of buyer hesitancy, which is surprising given the recent cuts in borrowing costs and the increase in inventory. The balanced market conditions and the substantial inventory levels provide a solid ground for potential price stabilization or modest declines, offering opportunities for buyers.

Outlook

As borrowing conditions improve, we anticipate a potential uptick in buyer activity moving into the fall. The market's response to these changes will be critical to watch, particularly in areas like Burnaby and New Westminster, where long-term value appreciation shows significant potential.