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.
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