Greater Vancouver Real Estate Market Update - July 2024

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.