July 2024 Real Estate Market Update: Expanding Inventory Meets Buyer Caution

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!