June 2024 Real Estate Market Update: A Shift Towards Balanced Conditions

As summer unfolds, the Metro Vancouver real estate market offers increased opportunities for buyers, with more inventory and competitive pricing shaping a dynamic landscape. Activity levels have softened compared to historical norms, but strategic buyers and sellers are finding ways to thrive.

Key Trends in June 2024:

Sales Activity Across the Region:

Residential home sales reached 2,418 units, a 19.1% decrease compared to June 2023 and 23.6% below the 10-year seasonal average. While activity has cooled, well-priced homes are seeing steady interest, particularly in areas like Burnaby South and New Westminster.

Inventory Growth Brings Options:

• Active listings rose to 14,182 units, up 42% year-over-year, providing buyers with the broadest range of options since spring 2019.

• Burnaby North: Detached homes saw a slight increase in listings, giving buyers more leverage.

• Tri-Cities: Port Moody’s condo market gained traction as inventory grew.

• Vancouver East: Attached homes continue to attract interest with their balance of affordability and space.

Market Dynamics by Property Type:

The overall sales-to-active listings ratio was 17.6%, signaling balanced conditions:

• Detached homes: 13.1% (buyer’s market in areas like Coquitlam and Burnaby East).

• Attached homes: 21.1% (balanced, particularly in Port Coquitlam and Vancouver East).

• Apartments: 20.3% (balanced, with hotspots in New Westminster and Burnaby).

Pricing Trends for June 2024:

• Composite benchmark price: $1,207,100

  • Up 0.5% year-over-year

  • Down 0.4% month-over-month

• Detached homes: $2,061,000 (+3.7% YoY)

  • Strongest growth observed in Vancouver West and Burnaby South.

• Attached homes: $1,138,100 (+3% YoY)

  • Consistent demand in Coquitlam and Port Moody.

• Apartments: $773,400 (+1% YoY)

  • Popular among first-time buyers in New Westminster and Burnaby North.

What Does This Mean for Buyers and Sellers?

• For Buyers:
  With inventory at its highest level in years, buyers have more choices in markets like Burnaby South and Vancouver East. Detached homes in Coquitlam and condos in New Westminster offer excellent opportunities for those ready to act.

• For Sellers:
  Pricing remains key in the current market. Homes in sought-after neighborhoods, such as Port Moody townhouses or Vancouver West luxury properties, continue to attract interest. Strategic pricing and marketing will maximize results.

June 2024 highlights a market in transition, offering a balance between opportunity and competition. Whether you’re selling a condo in Burnaby, buying a house in Vancouver East, or investing in the Tri-Cities, understanding market trends is crucial.

Reach out today to craft a plan tailored to your real estate goals!