Greater Vancouver Real Estate Market Seeing "Emerging Signs Of A Recovery"

After a slow few months, the Greater Vancouver housing market is finally showing some signs of life. In June, home sales picked up, although still down compared to last year. There were 2,181 sales that month, about 9.8 per cent lower than in June 2024, but the drop was half of what it was in May.

New listings are also on the rise. In June, 6,315 new homes were listed for sale, which is 10.3 per cent more than the same month last year and well above the 10-year average. As a result, the total number of homes for sale grew to 17,561, a 23.8 per cent increase from the previous year and nearly 44 per cent above typical levels for this time of year.

Prices are holding steady, with the benchmark price for all types of homes around $1,173,100. That is down slightly, just 0.3 per cent from May and 2.8 per cent from a year ago. Detached homes were selling for about $1,994,500 on average, attached homes around $1,103,900, and condos close to $748,400, all slightly lower than prices seen last year.

Another useful indicator is the sales-to-active-listings ratio, which is now at 12.8 per cent. This shows the market is leaning toward buyers, since anything below 12 per cent is considered a buyers' market. Broken down by type, the ratio is 9.9 per cent for single-family homes, 16.9 per cent for townhouses, and 13.9 per cent for condos.

In July, the trend continued. There were 2,286 homes sold, just 2 per cent fewer than July 2024, though still 13.9 per cent below the average for this time of year. New listings stayed strong, and the number of homes on the market remained high at about 17,168, which is nearly 20 per cent more than the same time last year.

Market experts say this may be the early signs of a turnaround. With more listings, steady prices, and interest rates no longer climbing, buyers are feeling more confident. While the market is not booming, conditions are slowly shifting in a more balanced direction.