As we move through June 2024, the Vancouver real estate market presents a blend of subtle fluctuations and stability across Vancouver East and Vancouver West with market shifting in buyer’s favour, though hesitation remains.
Vancouver East – Higher than Average Sales Ratios with Slight Price Increases
While Metro Vancouver’s average sales ratio is in the low 20% ranges, East Vancouver remains a vibrant market with sales ratios ranging well over 35%, close to 50% for condos, with benchmark price increase compared to previous periods.
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver East reached $1,892,600 in June 2024, marking a modest increase of 0.7% from May 2024. Compared to June 2023, house prices have risen by 1.1%.
Discover Vancouver East single family homes priced under $1,892,600 here, or priced over $1,892,600 here.
Townhouse/Attached:
Townhouse prices saw a monthly increase of 1.1%, bringing the benchmark price to $1,147,600. Over the past year, townhouse prices have appreciated by 1.1%.
Check out Vancouver East townhouses priced under $1,147,600 here, or browse those over $1,147,600 here.
Condo/Apartments:
The benchmark price for condos decreased by 1.1% from May 2024, now at $711,300. Year-over-year, condo prices experienced a slight increase of 0.6%.
Explore Vancouver East condos under $711,300 here, or find those priced over $711,300 here.
New Listings and Sales:
June 2024 saw 211 new house listings in Vancouver East, a decrease of 6.6% compared to June 2023 and down from 236 new listings in May 2024, indicating a slight cooling in the market. Similarly, there were 257 new condo listings in June 2024, reflecting a 4.3% decrease year-over-year and a slight drop from 288 in May 2024. In contrast, new townhouse listings in Van East totaled 178 in June 2024, marking a significant year-over-year increase of 32.6% from June 2023, although this figure was also down from 197 in May 2024.
House sales in June 2024 totaled 104, with a sales ratio of 49.3%, marking an 11.3% decline compared to June 2023. Townhouse sales remained steady at 86, resulting in a sales ratio of 48.3%, which shows a significant decrease of 21.7% from the same month last year. Similarly, condo sales held steady at 138, with a sales ratio of 53.7%, representing a 9.5% decrease from June 2023. These figures highlight a cooling trend in sales despite the varying levels of new listings across different property types.
Vancouver West – Also Higher than Average Sales Ratios with Significant Price Increases
Following the same trend as Vancouver East, with Metro Vancouver’s average sales ratio being below 20% ranges, Vancouver Westside remains a vibrant market with sales ratios ranging well over 30%, up to 42% for condos, with benchmark price increase compared to previous periods.
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver West increased slightly by 0.3% from May 2024, reaching $3,560,700. Year-over-year, house prices have risen by 4.1%.
Uncover Vancouver West homes under $3,560,700 right here, or explore options priced over $3,560,700 here.
Townhouse/Attached:
The benchmark price for townhouses remained stable at $1,491,700 in June 2024. Compared to June 2023, townhouse prices have increased by 2.3%.
Browse townhomes in Vancouver West under $1,491,700 here, or explore those priced over $1,491,700 here.
Condo/Apartments:
Condo prices saw a minor monthly increase of 0.7%, with the benchmark price now at $850,300. Year-over-year, condo prices have remained unchanged.
View condos Vancouver West for under $850,300 in Vancouver West here and explore options priced over $850,300 here.
New Listings and Sales:
In June 2024, the Vancouver West market saw an uptick in new house listings with 224 properties coming onto the market, reflecting a 15.2% increase from the previous year. However, this was slightly lower than the 242 new listings seen in May 2024. Similarly, new townhouse listings showed a positive trend with 172 units listed, marking a 24.4% year-over-year increase from June 2023, which was higher than the 154 listings in May 2024. Condo new listings in Van West, totaling 778, saw a marginal 0.6% increase compared to June 2023, but this was down from 918 listings in May 2024, indicating a potential stabilisation in inventory levels.
Despite these increases in listings, the sales activity in Vancouver West showed a different trend. House sales totaled 83 in June 2024, resulting in a sales ratio of 37.1%, down by 6.1% from June 2023. Townhouse sales were at 59 units with a sales ratio of 34.3%, marking a significant decrease of 28.1% compared to the same month last year. Condo sales reached 327 units, achieving a sales ratio of 42.0%, which represented a decline of 16.7% from June 2023. These figures indicate a notable decrease in sales ratios across all property types, suggesting a potential shift in market dynamics towards a more balanced or buyer-favourable environment.
Conclusion
The Vancouver real estate market in June 2024 reveals a landscape of gradual changes. In Vancouver East, house and townhouse prices continue to climb modestly, while condo prices see a slight dip. New listings for townhouses are up significantly, while those for houses and condos have decreased. Sales ratios across all property types show declines compared to the previous year.
In Vancouver West, house prices show steady growth, townhouse prices remain stable, and condo prices see a small increase. New listings for both houses and townhouses are up, while condo listings are relatively unchanged. Sales ratios for all property types have declined compared to June 2023. While the sales ratios are down compared to previous periods, its sales activities are much higher than the Metro Vancouver average. The average sales ratio for detached houses, townhomes and condos were 13.1%, 21.1% and 20.3%, respectively.
As we progress through 2024, monitoring these trends will be essential to understanding the evolving dynamics of Vancouver’s real estate market.
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