Highlights of the July 2024 Real Estate Market

• Market Trends: High interest rates have slowed the economy and real estate sales. Active listings increased, with the second highest number of new July listings since 2008, creating buyer opportunities.

• Economic Overview: The Bank of Canada made a second consecutive interest rate drop in July, lowering it to 4.5%. Both Canadian and U.S. economies are slowing, affecting stock markets and bond yields. The U.S. is expected to begin rate cuts in September, potentially boosting buyer sentiment.

• Sales Data: In July, Greater Vancouver saw 2,333 properties sold, an 18% decrease from the 10-year average. Active listings reached 14,326, up 39% from last year. The sales to listings ratio is 41%, indicating a balanced market.

• Listing Trends: New listings in July were 12% above the 10-year average, with 5,689 new listings. Active listings are up significantly year-over-year, indicating more seller activity.

• Price and Inventory: The House Price Index in Greater Vancouver decreased by 0.8% month-over-month. Detached home listings increased by 30% year-over-year, townhouses by 49%, and condos by 47%.

• Regional Insights:

  • Vancouver Westside: 416 units sold, active listings at 3,040, HPI down 0.9% month-over-month.

  • Vancouver East Side: 263 units sold, active listings at 1,468, HPI down 1.2% month-over-month.

  • North Vancouver: 201 units sold, active listings at 740, HPI down 1.0% month-over-month.

  • West Vancouver: 59 units sold, active listings at 733, HPI down 1.2% month-over-month.

  • Richmond: 255 units sold, active listings at 1,563, HPI down 0.7% month-over-month.

The autumn market is shaping up for potential interest rate declines, offering promising conditions for buyers and sellers.