Real Estate Market Report | Vancouver | July 2024
Cool summer remains steady
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of July 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Getting slightly better overall
Vancouver’s real estate market experienced notable shifts recently. We saw an 18% increase in listings, accompanied by an 8% drop in sales. Inventory levels surged by 24%, and the months of supply rose by 20%. Despite these changes, home prices showed resilience, inching up by 0.7% month-over-month and achieving a 2.9% increase year-over-year. This indicates a market with growing options for buyers but also a steady demand that supports price growth.
Vancouver's Detached Homes
In the detached home segment, new listings have decreased slightly by 1%, indicating a stable but slightly declining supply. Sales have dropped by 20%, showing a notable decrease in demand. However, the inventory of detached homes has increased by 16%, creating more options for buyers. The months of supply for detached homes have jumped by 36%, further suggesting a shift towards a buyer’s market in this segment. Despite these trends, the benchmark price for detached homes is a substantial $2,039,800, reflecting the high demand for these premium properties.
Vancouver's Apartments
The apartment segment is experiencing a mixed scenario. New listings have increased by 2%, showing a steady supply of new units. However, sales have declined by 11%, indicating a drop in demand. Inventory for apartments has surged by 25%, reflecting a more competitive market. The months of supply for apartments have increased by 35%, highlighting a shift towards a buyer’s market. The benchmark price for apartments is $776,500, demonstrating the strong value retention in this segment despite the market shifts.
Vancouver's Attached Homes
The attached home segment is displaying dynamic activity. New listings have risen by 10%, indicating a healthy supply of attached homes. However, sales have decreased by 14%, showing a drop in demand. The inventory for attached homes has increased by 29%, providing more options for buyers. This has led to a 44% increase in the months of supply, suggesting a significant shift towards a buyer’s market in this segment. The benchmark price for attached homes stands at $1,127,200, reflecting continued price appreciation despite the changing market dynamics.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home Easily?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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