5 June 2024

What Do Slower Sales and Rising Listings Mean for Metro Vancouver’s Real Estate Market?

by Gavin Lam

Metro Vancouver’s home sales dipped in May, with inventory on the rise. The Greater Vancouver REALTORS® reported 2,733 residential sales, marking a 19.9% drop from May 2023. The number of new listings, however, grew by 12.6% year-over-year to 6,374, contributing to an overall inventory of 13,600 homes.

Higher borrowing costs, economic concerns, and government policies are shaping buyer and seller behaviors. With a sales-to-active listings ratio of 20.8%, the market is edging towards balanced conditions. The benchmark price for all residential properties now stands at $1,212,000, a modest increase from last year.

Will this summer provide better opportunities for buyers despite elevated borrowing costs? Share your thoughts in the comments!

#VancouverRealEstate #HousingMarket #RealEstateTrends #REALTOR

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