Newly listed properties on the MLS® increased nearly 20% year over year in July, maintaining a healthy inventory level in the Metro Vancouver housing market.

Despite a recent half-point decline in the policy rate and abundant inventory, it is surprising that transaction levels remain below historical norms.

Detached Home Sales- in July 2024, 688 homes were sold, a 1% increase from the 681 sales recorded in July 2023. The benchmark price for a detached home is $2,049,000.

Apartment Home Sales- in July 2024, 1,192 apartments were sold a 6.9% decrease from the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200.

Attached Home Sales- in July 2024, 437 attached homes were sold, marking a 6.2% decrease from the 466 sales recorded in July 2023. The benchmark price of a townhouse is $1,124,700.

With balanced market conditions and a healthy inventory level not seen in years, price trends across all segments have leveled out with very modest month-over-month declines. While it remains uncertain if softening prices and improved borrowing costs will attract buyers this fall, it often takes a few months for better borrowing conditions to boost transaction levels. We will monitor the market for signs of increased activity in the coming months.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets discuss all the available options. 

Please contact us today at 604-442-9422

ABOUT ANNA LITVAK JOSEPH

Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and through the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.

With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a  Medallion Club Member in 2018, 2019, 2020, 2021, 2022,  and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.

Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.  

About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.

Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.

BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.

BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers. 

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