Vancouver home sales fall 19% in June as inventory continues to build: board

Cherry blossom trees line a residential street in Vancouver, on Tuesday, April 4, 2023. THE CANADIAN PRESS/Darryl Dyck

Greater Vancouver's real estate board says the number of homes sold in June tumbled 19.1 per cent from the previous year as inventory continued accumulating to levels not seen since the spring of 2019.

Greater Vancouver Realtors said there were 2,418 home sales in the region last month, 23.6 per cent below the 10-year seasonal average for June and down from 2,988 sales recorded in June 2023.

That came as the number of Metro Vancouver homes listed for sale soared 42 per cent year-over-year to 14,182, which is around one-fifth higher than the 10-year seasonal average.

Andrew Lis, the board's director of economics and data analytics, said the June data marks the continuation of a trend where buyers appear "hesitant," despite sellers remaining keen to list their properties. He said the result is improved selection for buyers and more balanced conditions.

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer,” Lis said in a press release.

"This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest."

The composite benchmark home price was $1,207,100, up 0.5 per cent from a year ago, but a 0.4 per cent decrease from May.

In June, there were 5,723 detached, attached and apartment properties newly available for sale — a seven per cent increase compared with June 2023.

This report by The Canadian Press was first published July 3, 2024.