The market is shifting towards a buyer's market, with July seeing the second consecutive month of price decreases despite the Bank of Canada's recent rate cuts. Buyers remain hesitant and transaction levels are below historical norms despite higher than normal inventory and recent rate reductions. It's uncertain if lower prices and improved borrowing costs will boost transactions, but it may take time for these changes to impact the market.Â
Here's the summary for July:
5.0% ↓ in sales since July 2023 (demand)
17.6% ↓ below the 10-year July sales average
39.1% ↑ in listed properties compared to July 2023 (supply)
21.5% ↑ above the 10-year July listings average
Â
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8% increase from July 2023 and a 0.8% decrease compared to June 2024.
