Newly listed properties on the Multiple Listing Service® (MLS®) increased by nearly 20% year over year in July, maintaining a healthy level of inventory in the Metro Vancouver housing market.
On the demand side, the Greater Vancouver REALTORS® (GVR) reported that residential sales in the region totaled 2,333 in July 2024, marking a 5% decrease from the 2,455 sales recorded in July 2023. This figure was 17.6% below the 10-year seasonal average of 2,831.
“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate.”
- Andrew Lis, GVR director of economics and data analytics
“With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”
July Stats
Gibsons, Roberts Creek, Sechelt, Halfmoon Bay, Pender Harbour
HPI: Fell 2.8% to $835,100 from $866,800
Total Listings: Up 37% (wow!) to a total of 578 listings
Sales to Active: Slight uptick to 9% signalling we are in a Buyers market
Average Days on Market: Down from 42 to 32
It’s hard to tell what the next 3-6 months will bring on the Sunshine Coast. Some properties sell within days for a great price, where others tend to sit stagnant. We are finding properties that are priced to sell and are in good condition seem to sell promptly. We have been on the buying and selling end as Realtors on a lot of attached properties such as condos and townhomes in Gibsons and Sechelt, they seem to be a hot ticket item.
If you’re looking to make a move or just want to chat – reach out! Too bad we didn’t have a crystal ball but we can keep an eye on activity and trends and make informed decisions.