From Vancouver Realtors:
More selection is not translating into more transactions
VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing
Service® (MLS®) rose nearly twenty percent year over year in July, helping to sustain a
a healthy level of inventory in the Metro Vancouver1 housing market.
On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales
in the region totalled 2,333 in July 2024, a 5 percent decrease from the 2,455 sales recorded in
July 2023. This was 17.6 percent below the 10-year seasonal average (2,831).
“The trend of buyers remaining hesitant, which 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’s director of economics and data analytics said. “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.”
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