Metro Vancouver's housing market is showing some early signs of picking up in June. While home sales registered on the MLS were down 10% compared to last year, that's actually half the drop we saw in May. It looks like things might be starting to turn around.Let's break down what that means. In June, just under 2,200 homes were sold. That's 10% less than June 2024 and a bit lower than the usual number for this time of year, about 26% below the 10-year average. On the other side of things, sellers put about 6,300 homes on the market in June. That's a 10% increase from last year and 13% more than the usual amount. By the end of June, there were over 17,000 homes available, which is a big jump – 44% higher than the average for June.Even though there are more homes available, the inventory isn't growing as fast as it has been recently. If this trend continues, we might start seeing more buyers in the market.We can get a sense of buyer demand by looking at the sales to active listings ratio. This number compares how many homes are for sale to how many actually sold during the month. It gives us a good idea of the balance between supply and demand.Historically, when this ratio stays below 12% for a while, home prices tend to go down. On the flip side, if the ratio is over 20% for a few months, prices usually start to climb.
Key Takeaways
- The overall market is currently balanced.
- The sales to active listings ratio for all homes in June was 13%.
- Detached homes have a ratio of 10%.
- Attached homes have a ratio of 17%.
- Apartments have a ratio of 14%.
The MLS HPI benchmark price for all types of homes in Metro Vancouver is currently sitting at $1,173,000. This is a 3% decrease from the same time last year.Here's how prices break down by property type:Property TypeBenchmark PriceDetached Homes$1,995,000Town Homes$1,114,000Apartments$748,000So, what can we expect for the Metro Vancouver housing market? Most parts of the market are still in balanced territory. This has kept prices pretty steady since the beginning of the year. Add to that a good amount of available homes and mortgage rates that are about 2% lower than last summer, and buyers are finding some really good conditions right now. For more details on the housing market, check out the market watch section on our website.
