Weak Greater Vancouver Real Estate Market “Surprising” After Two Rate Cuts

In July 2024, Greater Vancouver's residential sales totaled 2,333, down 5% from July 2023 and 17.6% below the 10-year average. New listings increased by 20.4% to 5,597, raising active listings to 14,326, a 39.1% rise from the previous year. The sales-to-new-listings ratio is 41.4%, indicating a buyers' market, while the sales-to-active-listings ratio is 16.9%, suggesting a balanced market. The composite benchmark price is $1,197,700, reflecting a slight decrease from June and July 2023. The market remains stable, with modest price declines.