The real estate market in both Metro Vancouver and the Fraser Valley is favouring buyers with tons of inventory.
RELATED VIDEO: A new poll from Ipsos finds that most people don't think the Bank of Canada interest rate cut will be enough to make housing more affordable. Sean Simpson from Ipsos breaks down the poll's findings – Jun 11, 2024With reduced competition among buyers, overall sales are down.
“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” said Andrew Lis, Greater Vancouver Realtors’ director of economics.There are more than 14,000 properties currently listed in Metro Vancouver, which is a 42 per cent increase from June 2023.
“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, the Fraser Valley Real Estate Board’s chair. New listings did drop slightly in June compared with May but with a “sales-to-active” ratio of 16 per cent, experts said market conditions are balanced.
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