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Highlights of Dexter’s June 2024 report· Will July bring the next Bank of CanadaInterest rate cut?· Growth of listings slowed in June· Buyer activity waned in June· Is it really a balanced market?· Expect to see 15 to 20% less new listings in thefallWith a dash of uncertainty, a promise of moreinterest rate cuts yet to come and buyerhesitancy a main ingredient, June saw a realestate market with fewer sales and fewer newlistings. Activity levels were less than ideal inJune, and after a slower start to 2024 it’s not asif everyone needs a break. But that could leadto a more active fall market, like 2019 when thefirst half of the year produced less sales thanthe second half of the year, a consistentrecovery leading up to the early part of 2020.And interest rates will be coming down, andeven if it’s not as quick as we anticipated or asimpactful in terms of affordability, it will stillprovide for a boost for some buyers who’vebeen playing the waiting game.

There were 2,418 properties sold in GreaterVancouver in June, after seeing 2,733 sold inMay, 2,831 sold in April and 2,415 propertiessold in March this year. This was a 19%decrease from the 2,988 properties sold lastyear in June after a 20% decrease in May fromthe 3,411 properties sold in May 2023. For thesecond consecutive month, sales droppedmonth over month in the region. As new listingsremained elevated in June, active listingscontinued to rise – albeit at a slower pace thanthe last two months prior to June. Hitting 3,000sales in a month in Greater Vancouver remainselusive with that level being achieved only oncein the last 26 months. The last time thishappened was 2012/2013 and 2018/2019.Buyer demand continues to build up and thatwill eventually unleash into the market. Wecould see that happen at the beginning of thisfall as interest rates continue to decline.Sales in June were 24% below the 10-yearaverage after being 20% below the 10-yearaverage in May, 12% below the10-year-average in April and 30% below the10-year average in March. Consistentlyinconsistent is the theme of the current real

estate market. Not just month by month butarea by area. Some regions/product types areshowing significant increases in listings whileothers are struggling to keep up with buyerdemand. Sales in the first half of 2024 totaled13,894 in Greater Vancouver, which was belowthe 14,529 in the first half of 2023 althoughhigher than the 10,992 in the first half of 2019. Ifthis market continues like 2019, we can expectto see a much busier fall. In fact, sales in Julyand August 2019 were higher than June thatyear. It’s not impossible to think that buyers arestarting to take notice of the increase in listingsand opportunities in the market.With the increase in new listings and overallabsorption remaining at 42%, the months ofsupply in Greater Vancouver moved up again,now at 6 months (on the border of balanced tobuyer’s market). North Vancouver, BurnabyNorth, New Westminster and Port Moody arethe only cities at 4 months supply now while PittMeadows remains at 3 months. These areaswhile technically in seller’s market conditionsare showing signs of shifting closer to abalanced market. The number of detached

sales in Port Moody dropped down to 6 in June,from 16 in May.New listing totals declined in GreaterVancouver; much like the number of sales. Afterseeing 7,229 in April, and 6,484 new listings inMay, the total for June dropped down to 5,821.Much like the cool spring weather, maybe someheat in the summer will warm up the market forbuyers after sellers ignited the listing counts.While the number of new listings in June wereless than May, they were still higher than thetotal of 5,468 that came out in June 2023 andthe 5,410 that came out in June 2022. Total newlistings were slightly below the totals of June2021 which saw 5,981 come on the market in ayear with significantly more sales. Pent-upsupply continues to feed the new listings surgewe’ve seen, and much like the inconsistenciesof the real estate market, where and what typesof homes come on the market vary. And theincrease in new listings has really come in thelast 3 months. Year-over-year, active listings areup 41% in Greater Vancouver, with the increasein the last 3 months alone at 35%. What exactlyis driving the increase in listings is difficult to

pinpoint and is likely a collection of triggers. Beit capital gains changes, tenancy regulationchanges, short term rental changes, or elevatedinterest rates, all are likely motivating owners tolist their homes. Not to mention typical movesthat have seemingly been on hold over the lasttwo years.The number of new listings in June were 2%above the 10-year average after May was 7%above the 10-year average and April was 29%above the 10-year average. Not a surprise tosee the number of new listings decline in Juneas sellers prepare for the end of the school yearand look to summer holidays and fun. But incomparison to what we’ve seen in the twomonths prior, June showed less sellersengaging. Could this be the peak of listingactivity for 2024? With the spring markettypically being the most active time to list, wearen’t likely to see the number of new listings atthe same levels in the fall market. Expect to seenew listing amounts 20% to 25% less in the fall.There were 14,180 active listings in GreaterVancouver at month end, compared to 13,600at the end of May and 12,491 at the end of

April. Compared to this time last year, listingsare up 41% from the 9,990 at the end of June2023 – after being up 46% year-over-year at theend of May. This is the highest number of activelistings since the fall of 2019, although not atthe levels seen in 2012 when there were nearly20,000 active listings on the market. Detachedactive listings are up 30% year-over-year, whiletownhouses are up 52% and condos are up53%. Since the end of March though, detachedactive listings are up 39%, while townhousesare up 37% and condos are up 31%. Aredetached homeowners feeling the pinch ofhigher interest rates? Perhaps not in WestVancouver where detached sales jumped to 43from 34 in May.The detached market overall in GreaterVancouver jumped up to 8 months supply from6 - a buyer’s market. Townhomes and condosmoved up to 5 months supply from 4 – shiftingboth to balanced market conditions in GreaterVancouver. There is a wide variance of supplyin the market with some areas like NorthVancouver sitting with 3 months supply incondos and townhomes and 4 months supply in

detached homes, while Vancouver has 8months supply of detached homes available.Overall, the trend is a balanced market, howlong that remains is what we’ll see through therest of 2024. Interest rates and economicconditions will feed into the mindset of buyersand provide signals on when to purchase.Those that take advantage before everyoneelse could find themselves with the best buyingopportunity this decade. While prices willfluctuate with supply and demand changes inthe market, overall downward pressure onprices could be limited. And for those areaswhere listing inventory is still low, prices may befirm and be subject to buyer competition.

Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in Junewere 2,418 - down from 2,733 (12%) in May,down from 2,831 (15%) in April, up from 2,415(0.1%) in March, down from 2,988 (19%) inJune 2023, down from 2,466 (2%) in June2022, down from 3,824 (37%) in June 2021,down from 2,497 (3%) in June 2020, and upfrom 2,098 (15%) in June 2019; Active Listingswere at 14,180 at month end compared to9,990 at that time last year (up 42%) and13,600 at the end of May (up 4%); New Listingsin June were down 10% compared to May2024, up 6% compared to June 2023, up 8%compared to June 2022, down 3% compared toJune 2021, down 2% compared to June 2020,and up 20% compared to June 2019. Month’ssupply of total residential listings is up to 6month’s supply from 5 (balanced marketconditions) and sales to listings ratio of 42%compared to 42% in May 2024, 55% in June2023, and 46% in June 2022.Month-over-month, the house price index isdown 0.4% and in the last 6 months up 3.5%.

Vancouver Westside: Total Units Sold in Junewere 470 - down from 501 (6%) in May, downfrom 471 (0.3%) in April, up from 424 (11%) inMarch, down from 527 (11%) in June 2023, upfrom 448 (5%) in June 2022, down from 616(24%) in June 2021, up from 409 (15%) in June2020, and up from 355 (32%) in June 2019;Active Listings were at 3,069 at month endcompared to 2,249 at that time last year (up36%) and 2,962 at the end of May (up 4%);New Listings in June were down 11% comparedto May 2024, up 7% compared to June 2023,up 9% compared to June 2022, down 9%compared to June 2021, up 1% compared toJune 2020, and up 32% compared to June2019. Month’s supply of total residential listingsis up to 7 month’s supply from 6 (balancedmarket conditions) and sales to listings ratio of40% compared to 38% in May 2024, 48% inJune 2023, and 42% in June 2022.Month-over-month, the house price index is up0.5% and in the last 6 months up 4.7%.

Vancouver East Side: Total Units Sold in Junewere 270 - down from 329 (18%) in May, downfrom 349 (23%) in April, down from 285 (5%) inMarch, down from 325 (17%) in June 2023, upfrom 265 (2%) in June 2022, down from 451(40%) in June 2021, down from 280 (4%) inJune 2020, and up from 215 (26%) in June2019; Active Listings were at 1,491 at monthend compared to 1,082 at that time last year (up38%) and 1,459 at the end of May (up 2%);New Listings in June were down 11% comparedto May 2024, up 4% compared to June 2023,up 12% compared to June 2022, down 6%compared to June 2021, down 1% compared toJune 2020, and up 33% compared to June2019. Month’s supply of total residential listingsis up to 6 month’s supply from 4 (from a seller’smarket to a balanced market conditions) andsales to listings ratio of 42% compared to 45%in May 2024, 52% in June 2023, and 46% inJune 2022.Month-over-month, the house price index is up0.4% and in the last 6 months up 3.6%.

North Vancouver: Total Units Sold in Junewere 221 - down from 245 (10%) in May, downfrom 248 (11%) in April, up from 187 (18%) inMarch, down from 247 (11%) in June 2023, upfrom 199 (11%) in June 2022, down from 322(31%) in June 2021, down from 239 (8%) inJune 2020, and up from 202 (9%) in June 2019;Active Listings were at 793 at month endcompared to 553 at that time last year (up 43%)and 796 at the end of May (up 0.4%); NewListings in June were down 14% compared toMay 2024, up 15% compared to June 2023, up2% compared to June 2022, down 1%compared to June 2021, down 14% comparedto June 2020, and up 10% compared to June2019. Month’s supply of total residential listingsis up to 4 month’s supply from 3 (seller’s marketconditions) and sales to listings ratio of 48%compared to 46% in May 2024, 62% in June2023, and 43% in June 2022.Month-over-month, the house price index is up0.2% and in the last 6 months up 3.6%.

West Vancouver: Total Units Sold in June were75 (the highest in over a year) - up from 67(12%) in May, up from 70 (7%) in April, up from53 (42%) in March, up from 56 (34%) in June2023, down from 60 (25%) in June 2022, downfrom 89 (16%) in June 2021, up from 62 (21%)in June 2020, and up from 43 (74%) in June2019; Active Listings were at 716 at month endcompared to 578 at that time last year (up 42%)and 696 at the end of May (up 4%); NewListings in June were down 17% compared toMay 2024, down 0.5% compared to June 2023,up 6% compared to June 2022, up 2%compared to June 2021, down 3% compared toJune 2020, and up 19% compared to June2019. Month’s supply of total residential listingsis steady at 10 months (buyer’s marketconditions) and sales to listings ratio of 35%compared to 26% in May 2024, 26% in June2023, and 30% in June 2022.Month-over-month, the house price index isdown 0.3% but in the last 6 months up 4.8%.

Richmond: Total Units Sold in June were 263 -down from 299 (12%) in May, down from 336(22%) in April, down from 279 (3%) in March,down from 362 (27%) in June 2023, down from337 (22%) in June 2022, down from 472 (46%)in June 2021, down from 272 (3%) in June2020, and down from 270 (3%) in June 2019;Active Listings were at 1,482 at month endcompared to 1,143 at that time last year (up3%) and 1,440 at the end of May (up 4%); NewListings in June were down 13% compared toMay 2024, down 11% compared to June 2023,down 9% compared to June 2022, down 21%compared to June 2021, down 11% comparedto June 2020, and down 10% compared to June2019. Month’s supply of total residential listingsis up to 6 month’s supply from 5 (balancedmarket conditions) and sales to listings ratio of46% compared to 46% in May 2024, 57% inJune 2023, and 54% in June 2022.Month-over-month, the house price index isdown 1.5% and in the last 6 months up 2.4%.

Burnaby East: Total Units Sold in June were17 - down from 31 (45%) in May, down from 30(43%) in April, up from 32 (47%) in March,down from 47 (64%) in June 2023, down from25 (32%) in June 2022, down from 49 (65%) inJune 2021, down from 21 (19%) in June 2020,and down from 19 (11%) in June 2019; ActiveListings were at 163 at month end compared to94 at that time last year (up 73%) and 117 atthe end of May (up 39%); New Listings in Junewere up 33% compared to May 2024, up 27%compared to June 2023, up 103% compared toJune 2022, up 47% compared to June 2021, up40% compared to June 2020, and up 62%compared to June 2019. Month’s supply of totalresidential listings is up to 10 month’s supplyfrom 4 (buyer’s market conditions) and sales tolistings ratio of 21% compared to 51% in May2024, 73% in June 2023, and 63% in June2022.Month-over-month, the house price index isdown 0.9% and in the last 6 months up 3.8%.

Burnaby North: Total Units Sold in June were172 - up from 166 (4%) in May, up from 162(6%) in April, up from 109 (58%) in March, upfrom 170 (1%) in June 2023, up from 138 (25%)in June 2022, down from 215 (20%) in June2021, up from 107 (61%) in June 2020, and upfrom 100 (72%) in June 2019; Active Listingswere at 761 at month end compared to 440 atthat time last year (up 73%) and 749 at the endof May (up 2%); New Listings in June weredown 4% compared to May 2024, up 40%compared to June 2023, up 42% compared toJune 2022, up 22% compared to June 2021, up36% compared to June 2020, and up 62%compared to June 2019. Month’s supply of totalresidential listings is down to 4 month’s supplyfrom 5 (seller’s market conditions) and sales tolistings ratio of 46% compared to 42% in May2024, 63% in June 2023, and 52% in June2022.Month-over-month, the house price index is up0.2% and in the last 6 months up 2.6%.

Burnaby South: Total Units Sold in June were135 - up from 127 (6%) in May, down from 143(6%) in April, down from 142 (5%) in March,down from 174 (22%) in June 2023, down from144 (6%) in June 2022, down from 217 (38%) inJune 2021, up from 93 (45%) in June 2020, andup from 121 (12%) in June 2019; Active Listingswere at at 699 end compared to 449 at thattime last year (up 56%) and 645 at the end ofMay (up 8%); New Listings in June were down6% compared to May 2024, up 14% comparedto June 2023, up 16% compared to June 2022,down 8% compared to June 2021, up 13%compared to June 2020, and up 22% comparedto June 2019. Month’s supply of total residentiallistings is steady at 5 month’s supply (balancedmarket conditions) and sales to listings ratio of42% compared to 37% in May 2024, 61% inJune 2023, and 51% in June 2022.Month-over-month, the house price index isdown 0.9% and in the last 6 months up 2.2%.

New Westminster: Total Units Sold in Junewere 108 - down from 115 (6%) in May, up from105 (3%) in April, the same as 108 in March,down from 119 (9%) in June 2023, down from111 (3%) in June 2022, down from 154 (30%) inJune 2021, up from 97 (11%) in June 2020, andup from 97 (11%) in June 2019; Active Listingswere at 433 at month end compared to 294 atthat time last year (up 47%) and 428 at the endof May (up 1%); New Listings in June were thesame as May 2024, up 16% compared to June2023, up 16% compared to June 2022, down15% compared to June 2021, down 18%compared to June 2020, and up 6% comparedto June 2019. Month’s supply of total residentiallistings is steady at 5 month’s supply (seller’smarket conditions) and sales to listings ratio of50% compared to 53% in May 2024, 64% inJune 2023, and 60% in June 2022.Month-over-month, the house price index isdown 1.9% and in the last 6 months up 2.0%.

Coquitlam: Total Units Sold in June were 189 -down from 228 (17%) in May, down from 238(21%) in April, down from 235 (20%) in March,down from 267 (29%) in June 2023, the sameas June 2022, down from 329 (43%) in June2021, down from 216 (12%) in June 2020, andup from 177 (7%) in June 2019; Active Listingswere at 961 at month end compared to 590 atthat time last year (up 63%) and 914 at the endof May (up 5%); New Listings in June weredown 12% compared to May 2024, up 5%compared to June 2023, up 24% compared toJune 2022, down 0.3% compared to June 2021,up 0.2% compared to June 2020, and up 17%compared to June 2019. Month’s supply of totalresidential listings is up to 5 month’s supplyfrom 4 (balanced market conditions) and salesto listings ratio of 42% compared to 44% in May2024, 61% in June 2023, and 51% in June2022.Month-over-month, the house price index isdown 1.0% and in the last 6 months up 1.8%.

Port Moody: Total Units Sold in June were 56 -down from 58 (3%) in May, down from 73 (23%)in April, up from 45 (24%) in March, down from97 (42%) in June 2023, down from 57 (2%) inJune 2022, down from 95 (41%) in June 2021,down from 59 (5%) in June 2020, and up from42 (33%) in June 2019; Active Listings were at241 at month end compared to 194 at that timelast year (up 24%) and 219 at the end of May(up 10%); New Listings in June were up 10%compared to May 2024, down 12% compared toJune 2023, up 12% compared to June 2022,down 12% compared to June 2021, down 9%compared to June 2020, and up 52% comparedto June 2019. Month’s supply of total residentiallistings is steady at 4 month’s supply (seller’smarket conditions) and sales to listings ratio of43% compared to 48% in May 2024, 64% inJune 2023, and 48% in June 2022.Month-over-month, the house price index isdown 0.4% and in the last 6 months up 2.5%.

Port Coquitlam: Total Units Sold in June were62 - down from 95 (35%) in May, down from102 (39%) in April, down from 89 (30%) inMarch, down from 91 (32%) in June 2023, downfrom 94 (34%) in June 2022, down from 140(56%) in June 2021, down from 91 (32%) inJune 2020, and down from 77 (19%) in June2019; Active Listings were at 313 at month endcompared to 164 at that time last year (up 91%)and 278 at the end of May (up 13%); NewListings in June were down 1% compared toMay 2024, up 22% compared to June 2023, up12% compared to June 2022, up 4% comparedto June 2021, up 2% compared to June 2020,and down 2% compared to June 2019. Month’ssupply of total residential listings is up to 5month’s supply from 3 (balanced marketconditions) and sales to listings ratio of 36%compared to 55% in May 2024, 65% in June2023, and 61% in June 2022.Month-over-month, the house price index isdown 0.8% and in the last 6 months up 3.6%.

Pitt Meadows: Total Units Sold in June were 28- down from 30 (7%) in May, down from 30 (7%)in April, down from 29 (3%) in March, downfrom 36 (22%) in June 2023, up from 23 (22%)in June 2022, down from 44 (36%) in June2021, the same as June 2020, and up from 24(17%) in June 2019; Active Listings were at 97at month end compared to 67 at that time lastyear (up 44%) and 94 at the end of May (up3%); New Listings in June were down 25%compared to May 2024, up 20% compared toJune 2023, down 5% compared to June 2022,down 10% compared to June 2021, down 0%compared to June 2020, and up 15% comparedto June 2019. Month’s supply of total residentiallistings remains at 3 month’s supply (seller’smarket conditions) and sales to listings ratio of51% compared to 41% in May 2024, 80% inJune 2023, and 40% in June 2022.Month-over-month, the house price index isdown 1.5% and in the last 6 months up 6.1%.

Maple Ridge: Total Units Sold in June were130 - down from 172 (24%) in May, down from191 (32%) in April, down from 187 (30%) inMarch, down from 199 (35%) in June 2023,down from 135 (4%) in June 2022, down from244 (47%) in June 2021, down from 189 (31%)in June 2020, and down from 132 (2%) in June2019; Active Listings were at 889 at month endcompared to 606 at that time last year (up 46%)and 850 at the end of May (up 5%); NewListings in June were down 12% compared toMay 2024, up 0% compared to June 2023,down 12% compared to June 2022, up 29%compared to June 2021, up 7% compared toJune 2020, and up 24% compared to June2019. Month’s supply of total residential listingsis up to 7 month’s supply from 5 (balancedmarket conditions) and sales to listings ratio of36% compared to 42% in May 2024, 56% inJune 2023, and 33% in June 2022.Month-over-month, the house price index isdown 0.3% and in the last 6 months up 3.6%.

Ladner: Total Units Sold in June were 27 -down from 33 (18%) in May, down from 33(18%) in April, down from 30 (10%) in March,down from 34 (2%1) in June 2023, down from29 (7%) in June 2022, down from 52 (48%) inJune 2021, down from 38 (29%) in June 2020,and down from 33 (18%) in June 2019; ActiveListings were at 140 at month end compared to87 at that time last year (up 61%) and 139 atthe end of May (up 1%); New Listings in Junewere down 21% compared to May 2024, up 9%compared to June 2023, up 9% compared toJune 2022, down 13% compared to June 2021,down 2% compared to June 2020, and up 14%compared to June 2019. Month’s supply of totalresidential listings is up to 5 month’s supplyfrom 4 (balanced market conditions) and salesto listings ratio of 45% compared to 43% in May2024, 62% in June 2023, and 53% in June2022.Month-over-month, the house price index isdown 1.6% and in the last 6 months up 3.2%.

Tsawwassen: Total Units Sold in June were 44- up from 40 (10%) in May, down from 51 (14%)in April, up from 34 (29%) in March, up from 41(7%) in June 2023, up from 40 (10%) in June2022, down from 70 (37%) in June 2021, downfrom 48 (8%) in June 2020, and up from 35(26%) in June 2019; Active Listings were at 224at month end compared to 163 at that time lastyear (up 37%) and 218 at the end of May (up3%); New Listings in June were down 15%compared to May 2024, up 20% compared toJune 2023, up 6% compared to June 2022,down 16% compared to June 2021, down 28%compared to June 2020, and up 6% comparedto June 2019. Month’s supply of total residentiallistings is steady at 5 month’s supply (balancedmarket conditions) and sales to listings ratio of52% compared to 40% in May 2024, 59% inJune 2023, and 51% in June 2022.Month-over-month, the house price index isdown 2.8% and in the last 6 months up 2.1%.

Fraser Valley: Sales in June were up 13.2%,compared to May and were down 31.9% fromJune 2023. New listings were down 9.1% fromMay and down 0.2% from June 2023. Theaverage price was down 5.2%month-over-month and is down 8.3%year-over-year. Active listings were up 5.6% to8,305 from 7,904 last month and up 40.5% fromJune 2023 which was at 5,944. Month’s supplyof total residential listings is steady at 6 month’ssupply (balanced market conditions).“With seasonally slow sales in June and asteady increase in inventory, we’d expect to seeaffordability improve,” said Jeff Chadha, Chairof the Fraser Valley Real Estate Board.“However, prices in the Fraser Valley remainedrelatively flat. That said, despite slow sales,properties that are well-priced are findingbuyers, and are subsequently selling withinthree to four weeks.”Month-over-month, the house price index isdown 0.5% and in the last 6 months up 1.7%.

Download June Sales and ListingsStatistics All RegionalDownload June Sales and ListingsStatistics Houses Townhouses CondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? we'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.