Market Overview June 2024

ON THE GROUND

June 2024 Market Update

The VIREB housing market is behaving differently than during a typical summer, and the expected boost from the recent interest rate cut hasn’t materialized.

Buyers and sellers seem to be holding back and waiting for some indication that it’s a good time to make a move. REALTORS® are conducting open houses and showings, but it’s decidedly more sluggish than usual at this time of year.

Well-priced properties continue to garner multiple offers, but REALTORS® are seeing more offers significantly below the asking price. Inventory has risen significantly, and it’s been five years since active listings in the VIREB area were at this level, so buyers have more choice and more time to wait. The same holds true for sellers, so there seems to be a waiting game going on.

Sales By Category

In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May. In the row/townhouse category, 91 units changed hands in June, down eight per cent from one year ago and 16 per cent from May.

Active Listings

Active listings of single-family homes were 1,566 in June, an increase from the 1,105 posted one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.

Benchmark Prices

June benchmark prices were as follows.

Single-Family - $787,300 (up 3% y-o-y)

Apartments - $411,200 (up 1% y-o-y)

Townhouses - $542,400 (down 2% y-o-y)