| | | | Kelowna Real Estate News June 2024 Stats June didn’t stray from May’s direction, and that wasn’t positive. June’s market was very slow, even for the townhome market that was showing the most promise and activity. It looked for a moment this spring like we might step up into a balanced market, but it has slowed tremendously and has pulled back to a buyers’ market. The good news is that prices seem to be holding relatively steady.
In other news, the BC government has increased the required notice to tenants from landlords who are looking to occupy the property. It’s increased from 2 to 4 months. This is going to be a massive barrier for those selling properties that are tenanted. If a buyer would like to move in, or an immediate family member would like to move in, they have to give 4 months’ notice from the next rent payment date after subjects have been removed. Let’s break it down.
July 22 – Write Offer (2 weeks of subjects/conditions are standard)
August 2 – Remove Subjects
September 1 – Notice to Tenant Provided (4 months)
January 1 – Move in
I don’t have any clients who are looking today, to move in January. I also don’t know of any properties available for rent 4 months in advance! Tenants are only required to give 30 days’ notice of moving out, so most landlords won’t know they have something coming until the last minute.
Official release: https://news.gov.bc.ca/releases/2024HOUS0115-001044
 SINGLE FAMILY HOMES
 Benchmark Price Trend (3 months) 11% of listings selling 80% of sales are under $1.250M With only 11% of the listings selling, single family homes are currently the weakest segment for all 3. Sales are almost exactly in line with the two previous months (189, 189 and 190 sales). For context, our 10-year average for June sales is 265; leaving us about 30% short. While sales have remained stagnant, listings have continued to climb over those same 3 months from 1,376 to just shy of 1,700 listings. We haven’t seen listings this high since 2008-2012 when we stayed in a buyers’ market for 4 years. Unless we see a big uptick in sales, this market isn’t going anywhere fast. The 20 year high for listings was in July 2008 with 1,952 listings.
The benchmark price has remained steady and I expect it to continue to stick around the $1M mark as it currently sits.
Including lakefront (which is typically not included), 10 properties sold over $2M, with 5 of those being over $3M and the highest at $5.7M. If we exclude lakefront, only 3 homes sold over $2M. There are currently 200 listings over $2M, plus another 50 that are lakefront.
 TOWNHOMES
Benchmark Price Trend (3 months) 13% of listings selling 80% of sales are under $800K This segment was the most surprising. The percentage of listings selling tumbled off a cliff in June after climbing higher since January.
Jan 2024: 10% of listings sold
Feb 2024: 13%
Mar 2024: 16% (Balanced Market)
Apr 2024: 18% (Balanced Market)
May 2024: 20% (Balanced Market)
Jun 2024: 13%
This is due to sales falling by 1/3 from May (81 sales) to June (58 sales). That makes 2024 the slowest June in 10 years. There are going to be some hungry developers/builders out there with products sitting empty…especially $800K+
 CONDOS
Benchmark Price Trend (3 months) 12% of listings selling
80% of sales are under $550K Similar to the other segments, sales are much lower than expected. We typically see sales numbers come down about 5% from May to June. This year, however, they came down 20%! With only 98 sales vs the 10-year average of 132, it was a slow June. Listings are also continuing to climb, with the inventory the highest in 10 years. Looking at the list-to-sell ratio (% of listings that are selling), with only 12% selling, that makes this the slowest June since 2013, but still a far cry from the 4% and 5% numbers we saw in 2010 and 2011.
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“We can see by the flat numbers in terms of both sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market,” adds Chair Lidstone. “I think this is good news, as the more stable the market is, the more it supports both buyers and sellers. If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring was, as consumer priorities shift to vacations and outdoor pursuits. If the pattern continues, we’ll likely see an increase in activity as fall nears. Those still shopping or selling over the summer will likely see timelines stretch and more choice with less pressure.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2023 was $1,314,000. The benchmark value for the same home in June 2024 decreased by 1.4 per cent to $1,295,500, down from May’s value of $1,309,700.
Source Vancouver Market Shifting In Buyers’ Favour, Though Hesitation Remains Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019. Residential sales in the region totaled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).
“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, REBGV director of economics and data analytics. “With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest..” added Lis.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.
Source Calgary June Sales Decline Amid Supply Challenges And Rising Prices Sales in June reached 2,738, marking a 13 percent decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17 percent higher than long-term trends.
“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”
This month, new listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72 per cent. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40 per cent lower than long-term trends.
Source
Edmonton
Home Sales Slow While Prices Remain Strong There were a total of 2,847 residential unit sales in the Greater Edmonton Area (GEA) real estate market during June 2024, an 11.4% decrease from May 2024, but still 10.0% higher than June 2023. New residential listings amounted to 3,712, a 14.2% drop from May 2024, and 2.6% higher than June 2023. Overall inventory in the GEA increased 1.9% from May 2024, but is still 15.9% lower than June 2023.
“The market as a whole is at its plateau for the season,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “We’re likely going to see the number of sales continue to decline as we approach the end of summer, but our average prices don’t seem to be declining as much. In fact, prices actually increased in the semi-detached and condo market, which could indicate those properties are attractive to investors at the moment.”
Total residential average prices came in at $438,973, a 0.6% decrease from May 2024, and 6.6% increase from June 2023.
Source Toronto June Home Buyers Eying Further Interest Rate Relief June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board. GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023
“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick runup in selling prices,” said TRREB Chief Market Analyst Jason Mercer.
The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002.
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