Vancouver home sales fall 10% in June but board believes momentum could be building

Vancouver-area home sales decreased 9.8 per cent in June but the city's real estate board says that figure could signal a potential recovery after larger year-over-year activity declines in previous months. A Harbour Air seaplane takes off past condo towers in downtown Vancouver, on Thursday, July 25, 2024. THE CANADIAN PRESS/Darryl Dyck

VANCOUVER — Vancouver-area home sales decreased 9.8 per cent in June but the city’s real estate board says that could signal a potential recovery after larger year-over-year declines in previous months.

Greater Vancouver Realtors said residential sales in the region totalled 2,181 last month, down from the 2,418 sales recorded in June 2024 and roughly 25 per cent below the 10-year seasonal average.

The board’s director of economics and data analytics Andrew Lis noted the year-over-year sales drop was roughly half of the decline seen in May. The Greater Vancouver Area also recorded a 23.6 per cent decrease in April as buyers proceeded with caution amid the Canada-U.S. trade war, due to its associated economic uncertainty.

“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year,” said Lis in a press release.

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“If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.” 

There were 6,315 newly listed properties on the market in June, a 10.3 per cent increase from last year and 12.7 per cent above the 10-year seasonal average for the month.

Total active listings rose 23.8 per cent year-over-year to 17,561 — almost 44 per cent above usual levels for June.

With mortgage rates down around two per cent since last summer, Lis said buyers “are enjoying some of the most favourable conditions seen in years.”

“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said. “Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year.”

The composite benchmark price in June was $1,173,100, down 2.8 per cent from a year earlier and 0.3 per cent lower than May.

The steepest sales decline by housing category last month was in apartments, down 16.5 per cent year-over-year to 1,040. Sales activity for detached homes decreased 5.3 per cent to 657, while attached home sales totalled 473, a 3.7 per cent increase compared with June 2024.

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Sammy Hudes, The Canadian Press

This report by The Canadian Press was first published July 3, 2025.