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“No matter what the weather, bring your own sunshine”
 – A. D'Angelo​​​​
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No dramatic shifts in the market over the past several weeks and most prognostications indicate it's highly unlikely that the Bank of Canada will lower the key interest rate later this month due to rising inflation numbers. 
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Sales numbers still lag below the 10-year seasonal average but are are now down only 9.8% from June 2024,  which is an improvement from the 18.5% decrease observed in May. 
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The sales-to-active-listings ratio for last month was reasonably steady at 12.8%. Broken down by property type, it was 9.9% for houses, 16.9% for townhomes and 13.9% for condos. Generally, analysts say downward pressure on prices tends to occur when demand falls below 12% for a prolonged period, while prices tend to increase when the ratio is sustained above 20%.
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Available inventory remains notably high but prices are proving to be quite resilient. There was only a 0.3% drop seen to the overall benchmark price month-to-month and a 2.8% decline when compared with this time last year. There are absolutely "deals" to be had out there, but well-priced, attractive properties continue to garner the attention of serious buyers and achieve solid numbers.​ 
 
Royal LePage's recently released Q2 House Price Survey and 2025 Market Forecast indicates that housing affordability is steadily improving in Canada's most expensive markets - Vancouver among these.  The report also predicts the aggregate price of a home in Greater Vancouver to increase 1.5% in the fourth quarter of 2025, compared to the same quarter in 2024. This forecast has been revised down modestly from earlier prognostications to reflect current market conditions. 

In regards to the recently introduced GST exemption for first time home buyers of new construction priced below one million (partial exemption up to $1,500,000), the change will retroactively apply to contracts going back to May 27th this year.
 
If you'd like more timely,  weekly updates on how sales and listings are trending for specific areas, please get in touch.​ You can also find the monthly reports for certain neighbourhoods below. 

Please don't hesitate to reach out if you have questions about the above information or any other subjects that may impact your real estate opportunities. If you're looking to stay informed of market shifts, we also have by-the-week statistics available providing insights into the most recent sales numbers and new listing counts by area. 

I'm here to discuss or assist in whatever way I can.
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You can see the full real estate market report and press release from GRV here.
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