The Metro Vancouver real estate market experienced another surge in buyer activity this November, continuing the momentum seen in October. According to data from the Greater Vancouver REALTORS® (GVR), home sales in the region rose by an impressive 28.1% compared to the same period last year, marking a strong close to the year for Vancouver real estate agents and homebuyers alike.
November 2024 Market Snapshot:
- Total Residential Sales: 2,181 homes sold, a 28.1% increase from November 2023 (1,702 sales).
- 10-Year Average: Despite this growth, sales remained 12.8% below the 10-year seasonal average of 2,500.
Andrew Lis, GVR’s Director of Economics and Data Analytics, commented on the trend, stating, “The increased demand seen in October has carried into November, indicating buyers are taking advantage of balanced market conditions while they last.”
Inventory Levels and New Listings
The market saw a healthy boost in listings this November, helping to balance the growing buyer demand:
- New Listings: 3,725 properties hit the MLS®, a 10.6% increase compared to November 2023 (3,369 new listings), and 5.4% above the 10-year average (3,535).
- Active Listings: The total number of homes available for sale reached 13,245, a 21.2% increase year-over-year and 26.1% above the 10-year seasonal average.
This rise in inventory has helped maintain stability in home prices, but experts warn that continued growth in demand without a corresponding increase in listings could lead to upward price pressure.
Sales-to-Active Listings Ratios by Property Type
The sales-to-active listings ratio for November 2024 across all property types was 17.1%, suggesting balanced market conditions. Here’s a breakdown by property type:
- Detached Homes: 12.7%
- Attached Homes: 23.1%
- Apartments: 18.7%
Historically, a ratio below 12% signals potential downward pressure on prices, while ratios above 20% over time often result in price increases.
Benchmark Prices and Year-Over-Year Trends
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver stands at $1,172,100, reflecting a 0.9% decrease year-over-year and a slight dip from October 2024.
- Detached Homes:
- Sales: 626 (up 19.7% year-over-year).
- Benchmark Price: $1,997,400 (1% increase from November 2023).
- Apartments:
- Sales: 1,089 (up 28.1% year-over-year).
- Benchmark Price: $752,800 (1.2% decrease from November 2023).
- Attached Homes (Townhouses):
- Sales: 451 (up 42.7% year-over-year).
- Benchmark Price: $1,117,600 (1.8% increase from November 2023).
What Does This Mean for Vancouver Buyers and Sellers?
For buyers, the current balance between demand and supply offers an opportunity to enter the market without facing aggressive price increases. However, as Andrew Lis cautioned, if demand continues to grow while inventory remains static, prices could start climbing again in 2024.
For sellers, now is a strategic time to list, particularly as we approach the New Year when buyer activity traditionally picks up.
Vancouver Realtors: Your Partner in the Evolving Market
Navigating Vancouver’s dynamic real estate market requires expertise and local knowledge. Whether you’re buying your first home, upgrading, or selling, partnering with a trusted Vancouver REALTOR® ensures you stay ahead in this competitive landscape.
Looking to make your move in Metro Vancouver? Contact us today for expert guidance tailored to your real estate goals.
This November market report highlights how Metro Vancouver real estate remains a strong, adaptable market. Stay tuned for future updates to stay informed about the trends shaping Vancouver’s housing market.