With over 3,000 homes sold for the first time since 2015, this November’s sales were 25% above the 10-year average for the month and the second highest November sales total for Metro Vancouver on record. Adding to this, the Real Estate Board of Greater Vancouver also highlighted that sales were 23% higher than this time last year.
There were, however, 17% fewer sales than this past October, which is to be expected with the holidays approaching and the fact that 27% less new listings were added to the market inventory.
“Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets." said Colette Gerber, REBGV Chair. "The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today's market."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118, which is a 3% increase compared to November 2019 (10,770) and an 11% decrease from October 2020 (12,416).
For all property types, the number of sales compared to the number of active listings on the market is at 28%. Broken down into property type, the ratio is 28% for detached homes, 40% for townhomes, and 24% for apartments. According to analysts, home price generally decrease when the ratio dips below 12% for a sustained period, while they typically increase when it surpasses 20% over several months.
As for current pricing ,The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,044,000. This is a 5.8% jump over November 2019.
By property type, the benchmark price for a detached home is $1,538,900, which is 9.4% increase from November 2019 and a 1% increase over October 2020.
The benchmark price of an apartment home is $676,500. This is 3.4% higher than November 2019 and 1% above October 2020.
For attached (townhouse) homes, the benchmark price is currently $814,800, up 6% from from November 2019 and almost unchanged (0.2%) from October 2020.
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