Sales rise for the second month in a row
Metro Vancouver’s housing market continued to show signs of momentum in November, with residential sales rising 28% year over year. However, questions remain about whether this growth marks a long-term trend or a temporary spike.
The Greater Vancouver REALTORS® (GVR) reported 2,181 home sales in November 2024, up from 1,702 in the same month last year. Despite this substantial increase, sales remained 12.8% below the 10-year seasonal average of 2,500. This follows a 30% year-over-year increase in October.
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” said Andrew Lis, director of economics and data analytics at GVR. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
New property listings in Metro Vancouver also rose, reaching 3,725 detached, attached, and apartment units in November, a 10.6% increase from 3,369 in November 2023. This figure was 5.4% above the 10-year seasonal average of 3,535.
The total inventory of listed properties hit 13,245, marking a 21.2% year-over-year increase and standing 26.1% above the 10-year average of 10,502. These rising numbers have helped maintain market balance despite increased demand.
The sales-to-active listings ratio, a key indicator of market pressure, was 17.1% across all property types in November. Generally, ratios below 12% over a sustained period lead to downward pressure on prices, while sustained levels above 20% create upward price pressure.
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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,172,100 in November, down 0.9% year over year and nearly unchanged from October 2024.
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis explained in the report.
“But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”
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