Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 percent increase from the 1,702 sales recorded in

November 2023. This was 12.8 percent below the 10-year seasonal average (2,500).

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. 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.

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 percent increase compared to the 3,369 properties listed in November 2023. This was 5.4 percent above the 10-year seasonal average (3,535).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 percent increase compared to November 2023 (10,931). This is 26.1 percent above the 10-year seasonal average (10,502).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 percent. By property type, the ratio is 12.7 percent for detached homes, 23.1 percent for attached, and 18.7 percent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when they surpass 20 percent over several months.

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. 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 percent decrease over November 2023 and is nearly unchanged compared to October 2024.

Sales of detached homes in November 2024 reached 626, a 19.7 percent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one percent increase from November 2023 and a 0.3 percent decrease compared to October 2024.

Sales of apartment homes reached 1,089 in November 2024, a 28.1 percent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 percent decrease from November 2023 and a 0.6 percent decrease compared to October 2024.

Attached home sales in November 2024 totalled 451, a 42.7 percent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 percent increase from November 2023 and a 0.8 percent increase compared to October 2024.