After a quieter first half of\n2019, home buyer activity has returned to more historically typical levels in\nMetro Vancouver*.<\/p>\n\n\n\n
The Real\nEstate Board of Greater Vancouver (REBGV) reports that residential home sales\nin the region totalled 2,498 in November 2019, a 55.3 per cent increase from\nthe 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the\n2,858 homes sold in October 2019.<\/p>\n\n\n\n
Last\nmonth\u2019s sales were four per cent above the 10-year November sales average.<\/p>\n\n\n\n
\u201cWe\nstarted to see more home buyer confidence in the summer and this trend\ncontinues today,\u201d says Ashley Smith, REBGV president. \u201cIt\u2019ll be important to\nwatch home listing levels over the next few months to see if supply can stay in\nline with home buyer demand.\u201d <\/p>\n\n\n\n
There\nwere 2,987 detached, attached and apartment homes newly listed for sale on the\nMultiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in November 2019. This\nrepresents a 13.7 per cent decrease compared to the 3,461 homes listed in\nNovember 2018 and a 26.7 per cent decrease compared to October 2019 when 4,074\nhomes were listed.<\/p>\n\n\n\n
The total\nnumber of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver\nis 10,770, a 12.5 per cent decrease compared to November 2018 (12,307) and a 12\nper cent decrease compared to October 2019 (12,236).<\/p>\n\n\n\n
For all\nproperty types, the sales-to-active listings ratio for November 2019 is 23.2\nper cent. By property type, the ratio is 17.2 per cent for detached homes, 24.9\nper cent for townhomes, and 29.3 per cent for apartments.<\/p>\n\n\n\n
Generally,\nanalysts say downward pressure on home prices occurs when the ratio dips below\n12 per cent for a sustained period, while home prices often experience upward\npressure when it surpasses 20 per cent over several months.<\/p>\n\n\n\n
\u201cIn\ntoday\u2019s market, the intensity of home buyer demand depends on neighbourhood,\nproperty type, and price point,\u201d Smith said. \u201cTo better understand the changing\ntrends in your neighbourhood and property type of choice, it\u2019s important to\nwork with your local REALTOR\u00ae.\u201d<\/p>\n\n\n\n
The MLS\u00ae\nHome Price Index composite benchmark price for all residential properties in\nMetro Vancouver is currently $993,700. This represents a 4.6 per cent decrease\nfrom November 2018 and a 1.3 per cent decrease over the past six months.<\/p>\n\n\n\n
Sales of\ndetached homes in November 2019 reached 825, a 59.9 per cent increase from the\n516 detached sales recorded in November 2018. The benchmark price for a\ndetached home is $1,415,400. This represents a 5.8 per cent decrease from\nNovember 2018, a 0.5 per cent decrease over the past six months, and a 0.3 per\ncent increase compared to October 2019.<\/p>\n\n\n\n
Sales of\napartment homes reached 1,222 in November 2019, a 50.9 per cent increase\ncompared to the 810 sales in November 2018. The benchmark price of an apartment\nhome is $651,500. This represents a 3.8 per cent decrease from November 2018, a\n1.9 per cent decrease over the past six months, and a 0.2 per cent decline\ncompared to October 2019.<\/p>\n\n\n\n
Attached\nhome sales in November 2019 totalled 451, a 59.9 per cent increase compared to\nthe 282 sales in November 2018. The benchmark price of an attached home is\n$772,800. This represents a 4.4 per cent decrease from November 2018, a 0.8 per\ncent decrease over the past six months, and a 0.2 per cent increase compared to\nOctober 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
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