🏡 Home Buyer Demand Strengthens in Metro Vancouver – November 2024 📈
The Metro Vancouver housing market is buzzing! ⚡ November 2024 saw a 28.1% increase in home sales compared to last year, building on the strong momentum from October. While still below the 10-year average, buyer activity shows a promising trend.
Key Highlights: 🌟
- Home Sales: 🏘️ 2,181 sales were recorded—a 28.1% rise from November 2023.
- New Listings: 📋 3,725 properties hit the market, up 10.6% year-over-year.
- Active Listings: 🔍 The total number of listings surged 21.2%, reaching 13,245.
- Benchmark Price: 💵 The MLS® Home Price Index for all residential properties is $1,172,100, a 0.9% decrease from last year.
Expert Insights 🧠
Andrew Lis, GVR’s Director of Economics and Data Analytics, noted:
"November’s numbers suggest the October uptick wasn’t just a fluke. Buyers are leveraging balanced market conditions while they last."
- Sales-to-Active Listings Ratio:
- Detached Homes: 🏡 12.7%
- Attached Homes: 🏘️ 23.1%
- Apartments: 🏢 18.7%
Ratios above 20% often push prices up, while those below 12% can cause prices to drop.
Market Trends by Property Type 🔎
-
Detached Homes:
- Sales: 📈 Up 19.7% (626 units sold).
- Benchmark Price: 💲 $1,997,400, up 1% year-over-year.
-
Apartment Homes:
- Sales: 📈 Up 28.1% (1,089 units sold).
- Benchmark Price: 💲 $752,800, down 1.2% year-over-year.
-
Attached Homes:
- Sales: 📈 Up 42.7% (451 units sold).
- Benchmark Price: 💲 $1,117,600, up 1.8% year-over-year.
Looking Ahead 🔮
With demand rising and steady inventory, home prices remained stable in November. However, as Andrew Lis warned, if demand continues to outpace new listings, upward price pressure may return in 2025.