Home buyer activity has returned to more historically typical levels in Metro Vancouver, after a slow first half for 2019. According to The Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018, and a 12.6% decline from the 2,858 homes sold in October 2019.
"We started to see more home buyer confidence in the summer and this trend continues today," says Ashley Smith, REBGV president. "It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand."
In November 2019 the Multiple Listing Service® (MLS®) in Metro Vancouver reported 2,987 detached, attached and apartment homes newly listed for sale. This shows a 13.7% decrease compared to the 3,461 homes listed in November 2018. The sales-to-active-listings ratio for November 2019 is reported at 23.2%.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $993,700.
Sales of detached homes in November 2019 reached 825. The benchmark price for a detached home is $1,415,400. This represents a 5.8% decline from November 2018, a 0.5% decrease over the past six months, and a 0.3% increase compared to October 2019.
Sales of attached homes reached 451 in November 2019. The benchmark price of an attached home is $772,800. This represents a 4.4% decrease from November 2018, a 0.8% decrease over the past six months, and a 0.2% increase compared to October 2019.