Home sales registered in the MLS® in Metro Vancouver increased 28% year-over-year in November, building on the momentum of the 30 % year-over-year rise seen in October. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,181 in November 2024, a 28.1% increase from the 1,702 sales recorded in the same month last year. This was 12.8% 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,” mentioned Andrew Lis, GVR’s director of economics and data analytics. “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 on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents an increase of 10.6% compared to the 3,369 properties listed in November 2023, and a 5.4% increase above the 10-year seasonal average (3,535). 

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

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

Historical data suggests downward pressure on pricing occurs when the ratio drops below 12% for a sustained period, while home prices often experience upward pressure when the ratio surpasses 20% 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,” said Lis. “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  currently sits at $1,172,100. This represents a decrease of 0.9% over November 2023 and nearly unchanged compared to October 2024. 

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

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

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

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