Residential sales in the region totalled 2,181 in November 2024, up from 1,702 in the same month last year, according to data released today by Greater Vancouver Realtors.
However, despite the year-over-year increase, sales were still 12.8% below the 10-year seasonal average.
This rise in sales follows a strong 30% year-over-year increase in October. While the market isn’t seeing explosive growth, homebuyers are responding to the relatively balanced conditions.
“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,” said Andrew Lis, GVR director of economics and data analytics.
National Bank economist Daren King noted the data suggest seasonally adjusted sales decreased 3.3% on a month-over-month basis following a 19.6% surge in October.
“Such a fall after such vigorous growth is not a sign of weakness, since house sales have remained high compared with last year’s level of activity,” he wrote.
New listings also saw an uptick, with 3,725 properties put up for sale—a 10.6% increase compared to the same time last year. This contributed to continued growth in housing supply, with a total of 13,245 properties listed on Multiple Listing Service (MLS), a 21.2% increase from last year.
New listings preventing rapid price growth
The increase in inventory has helped keep prices from climbing too quickly despite the surge in sales.
The MLS Home Price Index for all residential properties in Metro Vancouver stayed fairly steady at $1,172,100, just slightly lower (by 0.9%) compared to November 2023 and nearly unchanged from October.
“…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,” Lis noted.
King, however, cautioned that the current rise in long-term bond yields could temper continued growth in the housing market, which has so far been supported by recent Bank of Canada rate cuts.
“Although cuts in short-term interest rates over the coming months could continue to support the housing market, it will be important to look at the impact of the recent rise in long-term bond yields, which is likely to be passed on to fixed mortgage rates,” he wrote.
andrew lis british columbia Greater Vancouver Realtors real estate Regional vancouver vancouver home prices vancouver home sales vancouver housing market
Last modified: December 4, 2024
