Homebuyer Demand Continuing To Strengthen Across Metro Vancouver

Homebuyer interest in Metro Vancouver is on the rise, with November 2024 showing a significant increase in residential sales compared to the same period last year. Greater Vancouver recorded 2,166 home sales, marking a 27.6% increase from November 2023. Similarly, the Fraser Valley saw a 27.5% rise, with sales climbing from 891 to 1,136 over the same period.

Despite this uptick, November's sales in Greater Vancouver remained below the 10-year average of 2,500 for the month. Additionally, both regions experienced a decline in sales from October, which had reported year-over-year increases of around 30%.

New listings have also increased. Greater Vancouver added 3,725 new properties in November, surpassing both the previous year's total of 3,369 and the 10-year average of 3,535. This brings the total active listings to 13,245, higher than both the 10,931 recorded after November 2023 and the 10-year average of 10,502. The Fraser Valley reported 2,637 new listings, raising active listings to 8,125, exceeding both last year's figures and the 10-year average.

In terms of pricing, Greater Vancouver's composite residential benchmark stands at $1,172,100, a slight 0.9% decrease from November 2023 and unchanged from October. Single-detached homes are benchmarked at $1,997,400, attached homes at $1,117,600, and condominiums at $752,800. Notably, attached homes have seen price increases compared to both November 2023 and October 2024, while condos have experienced decreases. Single-family homes have increased in price since November 2023 but decreased slightly from October 2024.

In the Fraser Valley, the composite residential benchmark price is $969,500, a minor 0.2% decrease from October. Single-family homes are benchmarked at $1,482,600, townhouses at $835,100, and condos at $536,100, with all categories showing decreases between 0.1% and 1.2% from November 2023.

Andrew Lis, Director of Economics and Data Analytics at Greater Vancouver Realtors, noted that the continued demand suggests buyers are taking advantage of the current balanced market conditions. He cautioned that if this demand persists without a corresponding increase in new listings, upward pressure on prices may emerge in the coming year.