Greater Vancouver Real Estate Statistics - November 2024

Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent 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,” said Andrew Lis, GVR’s director of economics and data analytics. “While the November market isn’t quite a Cyber Monday doorcrasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

Market Listings Overview

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535).

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

Sales-to-Active Listings Ratio

The sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type:

• Detached homes: 12.7 per cent
• Attached homes: 23.1 per cent
• Apartments: 18.7 per cent

Historical data indicates downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while upward pressure occurs when it surpasses 20 per cent 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,” Lis added. “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 doesn’t keep up, we may see the return of upward pressure on prices.”

Price Benchmarks

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and is nearly unchanged compared to October 2024.

Detached Homes

Sales reached 626, a 19.7 per cent increase from November 2023. The benchmark price is $1,997,400, representing a 1 per cent increase from November 2023 and a 0.3 per cent decrease from October 2024.

Apartment Homes

Sales reached 1,089, a 28.1 per cent increase compared to November 2023. The benchmark price is $752,800, a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease from October 2024.

Attached Homes

Sales totaled 451, a 42.7 per cent increase compared to November 2023. The benchmark price is $1,117,600, representing a 1.8 per cent increase from November 2023 and a 0.8 per cent increase from October 2024.

Source - GVR