Vancouver home sales surge 28% in November, marking second month of growth
Residential home sales in Metro Vancouver increased 28% year-over-year in November 2024, marking the second consecutive month of positive growth (October, up about 30%) after five months of contraction.
A total of 2,181 homes were sold, compared to 1,702 in November 2023, according tothe latest data from the Greater Vancouver Realtors (GVR ).
Despite annual growth, sales are 12.8% below the 10-year seasonal average.
It suggests that the market is gradually gaining momentum, not explosive growth, but in relatively balanced conditions.
“While the November market isn’t quite at the level of Cyber Monday’s big discounts,
buyers are continuing to take advantage of relatively balanced market conditions,” said Andrew Rees, head of economics and data analysis at GVR.
Increased inventory stabilizes prices
New listings are also on the rise, with 3,725 new homes coming on the market during the month of November, up 10.6% year-over-year. Total housing supply was 13,245 units, up 21.2% year-over-year.
This increase in listings is keeping price growth in check, with the MLS Home Price Index for all dwelling types at $1,172,100, down 0.9% year-over-year and little changed from October.
“If the current strength in demand continues and the pace of new listings doesn’t keep up, upward pressure on prices is likely to return,” added Andrew Rees.
Market balancing factors
Seasonally adjusted sales fell 3.3% monthly after a 19.6% surge in October, but National Bank economist Daren Kingdidn’t see this as a sign of market weakness.
He noted that “home sales remain elevated compared to last year’s activity levels.”
King emphasized the potential for long-term bond yields to restrain further growth in the housing market, but
added that recent interest rate cuts by the Bank of Canadahave had a positive impact on the market, with further rate cuts expected in the coming months.
Sales by property type
- Single-Family Homes: Sales volume was 626 homes, up 19.7% from 523 homes in November 2023.
The median price of a single-family home was $1,997,400, up 1% year-over-year, but down 0.3% from October 2024. - Apartments: A total of 1,089 units sold, up 28.1% from 850 units in November 2023.
The median apartment price was $752,800, down 1.2% year-over-year and 0.6% month-over-month. - Townhouses: Sales volume was 451 units, up 42.7% from 316 units in November 2023.
The median price for townhouses was $1,117,600, up 1.8% year-over-year and 0.8% month-over-month.