Inventory low but sales boom in this market

Despite low supply of available homes there has been a remarkable rise in the number of homes sold in Metro Vancouver. The year-over-year rise since November 2014 was 40.1 per cent. The 3,524 unit sales is a 3.3 per cent decrease from October 2015 but was the second highest November on record and 46.2 per cent above the month’s 10-year average.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, Real Estate Board of Greater Vancouver president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”

Listings were down 35 per cent year-over-year and 15.4 per cent from October 2015 and the benchmark price was up 17.8 per cent from a year earlier to reach $752,500.

Detached properties saw sales increase by 31.9 per cent from a year earlier while attached property sales were up 40.7 per cent and apartment sales soared 47.6 per cent.

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Market update:

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Lac-Poulin, Saint-Adolphe-d'Howard, Alexandria, Coronation, Lloydminster (Part)

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