Home sales in Metro Vancouver posted a healthy year-over-year gain in November.
The Real Estate Board of Greater Vancouver (REBGV) reported 2,498 home sales in the month, a 55.3% jump from a year earlier and 4% above the 120-year average for the month.
Sales were down 12.6% from October’s total of 2,858.
“We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, REBGV president. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”
Fewer homes were listed for sale last month with 2,987 new listings, down 13.7% year-over-year and down 26.7% month-over-month; there was a total of 10,770 homes listed for sale on the MLS, down 12.5% from a year earlier and down 12% from October.
Higher prices ahead?
The sales-to-active-listings ratio for all property types was 23.2%, above the 20% that analysts typically say means upward pressure on prices.
By individual property type, the ratio was 17.2% for detached homes, 24.9% for townhomes, and 29.3% for apartments.
However, prices remain constrained for now with the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver at $993,700, down 4.6% year-over-year and down 1.3% over the past 6 months.
Stats by property type
Sales of detached homes in November 2019 reached 825, a 59.9% increase from the 516 detached sales recorded in November 2018. The benchmark price for a detached home is $1,415,400. This represents a 5.8% decrease from November 2018, a 0.5% decrease over the past six months, and a 0.3% increase compared to October 2019.
Sales of apartment homes reached 1,222 in November 2019, a 50.9% increase compared to the 810 sales in November 2018. The benchmark price of an apartment home is $651,500. This represents a 3.8% decrease from November 2018, a 1.9% decrease over the past six months, and a 0.2% decline compared to October 2019.
Attached home sales in November 2019 totalled 451, a 59.9% increase compared to the 282 sales in November 2018. The benchmark price of an attached home is $772,800. This represents a 4.4% decrease from November 2018, a 0.8% decrease over the past six months, and a 0.2% increase compared to October 2019.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate