Metro Vancouver REBGV November Market Review
Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is up 4.9% compared to November 2022 and down 1% compared to October 2023
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Home sales in October were 33% below the 10-year average, however, they increased 4.7% when compared to November 2022.
Main Highlight:
- Very minimal month-over-month pricing decline continues for third month. (less than 1%)
- Year-over-year, compared to November 2022, all aspects of the market have improved.
- Balanced holiday season market.
Metro Vancouver Market Highlights November 2023:
Not much has changed since our October update. The market continues to be slow, with a new balance solidifying itself. Compared to October 2023 there was a very minor decline in sales and pricing. But on the whole, the market landscape is looking more even between buyers and sellers than it has for the majority of 2023. Seller's may be feeling a 'pinch' but that is only because they have become used to having the upper hand over the course of the last several years.
More specifically the REBGV has this to say:
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5 per cent increase compared to November 2022 (9,633). This is 3.7 per cent above the 10-year seasonal average (10,543).
Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.
The benchmark price for a detached home is $1,982,600. The benchmark price of an apartment home is $762,700. The benchmark price of a townhouseis $1,092,600.”
Metro Vancouver Housing Market Finds A Balance:
CLICK HERE FOR THE FULL REBGV November 2023 STATISTICS PACKAGE
Looking to make a change before 2024? Reach out today and let us help you navigate through the ever changing market.
Rod & Rhea: 604.240.1927
Ryan: 604.561.2127
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