GVR November Review

November remains busy with refreshed active buyers, while prices remain steady. 

Wondering what changed in Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is...

   • 0.9% decrease year-over-year (compared to November 2023). -- a 1% improvement over October 24vs23.
   • unchanged month-over-month (compared to October 2024)

2. Home sales in November were...

   • 12.8% below the 10-year seasonal average.
   • A 28.1% increase year-over-year (compared to November 2023)

    

    •••

    

   Main Highlights:

   1. For the first time in six months townhomes experienced a micro month-over-month pricing increase of 0.8% over October 2024. Condos registered their second consecutive month-over-month increase, this time of just 0.8%; 0.1% less than the last increase. Detached homes have officially reached the 6 month mark for monthly micro pricing decreases with 0.3% over October 2024.
   2. Although prices remain fairly even keeled due to strong supply, all it would take for prices to begin to increase is a small drop in new monthly listings. Which is very typical of December through January. If demand remains high during that period, an upward trajectory may be incoming.
   3. In September all three areas of the market were registering a year-over-year pricing decline. However, October saw both detached homes and townhouses rise above October 2023 pricing...and November continues that trend with 1%-1.8% year-over-year increase. Condos remain down year-over-year with a 1.2% gap to bridge...0.4% more narrow than October's 1.6% gap.
    
   
   With November statistics in it has become clear that October's sales increase was not a one off. Buyers remain active, prices remain steady. At this moment there is true balance in the market as both new listings & sales remain on par with one another.
   
    
   • Compared to November 2023 monthly sales soared:

   1. Detached: 19.7% increase
   2. Townhouse: 28.1% increase
   3. Apartment:  42.7% decrease

   • The total number of listings in Greater Vancouver has increased 21.2% year-over-year, & 26.1% above the 10-year average.  

    

   Metro Vancouver Market Highlights November 2024:

   

    

   •••

   Synopsis:

   1. After a long summer stretched in to fall October brought hope as buyers returned, and November solidified the fact it wasn't a one-off. The market is markedly more balanced.
   2. Last month 2 out of 3 areas of the market experienced a micro month-over-month pricing decrease, this time 2/3 of the market saw an increase. The detached market was the only area to remain down.
   3. 2/3 of the market have now reclaimed a year-over-year pricing increase.
   4. Total active listings remain historically high, but with a very active buyer base the market is now far more balanced than it has been in months.

    

   •••

    

   More specifically this is what the REBGV had this to say:

   ““Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.

   “While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

   The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

   The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.”

   
   

   Buyers demand continues to increase for the second month in a row.

   Greater Vancouver Home Sales 2024 VS 2023

    

   ••• 

    

   CLICK HERE FOR THE FULL GVR November 2024 STATISTICS PACKAGE

    

    

   Looking to make a change in the new year?

   Reach out today and let us help you navigate through the ever changing market.
   

    

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
    [email protected]