As we got closer to the holiday season and the weather became cooler, November showed a steady increase in housing inventory, offering home buyers across Metro Vancouver* among the largest selection to choose from since 2021. With one month left in 2023, home sales activity remained up but still modest compared to the long-term averages, and listings were down across Metro Vancouver’s housing market.
Residential Home Sales
The Real Estate Board of Greater Vancouver (REBGV)^ reports that residential sales in the region totaled 1,702 in November 2023, a 4.7% increase from the 1,625 sales recorded in November 2022. This was 33% below the 10-year seasonal average (2,538).
“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. 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.” – said Andrew Lis, Director of Economics and Data Analytics at the REBGV.
Inventory
There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouverme in November 2023. This represents a 9.8% increase compared to the 3,069 properties listed in November 2022. This was 2.8 per cent below the 10-year seasonal average (3,464).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5% increase compared to November 2022 (9,633). This is 3.7% above the 10-year seasonal average (10,543).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3%. By property type, the ratio is 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.
Home Price Data Analysis
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“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.
Metro Vancouver Home Sales by Property Type
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,185,100. This represents a 4.9% increase over November 2022 and a one per cent decrease compared to October 2023.
Detached
Sales of detached homes in November 2023 reached 523, a 7% increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8% increase from November 2022 and a 0.9% decrease compared to October 2023.
Apartments
Sales of apartment homes reached 850 in November 2023; a 0.4% increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2 per cent increase from November 2022 and a one per cent decrease compared to October 2023.
Attached Homes
Attached home sales in November 2023 totaled 316, a 12.5% increase compared to the 281 sales in November 2022. The benchmark price of a townhouse3 is $1,092,600. This represents a 6.9% increase from November 2022 and a 0.7% decrease compared to October 2023.
Welcome to an Elevated Real Estate Experience
At Stilhavn, we continue our relentless pursuit of excellence because it’s our intrinsic belief that our clients deserve better than the status quo. When you become a client with Stilhavn you become a client for life, and it is our privilege to serve not only our local Okanagan market, but further corners within the Lower Mainland.
We keep our fingers on the pulse, we collaborate extensively across our teams, and we are committed to providing an elevated experience when it comes to your next buying or selling journey.
