Metro Vancouver's home sales in November went above historical levels: report

The real estate market in Metro Vancouver is showing signs of a limited comeback, as data for November 2019 shows home sales were 4% above the 10-year sales average for the month.

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The Real Estate Board of Greater Vancouver’s (REBGV) bulletin released today indicates home sales in the region totalled 2,498 last month — a 55.3% increase from the 1,608 sales in November 2018, but a 12.6% decline from the 2,858 homes sold in October 2019.

“We started to see more home buyer confidence in the summer and this trend continues today. 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,” said Ashely Smith, the president of REBGV, in a statement.

During the month, there were 2,987 homes newly listed for sale, representing a 13.7% decrease compared to the same month last year and a 26.7% decrease compared to October 2019.

Currently, there are 10,770 homes listed for sale — a 12.5% decrease compared to November 2018, and a 12% decrease compared to the previous month.

The sales-to-active listings ratio for November 2019 was 23.2%, with the ratio at 17.2% for detached homes, 24.9% for townhomes, and 29.3% for apartments. Analysts note a downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices see an upward pressure when this ratio surpasses 20% over consecutive months.

The benchmark price for all residential properties in Metro Vancouver is currently $993,700, representing a 4.6% drop from November 2018 and a 1.3% decrease over the past six months.

November 2019 home sales statistics

Detached homes

• Number of units sold: 825 (+59.9% year-over-year)
• Benchmark price: $1,415,400 (-5.8% year-over-year; -0.5% over six months; +0.3% over October 2019)

Apartment homes

• Number of units sold: 1,222 (+50.9% year-over-year)
• Benchmark price:  $651,500 (-3.8% year-over-year; -1.9% over six months; -0.2% over October 2019)

Townhouse sales

• Number of units sold: 451 (+59.9% year-over-year)
• Benchmark price: $772,800 (-4.4% year-over-year; -0.8% over six months; +0.2% over September 2019)