Metro Vancouver home sales in November continue strong trend: REBGV

Dec 2 2020, 6:52 pm

November 2020’s home sales in Metro Vancouver were 24.6% above the 10-year sales average for the month and was the second-highest total for the month over this period.

According to the Real Estate Board of Greater Vancouver (REBGV), housing demand exceeded 3,000 home sales for the first time since 2015. There were 3,064 sales over the month, representing a 22.7% increase from the 2,498 sales recorded over the same month in 2019 and a 16.9% decrease from the 3,687 homes sold in October 2020.

“Homebuyer demand has been at near-record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets,” said Colette Gerber, the chair of REBGV, in a statement.

REBGV’s jurisdiction covers only parts of Metro Vancouver and the South Coast, entailing Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

This does not include Metro Vancouver jurisdictions such as Surrey, North Delta, White Rock, and Langley, which are under the Fraser Valley Real Estate Board.

The Sunshine Coast saw the largest increase in year-over-year demand under the REBGV’s jurisdiction, with 106 home sales in November 2020 — an 82.8% increase over the same month in 2019.

“While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands, and Squamish,” continued Gerber. “The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas.”

There were also 4,068 homes newly listed for sale over the month, representing a 36% increase compared to the 2,987 homes listed in the same month in 2019 and a 27% decrease compared to October 2020 when 5,571 homes were listed.

Currently, there are 11,118 homes listed for sale — up by 3% compared to the 10,770 units in November 2019 and a 10.5% decrease compared to the 12,416 units in October 2020.

“The supply of homes for sale are a critical factor in understanding home price trends,” said Gerber. “The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”

The sales-to-active-listings ratio for November 2020 is 27.6%, including 27.9% for detached homes, 40.1% for townhomes, and 23.9% for apartments. Downward pressure on home prices typically occurs when the ratio dips below 12% for a sustained period. Prices see an upward trend when it surpasses 20% over several months.

The composite benchmark home price for all residential properties is currently $1.044 million, a 5.8% increase over November 2019 and a 0.1% decrease over October 2020.

November 2020 home sales statistics

  • Detached homes
    • Number of units sold: 1,061 (+28.6% over November 2019)
    • Active listings: 3,806
    • Benchmark price: $1,538,900 (+9.4% over November 2019; +1.0% over October 2020)
    • Average days on market: 42
  • Apartment homes
    • Number of units sold: 1,371 (+12.2% over November 2019)
    • Active listings: 5,734
    • Benchmark price: $676,500 (+3.4% over November 2019; -1.0% over October 2020)
    • Average days on market: 34
  • Townhouse sales
    • Number of units sold: 632 (+40.1% year-over-year)
    • Active listings: 1,578
    • Benchmark price: $814,800 (+5.6% over November 2019; +0.2% over October 2020)
    • Average days on market: 35

Kenneth ChanKenneth Chan

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