METRO VANCOUVER MARKET REPORT
Metro Vancouver Market Report: Use the page control (on top of chart) to switch pages between Vancouver East and Vancouver West for October 2019.
In the blink of an eye, we’ve reached the end of the year! Today, here’s our monthly market update for areas covered by the Real Estate Board of Greater Vancouver (REBGV)! After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver.
The REBGV reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018, and a 12.6% decline from the 2,858 homes sold in October 2019.
Last month’s sales were 4% above the 10-year November sales average.
According to Ashley Smith, REBGV president,
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. In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point. To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,770, a 12.5% decrease compared to November 2018 (12,307) and a 12% decrease compared to October 2019 (12,236).
For all property types, the sales-to-active listings ratio for November 2019 is 23.2% similar to last month’s 23.4%. By property type, the ratio is 17.2% for detached homes, 24.9% for townhomes, and 29.3% for apartments/condos.