Residential sales in Greater Vancouver and the Fraser Valley last month both surpassed last year's totals, according to statistics published by Greater Vancouver Realtors (GVR) and the Fraser Valley Real Estate Board (FVREB) on Tuesday, providing some positive news as we reach the end of the year.
A total of 2,166 homes sales were recorded in Greater Vancouver last month, a 27.6% increase over the 1,968 homes sales recorded in November 2023. In the Fraser Valley, home sales improved from 891 in November 2023 to 1,136 in November 2024, which represents a 27.5% increase.
In Greater Vancouver, the improved total for last month still fell well short of the 10-year November average of 2,500. The November total for both regions were a drop-off from October, which saw year-over-year increases of around 30% in both regions.
In terms of listings, Greater Vancouver saw 3,725 new listings added to the market last month, a total that was higher than both the 3,369 added in November 2023 and the 10-year November average of 3,535. The new batch of listings brings the total amount of active listings in Greater Vancouver up to 13,245, a total that was higher than both the 10,931 after November 2023 and the 10-year November average of 10,502.
For the Fraser Valley, there were 2,637 new listings added last month, bringing the total amount of active listings to 8,125. Both numbers are higher than the totals for November 2023 and the 10-year November average.
In terms of prices, the composite residential benchmark in Greater Vancouver is now $1,172,100, a minor 0.9% decrease from November 2023 and flat from October.
By property type, the benchmark price is now $1,997,400 for single-detached homes, $1,117,600 for attached homes, and $752,800 for condominiums in Greater Vancouver. The benchmark for attached homes was an increase compared to both November 2023 and October 2024, while the benchmark for condos was a decrease compared to both. For single-family homes, the benchmark was an increase compared to November 2023 and a decrease compared to October 2024.
In the Fraser Valley, the composite residential benchmark price is now $969,500, a minor decrease of 0.2% from October. By property type, the benchmark price is now $1,482,600 for single-family homes, $835,100 for townhouses, and $536,100 for condos, all three of which represent decreases of between 0.1% and 1.2% from November 2023.
Market Analysis
"When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend," said GVR Director of Economics and Data Analytics Andrew Lis. "While the November market isn't quite a Cyber Monday doorcrasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last."
"Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments," added Lis. "But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices."
The FVREB was also optimistic about growing buyer confidence continuing after an expected seasonal lull in December.
"With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market," said FVREB CEO Baldev Gill. "Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025."
On Wednesday, December 11, the Bank of Canada will also be making its final interest rate announcement of the year, which could potentially boost buyer confidence further.
