Vancouver Home Sales Surge 28% in November, Marking a Second Month of Growth
Residential home sales in Metro Vancouver saw a 28% increase year-over-year in November 2024, marking the second consecutive month of positive growth after five months of contraction. A total of 2,181 homes were sold, compared to 1,702 in November 2023, according to the latest data from Greater Vancouver Realtors (GVR).
Despite the year-over-year growth, sales remain 12.8% below the 10-year seasonal average. This follows a robust 30% year-over-year increase in October, suggesting that while the market is not experiencing explosive growth, it is gaining momentum under relatively balanced conditions.
“While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last,” said Andrew Lis, GVR’s director of economics and data analytics.
Inventory Growth Keeps Prices Steady
New listings also increased, with 3,725 properties entering the market in November—a 10.6% rise compared to the same time last year. Total housing supply reached 13,245 listings, up 21.2% year-over-year. This boost in inventory has tempered price growth, keeping the MLS Home Price Index for all residential properties relatively stable at $1,172,100—a slight decrease of 0.9% from November 2023 and virtually unchanged from October.
“…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,” Lis added.
Balancing Factors in the Market
While seasonally adjusted sales decreased by 3.3% month-over-month following a sharp 19.6% rise in October, National Bank economist Daren King suggests this is not a sign of weakness. “House sales have remained high compared with last year’s level of activity,” he noted.
King also highlighted the potential impact of long-term bond yields, which could temper further growth in the housing market. However, recent Bank of Canada rate cuts continue to provide support, with additional cuts expected in the coming months.
Sales by Property Type
- Detached Homes: Sales reached 626, a 19.7% increase compared to 523 sales in November 2023. The benchmark price for a detached home was $1,997,400, up 1% year-over-year but down 0.3% from October 2024.
- Apartment Homes: Sales totaled 1,089, a 28.1% increase from the 850 sales in November 2023. The benchmark price for apartments was $752,800, down 1.2% year-over-year and 0.6% month-over-month.
- Attached Homes: Sales rose to 451, a significant 42.7% increase from the 316 sales in November 2023. The benchmark price for a townhouse was $1,117,600, reflecting a 1.8% year-over-year increase and a 0.8% rise compared to October 2024.