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November marked a strong month for the Greater Vancouver real estate market, with buyer demand continuing to climb. Home sales in the region rose by 28% compared to November 2023, following a similar trend observed in October. The region recorded 2,181 residential sales, slightly below the 10-year average but showing clear momentum as the year comes to a close.
New listings reached 3,725, a 10.6% increase year-over-year, contributing to the total inventory of 13,245 properties, a 21.2% jump from last year. The sales-to-active listings ratio in November stood at 17.1%, reflecting a relatively balanced market. Detached homes, attached properties, and apartments saw ratios of 12.7%, 23.1%, and 18.7%, respectively.
The benchmark price for all residential properties held steady at $1,172,100, down just 0.9% from November 2023. Detached homes saw a 1% price increase year-over-year, while townhomes rose 1.8%. Apartments saw a slight decline of 1.2%, with a benchmark price of $752,800.
Source: Greater Vancouver REALTORS®
Greater Vancouver’s market remains dynamic, with steady demand and balanced conditions offering opportunities for both buyers and sellers as we head into 2025. Stay tuned for updates as we track these trends into the new year.
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