The November 2020 market report released by the Real Estate Board of Greater Vancouver (REBGV) revealed that November home sales outpaced seasonal norms and long-term averages.
Sales in 2020 so far from January to November, exceed the whole of 2019 and year-to-date sales in Vancouver surpass the whole of 2018. It’s the first time home sales have passed the 3,000 mark since November 2015.
Colette Gerber, REBGV Chair said “Home buyer 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. The supply of homes for sale are a critical factor in understanding home price trends.” Gerber added, “The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favors home sellers in today’s market.”
In November, residential homes sales in the region reached 3,064 units. This was a 22.7% increase from the 2,498 sales recorded in November 2019, and 16.9% less than the 3,687 homes sold in October 2020.
- The number of detached properties sold was 1,061, a 28.6% increase compared to the 825 detached sales recorded in November 2019.
- The number of apartments sold was 1,371, a 12.2% increase compared to the 1,222 units sold in November 2019.
- The number of attached properties sold was 632, a 40.1% increase compared to the 451 sales in November 2019.
There were 4,068 new listings of detached, attached and apartment properties added to the Multiple Listing Service (MLS®) in Metro Vancouver.
This represents a 36.2% increase compared to the 2,987 homes listed in November 2019 and a 27% decrease compared to October 2020 when 5,571 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver was 11,118, representing a 3.2% increase when compared to November 2019 (10,770) and a 10.5% decrease when compared to October 2020 (12,416).
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio dips below 12% for a sustained period, and home prices can experience upward pressure when the ratio is above 20% for sustained periods.
For all property types, the ratio in November 2020 was 27.6%. When broken down by property types, the ratio was:
- 27.9 % for detached homes.
- 40.1 % for townhomes.
- 23.9 % for condominiums
In November, the MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,044,000. This represented a 5.8% increase over November 2019 and a 0.1% decrease compared to October 2020..
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These are unprecedented times, and the real estate industry is seeing unprecedented activity. If you are buying or selling a home, you need to get in touch with an experienced real estate company such as ours to navigate this dynamic market. Contact us by email or call us on 604 913 1000.