Home sales registered in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.

That’s the latest from Greater Vancouver Realtors (GVR), which reports that residential sales in the region last month saw a 28.1 per cent increase from the sales recorded in November 2023.

However, that was 12.8 per cent below the 10-year seasonal average.

“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,” Andrew Lis, GVR’s director of economics and data analytics, said in a news release. “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.”

The GVR’s monthly market report notes that in November 2024, there was a 10.6 per cent increase in properties newly listed for sale compared to November 2023.

The total number of properties currently listed for sale on the MLS system in Metro Vancouver saw a 21.2 per cent increase compared to November 2023.

According the GVR, the November 2024 benchmark price for a single-detached house in Ladner was $1,420,600, down around one per cent compared to the previous month, while up 3.6 per cent compared to November 2023.

The benchmark price for a detached house in Tsawwassen last month was $1,601,300, up just over four per cent from October, but almost unchanged from November 2023.

The November 2024 benchmark price for a townhouse in Ladner and Tsawwassen was $1,008,000 and $996,300 respectively. Those numbers were almost unchanged from last year.

The benchmark price last month for a condo in Ladner and Tsawwassen was $648,500 and $646,100 respectively, down almost six and almost 11 per cent respectively from November 2023.

GVR notes that 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 the return of upward pressure on prices.

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Source: Delta Optimist