vancouver housing market Photo: ecstaticist/Flickr

Some 2,516 homes changed hands across Greater Vancouver’s Multiple Listing Service in November, an 8.4 per cent increase in the number of homes sold a year earlier.

According to the Real Estate Board of Greater Vancouver, last month’s sales were 6.9 per cent above the 10-year sales average for November. Indeed, home sales were up between 6.1 per cent and 9.3 per cent year-over-year depending on the property type.

The benchmark price was up 5.7 per cent all property types in the region, largely driven by a 7.9 per cent price gain for the single-family home segment.

Of course the broad numbers never tell the full story as the Greater Vancouver housing market is made up of many diverse individual markets. To demonstrate that point, a look at some notable regional prices.

  • The typical price of a single-family home on Vancouver’s East Side jumped 12% year-over-year in November to $957,300
  • Detached home values shot up on the West Side of the city too. The benchmark price went from $2,095,500 in November 2013 to $2,323,300 last month, an 11% increase
  • After falling sharply a number of years ago, the Whistler condo market continues to recover with the benchmark price climbing 26.5% year-over-year in November to $240,900 (but this is still down -29.6% from where prices were five years ago during the buildup to the Olympics)
  • The benchmark price for all property types in West Vancouver ended November at $1,671,100, the highest of any market in the region. (On the West Side of Vancouver proper the benchmark price for all property types is $867,900.)
  • The typical price of a condo in Port Coquitlam is only $229,900, it’s one of the region’s most affordable markets

The complete REBGV November stastistics package can be seen here.

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