Photo: Bruno LEVEQUE/Flickr
November was another impressive month for the Vancouver-area housing market as sales soared 40 per cent year-over-year while prices jumped nearly 18 per cent.
According to data from the Real Estate Board of Greater Vancouver, a total of 3,524 homes changed hands across the region’s Multiple Listing Service last month — the second highest November sales total on record and 46 per cent above the 10-year sales average for the month.
“November is typically one of the quietest months of the year in our housing market, but not this year,” state REBGV president Darcy McLeod in a release. “The ratio of sales to homes available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”
Prices continue to climb
The composite benchmark price for all residential properties in Metro Vancouver ended the month at $752,500, up 17.8 per cent compared to November 2014. Broken down by property type, single-family homeowners in the region can celebrate a 22.6 per cent year-over-year price increase.
And condo and townhome owners can be happy knowing their property values have climbed 14 and 11.3 per cent respectively.
But as always, prices across Metro Vancouver vary a great deal depending on the area and property type. For more, we turn to…
Regional highlights from the report
- The benchmark price of a single-family home on the West Side of Vancouver proper hit a whopping $2,864,600 in November, up 23.2% from a year earlier.
- The benchmark price of a single-family home on the East Side of Vancouver proper ended the month at $1,208,800, up 26.4% compared to November 2014.
- For the condo segment, West Vancouver’s 19.5% year-over-year price gain was the largest of any region in November. The benchmark price of a condo in that municipality is now $750,200.
- East Vancouver posted the largest price increase for the townhome segment — with the benchmark price climbing 17.1% to end the month at $626,400.
- The only area to post any year-over-year price decline was Maple Ridge. That city’s benchmark condo price dipped 1.4 per cent to $166,200.
For more, the complete REBGV statistics package can be seen here.