Vancouver region home sales rose past the 3,000-transaction mark last month as buyer demand showed no sign of slowing even after months of record or near-record-breaking activity in the market.
There were 3,064 homes sold across the region in November, according to data released today by the Real Estate Board of Greater Vancouver (REBGV). That’s more than 22 percent above November 2019’s total and was the best November performance for the market since 2015.
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Last month’s total was also 24.6 percent higher than the 10-year sales average for November, but down nearly 17 percent from October’s total.
“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,” said REBGV President Colette Gerber, in a media release.
Detached and attached homes saw the largest annual sales increases, at 28.6 percent and 40.1 percent, respectively. Condo sales rose by a relatively calm 12.2 percent.
In her comments accompanying the new data, Gerber flagged a mismatch in surging buyer demand and declining new listings. Over 4,000 homes were newly listed in the Vancouver region last month, 36.2 percent higher than the previous year, but a 27 decline relative to October’s new listings total.
“The supply of homes for sale is a critical factor in understanding home price trends,” Gerber said. “The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”
The “upward pressure” on prices was evident in November’s gains, with the benchmark price for detached homes rising 9.4 percent to $1,538,900 while attached homes increased 5.6 percent to $814,800.
As has been the case through most of the post-spring rebound period, condos saw more modest price gains, with the benchmark rising 3.4 percent to $676,500.