Metro Vancouver Real Estate Market Update: November 2024

VANCOUVER, BC – December 3, 2024 – Buyer demand in Metro Vancouver’s real estate market continued to show strength in November, with year-over-year sales increasing significantly for the second consecutive month. Residential sales across the region totalled 2,181, marking a 28.1% increase from November 2023. This follows the 30% year-over-year growth seen in October.

While these numbers indicate growing activity, it’s worth noting that November’s sales remained 12.8% below the 10-year seasonal average of 2,500 transactions, suggesting the market is still recovering from recent slower periods.

What the Experts Are Saying

“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,” said Andrew Lis, Director of Economics and Data Analytics at the Greater Vancouver REALTORS® (GVR). “While the November market isn’t quite a Cyber Monday doorcrasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

Active Listings Keep Prices Steady

New listings for detached, attached, and apartment properties totalled 3,725 in November, representing a 10.6% increase compared to November 2023 and 5.4% above the 10-year seasonal average. The total number of active listings reached 13,245, up 21.2% year-over-year and 26.1% above the 10-year average.

This steady influx of listings has helped maintain price stability, despite rising sales. However, experts caution that if demand continues to outpace the number of new properties coming to market, upward pressure on prices could return in the New Year.

Sales-to-Active Listings Ratio: Balanced, but Trending Higher

The overall sales-to-active listings ratio for November was 17.1%, indicating relatively balanced market conditions. By property type:

• Detached homes: 12.7%

• Attached homes: 23.1%

• Apartments: 18.7%

Historical trends suggest that home prices face downward pressure when this ratio remains below 12% for an extended period and upward pressure when it exceeds 20%.

Home Prices: Stability Amid Growing Demand

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,172,100 in November 2024. This reflects a slight 0.9% decrease year-over-year and remains nearly unchanged from October 2024.

By property type:

• Detached homes:

• Sales: 626 (+19.7% year-over-year)

• Benchmark price: $1,997,400 (+1% year-over-year, -0.3% month-over-month)

• Apartment homes:

• Sales: 1,089 (+28.1% year-over-year)

• Benchmark price: $752,800 (-1.2% year-over-year, -0.6% month-over-month)

• Attached homes:

• Sales: 451 (+42.7% year-over-year)

• Benchmark price: $1,117,600 (+1.8% year-over-year, +0.8% month-over-month)

Outlook for 2025

While November’s market conditions point to stability, the potential for upward price pressure looms as we enter the New Year. If demand continues to strengthen without a corresponding rise in new listings, buyers may see tighter competition and price increases across all property types.

For now, Metro Vancouver remains a relatively balanced market, offering opportunities for both buyers and sellers to make strategic moves.

Whether you’re looking to buy, sell, or invest in Metro Vancouver real estate, it’s essential to stay informed. Contact me today for personalized insights and expert guidance tailored to your needs.

Keith Bickert

Oakwyn Realty LTD.

604-834-7195