The Metro Vancouver housing market is heating up as we close out 2024, with buyer demand continuing to rise in November after an October that saw buyer's begin to return to the market. Here's a simple breakdown of the key points:
Home Sales on the Rise
Home sales in November saw a 28.1% jump compared to November last year, with 2,181 homes sold. While that's still 12.8% below the 10-year average, it's clear that activity is picking up following a similar boost in October.
New Listings Increasing
Sellers are also getting in on the action, with 3,725 homes newly listed in November, up 10.6% from the same time last year. This is slightly above the 10-year average for new listings, but is helping to provide winter inventory for those eager buyers looking to get in before the Spring Market.
More Choices for Buyers
The total number of homes for sale hit 13,245, a 21.2% increase year-over-year and significantly higher than the 10-year average. This gives buyers more options as they navigate the market.
Prices Holding Steady – For Now
The benchmark price for all residential properties sits at $1,172,100, down slightly (0.9%) from last year and almost unchanged from October.
However, experts warn that if demand keeps growing and new listings don’t keep up, we could see prices start climbing again in 2025. With another expected interest rate drop on December 11, we could see increased buyer demand in the Spring. This of course all really depends on bond yields and how the economy is fairing as reductions from the Bank of Canada do not directly correlate to reductions in mortgage interest rates.
Sales-to-Active Listings Ratio
This ratio is an important measure of market health.
- Overall Residential Sales to Actives Ratio: 17.1%
- Detached homes: 12.7%
- Townhomes: 23.1%
- Apartments: 18.7%
What does this mean? When the ratio is below 12%, prices tend to fall. Above 20%, prices often rise. Right now, the market is balanced, but it’s worth keeping an eye on.
Price Breakdown by Property Type
- Detached Homes: Benchmark price is $1,997,400, up 1% from last year.
- Townhomes: Benchmark price is $1,117,600, up 1.8% from last year.
- Apartments: Benchmark price is $752,800, down 1.2% from last year.
What’s Next?
With demand rising and inventory still steady, the market remains balanced. But if buyer interest continues to grow and new listings don’t keep up, prices could edge higher in the new year.
Thinking about buying or selling? It’s a good time to start planning. Let’s chat about your goals and how to make the most of this market.
