Home buyer activity has returned to more historically typical levels in Metro Vancouver. The REBGV reports that residential home sales in the region totalled 2,500 in November 2019. It is a 55 per cent increase from the 1,600 sales recorded in November 2018, and a 13 per cent decline from the 2,860 homes sold in October 2019. Last month’s sales were 4 per cent above the 10-year November sales average.
There were 3,000 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in November 2019. This shows a 14 per cent decrease compared to the 3,500 homes listed in November 2018 and a 27 per cent decrease compared to October 2019 when 4,100 homes were listed. The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 10,800. It is a 12 per cent decrease compared to November 2018 (12,300) and a 12 per cent decrease compared to October 2019 (12,250).
For all property types, the sales-to-active listings ratio for November 2019 is 23 per cent. By property type, this ratio is 17 per cent for detached homes, 25 per cent for townhomes, and 30 per cent for condos. Generally, analysts say downward pressure on home prices occurs when this ratio goes below 12 per cent for a sustained period, while home prices often experience upward pressure when it goes above 20 per cent over several months.
The MLS® Home Price Index (HPI) benchmark price for all residential properties in Metro Vancouver is currently $1,000,000. The benchmark price for a detached home is $1,400,000. This shows a 6 per cent decrease from November 2018, and a 0.3 per cent increase compared to October 2019.
Source: Real Estate Board of Greater Vancouver