Our November stats video takes a look at where the market is and where it might be heading. 

VANCOUVER, BC - December 2, 2014 - Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.
 
Last month’s sales were 6.9 per cent above the 10-year sales average for November.

“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1 per cent decrease compared to the 3,245 new listings in November 2013 and a 32.8 per cent decline from the 4,487 new listings in October.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.

“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said. 
 
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.

Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.

Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.

Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.

Click here to download the full stats package.

Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 per cent increase compared to the 2,483 sales in September 2013, and a 5.4 per cent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 per cent increase compared to the 5,030 new listings in September 2013 and a 33.5 per cent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 per cent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 per cent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said.  “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 per cent from the 1,023 detached sales recorded in September 2013, and a 113.8 per cent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 per cent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 per cent compared to the 1,018 sales in September 2013, and a 75.7 per cent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 per cent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 per cent increase compared to the 442 sales in September 2013, and an 88.6 per cent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 per cent between September 2013 and 2014 to $477,700.

* Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Download the complete stats package by clicking here.