Vancouver is seeing more housing inventory than it has since 2021. The Real Estate Board of Greater Vancouver (REBGV) reports that the region’s residential sales were 1,702 in November, a 4.7 per cent increase from the same time last year and 33 per cent below the 10-year seasonal average.
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” says Andrew Lis, REBGV’s director of economics and data analytics. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
A jump in listings and buyer choice
Last month, 3,369 detached, attached and apartment properties were newly listed for sale on Metro Vancouver’s MLS, representing a 9.8 per cent increase compared to the 3,069 properties listed in the year prior, and 2.8 per cent less than the 10-year seasonal average.
As for total listings in the region, there were 10,931, which is 13.5 per cent more than November 2022 and 3.7 per cent above the 10-year seasonal average. The sales-to-active listings ratio from November for all property types was 16.3 per cent.
More favorable market conditions for buyers
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis notes. “Prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
The MLS composite benchmark price for all residential properties in Metro Vancouver sits at $1.185 million, a 4.9 per cent boost from November last year and a one per cent drop from October 2023.
Read REBGV’s full report here.
