Home sales in Metro Vancouver continued their upward trend in November, coupled with an influx of new listings.

According to the Greater Vancouver Realtors (GVR), 2,181 residential sales were recorded last month, marking a 28 per cent increase compared to November 2023. 

“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,” explains Andrew Lis, GVR’s director of economics and data analytics. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

The average home price was $1.17-million—nearly unchanged month-over-month and down 0.9 per cent compared to last year.

New listings and inventory on the rise

GVR reports 3,725 homes were listed in November—a 10.6 per cent increase year-over-year and 5.4 per cent above the 10-year seasonal average. This has pushed the total inventory of homes available to 13,245, representing a 21 per cent increase year-over-year and 26 per cent above the 10-year seasonal average.

Lis emphasizes that this steady supply of homes has played a crucial role in keeping prices stable. “Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” he notes.

A balanced market

The sales-to-active listings ratio—a key indicator of market conditions—sat at 17 per cent in November, reflecting balanced market conditions across property types. Detached homes posted a ratio of 12.7%, while attached homes and apartments recorded ratios of 23.1% and 18.7%, respectively.

Outlook for the New Year

As the market edges closer to 2025, Lis warns “…if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”