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Sales of housing in the Vancouver Metro fell nearly 17% in November from the previous month, according to the Greater Vancouver Real Estate Board.
But the industry group says that as trends go, demand remains high, making it a seller’s market.
REBGV’s monthly tally shows 3,064 homes sold across the region last month, up from 3,687 in October 2020.
Compared to November 2019, sales increased by 22.7%.
Colette Gerber, president of REBGV, says demand from buyers has been “near record high” since the summer.
“This is putting upward pressure on house prices, particularly in our independent and citizen markets,” he said.
The Sunshine Coast showed the largest year-over-year sales increase according to data, with Squamish and the Gulf Islands not far behind.
“The rise in work-from-home agreements and physical removal policies is causing some home buyers to opt for less densely packed areas,” Gerber said.
The total number of Vancouver Metro homes currently for sale is 11,118, a 10% drop from October 2020.
Gerber says the current market favors sellers because demand exceeds supply.
The composite reference price of the Multi Listing Service home price index for all residential properties in metropolitan Vancouver – single-family homes, townhouses and apartments – is $ 1,044,000, up 5.8% year on year. year on year and a decrease of 0.1% compared to October 2020.
The reference prices in each of the three categories are:
- Detached house: $ 1,538,900
- Annex house: $ 814,800
- Apartment: $ 676,500
Fraser Valley
The Fraser Valley sales scene is even hotter, according to the Fraser Valley Real Estate Board.
He describes the level of demand as “inexorable,” even though, as with Metro Vancouver, November sales were down 8.3% from October.
In total, there were 2,173 property sales, an increase of 54.7% from November 2019.
Boards say monthly sales records were set in September, October and November compared to previous years.
“We expected November activity to moderate due to the season, but the desire for family-friendly homes and their benefits continues to dominate,” said president Chris Shields.
“Since the summer, we’ve seen the strongest demand in our board’s 99-year history, especially for single-family homes and townhouses,”
The FVREB calculates the reference prices for the region as:
- Detached Detached House: $ 1,061,500
- Townhome: $ 570,100
- Apartment / Condo: $ 435,900
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