November 2015 Housing Market Update

November Housing market remains strong despite diminishing supply

November home sales reached near record levels even as home listings began the traditional year-end decline.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver increased 40.1% compared to sales recorded in November 2014.

 

Last month’s sales were 46.2% above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

The sales-to-active-listings ratio in November was 43.5%. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12% mark, while home prices often experience upward pressure when it reaches 20%, or higher, in a particular community for a sustained period of time.

 

  • The benchmark price* for a detached property in Metro Vancouver increased 22.6% from November 2014 to $1,226,300.
  • The benchmark price* of an apartment property increased 14% from November 2014 to $435,000.
  • The benchmark price* of an attached unit increased 11.3% between November 2014 and 2015 to $536,600.

Single Family Detached Benchmark Price* comparison: 

  • Burnaby North $1,243,600
  • Burnaby South $1,261,600
  • Coquitlam $938,300
  • New Westminster $861,000
  • North Vancouver $1,279,600
  • Port Coquitlam $719,800
  • Port Moody $1,093,800
  • Richmond $1,266,400
  • Vancouver East $1,208,800
  • Vancouver West $2,864,600
  • West Vancouver $2,519,200


*Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

Source: http://www.rebgv.org/