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.