November marks the first balanced month in real estate prices after five consecutive months of price declines. This follows October's high sales volume, signalling a potential return to a balanced market.
“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,” Andrew Lis, GVR’s director of economics and data analytics said. “But as we move into the New Year, 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.”
Looking ahead, December 11th brings the Bank of Canada's next rate decision. TD Economics forecasts a 25-basis-point cut to 3.50%, potentially allowing more borrowers to enter the market.
Here's the summary for November:
28.1% ↑ in sales since November 2023 (demand)
12.8% ↓ below the 10-year November sales average
21.2% ↑ in listed properties compared to November 2023 (supply)
26.1% ↑ above the 10-year November listings average
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9% decrease from November 2023 and nearly unchanged compared to October 2024.
