November home sales in Vancouver up 40 per cent from year ago, board says

A look at real estate housing in Metro Vancouver

Photograph by: Video image, Vancouver Sun

VANCOUVER - Home sales in the Vancouver area posted their second-highest ever November sales as they climbed 40.1 per cent compared with a year ago.

The Real Estate Board of Greater Vancouver says home sales on the Multiple Listing Service in Metro Vancouver totalled 3,524 last month.

That was up from 2,516 a year ago and down slightly from 3,646 in October.

"November is typically one of the quietest months of the year in our housing market, but not this year," board president Darcy McLeod said.

"The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years."

New listings for detached, attached and apartment properties in Metro Vancouver amounted to 3,392 in November compared with 3,016 in the same month last year.

The strength in the Vancouver market has continued even as the housing market in many areas of the country has cooled with the economy.

The sales for November were 46.2 per cent above the 10-year sales average for the month.

The report Wednesday also said the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver reached $752,500, up 17.8 per cent from a year ago.

The benchmark price for a detached home increased 22.6 per cent from a year ago to $1,226,300, while the benchmark apartment price increased 14 per cent to $435,000.

The benchmark price of an attached unit increased 11.3 per cent to $536,600.