Nothing can stop the Vancouver housing market, even typically slow November
Even during what is considered one of the slowest months of the year for real estate, Canada’s most expensive housing market continued its torrid pace.
The Real Estate Board of Greater Vancouver said it recorded 3,524 sales across the multiple listing service in November, a 40.1 per cent increase from a year ago. Home sales were down 3.3 per cent from 3,646 a month earlier.
“November is typically one of the quietest months of the year in our housing market, but not this year,” said Darcy McLeod, president of the board. “The ratio of sales to homes available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”
November sales were 46.2 per cent above the 10-year sales average for the month and the second highest ever for the month.
Housing sales activity is soaking up supply in the market, with the total number of properties listed for sale on MLS at 8,096 just in November, a 35 per cent decline compared to a year ago and a 15.4 per cent drop from a month earlier.
The impact on prices has been obvious. The board’s composite benchmark price for all residential properties in the Metro Vancouver area rose to $752,500, a 17.8 per cent increase from a year ago.
Detached properties, one of the most sought after commodities in the region’s real estate market, led the way on price increases. Based on the board’s benchmark index, a detached home is now $1,226,300, a 22.6 per cent increase from a year ago.
The average sale price of a detached home climbed to $1,579,170 in Vancouver in November.
