REBGV Market Update for November 2023 – Buyers Have A Larger Inventory To Choose From

In the latest Real Estate Board of Greater Vancouver (REGBV) report on the November 2023 real estate market, buyers had the largest housing inventory to choose from since 2021.

In his monthly commentary, Andrew Lis, the Director of economics and data analytics said, “We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years.

“When paired with the seasonal slowdown in sales we typically see this time of the year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

Home Sales

Home sales were 33% below the 10-year seasonal average of 2,538. The region saw November register 1,702 sales, a 4.7% increase from the 1,625 sales recorded in November 2022.

The number of detached properties sold was 523, 7% more than November 2022.

The number of apartments sold was 850, 0.4% more than November 2022.

The number of attached properties sold was 316, 12.5% more than November 2022.

Property Type Nov 2023 sales Nov 2022 sales %  +/-
Detached 523 489 +7%
Apartment 850 847 +.04%
Townhouse 316 281 +12.5%

Home Listings

There were 3,369 detached, attached and apartment properties newly listed on the Multiple Listing System (MLS) in Metro Vancouver in November. This represented a 9.8% increase compared to the 3,069 properties listed in November 2022.

The total number of properties listed for sale was 10,931 which represented a 13.5% increase when compared to the 9,633 properties listed in November 2022. 

Sales-to-active-listings ratio

The November 2023 ratio was 16.3%. By property type, the ratio was 12.7% for detached homes, 19.8% for town homes and 18.2% for condominiums.

When this ratio is around or below 12% for a sustained period, there is downward pressure on home prices, and when it is above 20%, there is upward pressure. 

Home Prices

The MLS Home Price Index for all residential properties in Metro Vancouver was at $1,185,100 in November 2023. This was a 4.9% increase over November 2022 and 1% decrease over October 2023.

“Prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favourable we’ve seen in some time in our market, “Lis noted.

Read REBGV’s full report here.

Our real estate sales professionals are focused on looking after their client’s best interests. They are trained and highly experienced in all matters real estate. To contact a Virani sales advisor, please call us on 604 913 1000 or send us an email.

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