29 Dec 2024
REBGV Market Update for November 2024 – Home Buyer Demand Continues To Strengthen
The latest Greater Vancouver Realtors (GVR) report on the November 2024 real estate market, showed a 28% increase in sales from November 2023. Even with the increase in annual growth, the volume was still 12.8% below the seasonal average.
In his monthly comments, Andrew Lis, GVR director of economics and data analytics said “When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend. While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.
“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.”
Home Sales
The region saw November register 2,181 sales, a 28.1% increase from the 1,702 sales recorded in November 2023.
November sales were 12.8% below the 10-year November sales average.
Home Listings
Lis said there were enough newly listed properties in November to keep prices stable, however buyers could be paying more in 2025 if supply doesn’t keep up with demand.
He was alluding to the fact that the number of newly listed homes on the MLS for November 2024 was 3,725, representing a 10.3% increase from the 3,369 properties listed November 2023. This was 5.4% above the 10-year seasonal average of 3,535.
The total number of properties listed for sale in November 2024 was 13,245, representing a 21.2% increase compared to the 10,931 listed in November 2023.
Sales-to-active-listings ratio
The November 2024 ratio was 17.1%. By property type, the ratio was 12.7% for detached homes, 23.1% for town homes and 18.7% 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 $1,172,100 in November 2024. This was a 0.9% increase over November 2023 and nearly unchanged when compared to October 2024.
For the fall of 2025, the BC Real Estate Association is forecasting an average listing price to be around $1.3 million.
Get the 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 professional, call on 604 913 1000 or email.