The Metro Vancouver housing market is experiencing balanced conditions as the holiday season approaches, with an increased housing inventory offering home buyers an extensive selection not seen since 2021.
As of November 2023, the Real Estate Board of Greater Vancouver (REBGV) reports a notable rise in residential sales, totaling 1,702—a 4.7% increase from November 2022's 1,625 sales, yet 33% below the 10-year seasonal average of 2,538.
“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,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
In November 2023, there were 3,369 newly listed detached and attached properties for sale on the Multiple Listing Service® (MLS®), reflecting a 9.8% increase compared to November 2022. The total number of properties listed on the MLS® system in Metro Vancouver currently stands at 10,931—a 13.5% increase from November 2022 and 3.7% above the 10-year seasonal average of 10,543.
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3%. By property type, the ratio is 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.
Historical data suggests that sustained ratios below 12% exert downward pressure on home prices, while ratios exceeding 20% over several months tend to drive prices upward.
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” said Andrew Lis. “Prices have edged lower by a few percent since the summer, and with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently stands at $1,185,100—a 4.9% increase from November 2022 and a 1% decrease compared to October 2023.
Detached Homes:
Sales in November 2023 reached 523, a 7% increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8% increase from November 2022 and a 0.9% decrease compared to October 2023.
Apartment Homes:
Sales reached 850 in November 2023, a 0.4% increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2% increase from November 2022 and a 1% decrease compared to October 2023.
Attached Homes:
Sales in November 2023 totalled 316, a 12.5% increase compared to the 281 sales in November 2022. The benchmark price of a townhouse is $1,092,600. This represents a 6.9% increase from November 2022 and a 0.7% decrease compared to October 2023.
If you would like to learn more about Vancouver's housing market, or if you are interested in selling or purchasing a property, please contact Matt Gul, one of West Vancouver's top Realtors, at 778-888-8888 or matt@mattgul.com. Or, contact Selin Gul at 672-888-8888 or selin@mattgul.com