What Happened in November 2024 in the Greater Vancouver Housing Market?

Market Activity Comparison (Year-over-Year):

Sales in November 2024 were up 28% compared to November 2023. Total inventory increased by 21% year-over-year.

10-Year Average Trends

Sales were 13% lower than the 10-year average for November. Inventory levels were 26% higher than the 10-year average.

Price Changes (Year-over-Year)

Overall pricing declined by 0.9% compared to November 2023. Detached homes saw a 1% increase in prices. Townhomes and duplexes experienced a 1.8% rise in prices. Condo prices dropped by 1.2%, lagging behind other property types.

Regional and Segment-Specific Insights

Some pre-sale condo sellers are experiencing losses due to an influx of new-build inventory. Other markets, particularly in detached homes, townhomes, and duplexes, are performing strongly.

NOVEMBER 2024 VANCOUVER REAL ESTATE STATS:

Sales are up 28.1% from November 2023

Sales are down 12.8% compared to the 10 year seasonal average

New listings are up 10.6% compared to November 2023

Total listings on the market are up 21.2% compared to November 2023

Detached Market

• Benchmark price up 1%
• 12.7% sales to active ratio

Townhome Market

• Benchmark price up 1.8%
• 23.1% sales to active ratio

Condo Market

• Benchmark price down 1%
• 2% 18.7% sales to active ratio