Metro Vancouver home sales in November remained lower than this time last year extending the trend of lower than average sales observed this Fall.
Taking a closer look Realtors registered over 1800 home sales on MLS® in November, -15% below from November 2024.
On the supply side, Sellers listed nearly 3700 homes for sale, down -1.4% from November 2024 and +3% above the seasonal average. November ended with more than 15,000 homes listed for sale on the MLS®, +36% above the seasonal average for the month.
Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago. With borrowing costs like to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment.
We can measure the demand through sales-to-active listings ratio. This ratio measures the homes available for sale against the number of homes sold throughout the month, to get an idea of supply and demand.
An analysis of historical data suggests downward pressure on home prices occurs when this ratio dips below 12% for a sustained period. Home prices often experience upward pressure when it surpasses 20% over several months.
The market overall stands in balance condition.
November ended with this ratio at 13% for all homes. By property type it was 10% for detached homes, 14% for attached and 15% for apartments.
Looking at prices, the MLS® HPI Benchmark Price for all housing types in Metro Vancouver is $1,124,000, down -4% from this time last year. By property type detached homes reached a price of $1,910,000, townhomes 1,066,000 and apartments $714,000.
So what’s ahead to close out the year for Metro Vancouver’s housing market?
As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year market by considerable uncertainty.
