Vancouver Home Sales Fell in November, but are Still Higher than a Year Ago

The Real Estate Board of Greater Vancouver says November home sales were down from October — but still well above the same time last year, as the market catches up to the effects of COVID-19.

The board said real estate agents sold 3,064 homes last month, down 16.9 percent from October, but up 22.7 percent from November 2019.

The board’s report says the benchmark price of a home in Vancouver reached $1,044,000, a 5.8% increase from November 2019.

Board Chairman Colette Gerber said Vancouver is a seller’s market as demand for detached homes and townhouses is driving prices higher while new registrations are falling.

Although the number of homes listed for sale in November rose 36.2 percent year-over-year to 4,068, new listings were down 27 percent from October. That left the sales-to-active listings ratio — a closely watched figure in the industry — at 27.6 percent, still above the 20 percent level where prices tend to rise.

Gerber says the Vancouver area has seen near-record home sales since the summer, after COVID-19 restrictions reduced the regular home-buying season, tended to peak in the spring and slow down. in winter.

According to Gerber, sales soared in remote areas of the metro area, such as the Sunshine Coast, Gulf Islands and Squamish, as home buyers moved toward less crowded neighbourhoods while making arrangements. work at home. Specifically, Sunshine Coast saw home sales increase 82.8%.

The trend of buyers searching for space is also clearly seen in the type of home sold. Home-home sales were up 28.6% for the month, with prices up 9.4% from a year ago. More than 40% of townhouses were sold this November compared to last year and townhouses prices increased by 5.6% compared to November 2019.

Apartment sales grew more slowly, up 12.2% due to a 3.4% increase in apartment prices compared to last year.

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