VANCOUVER WEST NOVEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release forecasts this year’s home sales meeting and even exceeding all time records for Greater Vancouver. This is despite chronic low inventory. The ensuing upward pressure on prices is exacerbated by Buyers wanting to take advantage of lower rate holds in anticipation of expected higher interest rates. Sales of all residential properties last month are up 11.9 percent annually and 33.9 percent above the November average. New listings dip 2.6 percent November 2021 compared to last November while the total inventory of listed properties falls 35.7 percent year to year. Last month the annual composite value of all properties is 16 percent higher.
The graph shows an increase of 6.4 percent from October to November in the average price for detached properties. The benchmark price for detached homes this November is 20.8 percent higher than last November. The volume of house sales loses 7 percent year to year.
Last month versus the previous November, Vancouver west detached prices increase 9.3 percent. Year to year west side house sales are up 5.2 percent. November 2021 inventory is 1.4 percent under that of the previous November.
From October to November west side house sales fall 7.4 percent. Month to month detached inventory is 12 percent lower.