VANCOUVER WEST NOVEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports quite an inventory bump for November. With the largest selection since 2021 running in counterpoint to the traditional fall slowdown of sales, prices have edged down a bit since summer. Meantime there is a consensus that mortgage rates will dip in 2024, so Buyers could be well advised to purchase sooner than later.
New listings in all sectors last month are up 4.7 percent compared to November 2022. Total inventory is up 13.5 percent year to year. Sales of all residential properties in Metro Vancouver this November rise 4.7 percent compared to last November. The composite value of all properties is 4.9 percent higher November to November.
The graph shows the average Metro Vancouver price for detached properties down five percent from October to November. The benchmark price for houses in November 2023 is 6.8 percent more than the previous November. Year to year the volume of detached home sales is up seven percent.
Last month versus November 2022, Vancouver west detached prices are up 9.8 percent. West side house sales increase 3.7 percent year to year. This November, inventory is 33.8 percent under that of the previous November.
From October to November west side house sales fall 22.5 percent. Month to month detached inventory drops 40.1 percent.