Home buyer demand continues to strengthen in November

The GVR reports that residential sales in the region totalled 2,181 in November 2024, a 28.1% increase from the 1,702 sales recorded in November 2023. There were 3,725 detached, attached and apartment properties newly listed for sale on the MLS in Metro Vancouver in November 2024. This represents a 10.6% increase compared to the 3,369 properties listed in November 2023.

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend. While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.” – Andrew Lis, GVR director of economics and data analytics

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 37% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $5 mil Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in West End, Yaletown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $2.25 mil – $2.5 mil with average 43% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5.5 mil- $6 mil, Arbutus, Cambie, Mackenzie Heights, Quilchena and Southlands
• Opportunity for Sellers: Selling homes in Kerrisdale, University and up to 6 bedrooms

Attached Housing

• Market Type: Sellers Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $600,000 – $700,000 with average 33% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil – $2.5 mil Cambie, South Cambie, South Granville and minimum 4 bedrooms
• Opportunity for Sellers: Selling homes in Fairview, Kitsilano and up to 1 bedrooms

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $1.25 mil – $1.5 mil with average 40% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.75 mil – $3.5 mil, Collingwood, Grandview Woodlands, South Vancouver and 7 plus bedrooms
• Opportunity for Sellers: Selling homes in Victoria and 3 to 4 bedrooms

Attached Housing

• Market Type: Sellers Market at 25% Sales Ratio average (2.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 33% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.5 to $1.75mil, South Vancouver, Strathcona and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Hastings and 2 bedrooms

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on December 1, 2024  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.