Metro Vancouver home sales hit five-year high in November:
- November home sales saw 24.6 per cent above 10-year November sales average.
- Per the Real Estate Board of Greater Vancouver (REBGV), 3,064 homes were sold last month, breaking the 3,000 mark for the first time since Nov. 2015.
- Benchmark price for Vancouver homes reached $1,044,000 in November, up 5.8 per cent from Nov. 2019.
Sales-to-active listings ratio reached 27.6% in November:
- Continued above 20% trend is an indication of a seller’s market for all property types. A recap:
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A consistent trend of ratio above 20% indicates that the market is a seller’s market.
- November’s sales-to-active listings ratio for different home types:
- Detached homes: 27.9%
- Townhomes: 40.1%
- Condos: 23.9%
- According to REBGV chairwoman Colette Gerber, homebuyer demand has been at near record levels in the Metro Vancouver region since the summer, and “the rise of work-from-home arrangements and physical-distancing policies is causing some homebuyers to opt for less-densified areas.” This is one reason for the increased demand for townhomes and detached homes.
*Images/numbers from REBGV report.