November Home Sales Keep Climbing, Prices Hold Steady

The Vancouver real estate market continued its upward trajectory this November, building on October’s rebound in sales activity. Home sales rose year-over-year, and new listings remained robust, maintaining a relatively balanced market. While prices showed little movement month-over-month, sustained demand and steady inventory suggest the market is poised for further increased activity as we head into 2025.
 

Residential sales in Vancouver totalled 2,181 in November 2024 -  a significant 28.1% increase from the 1,702 sales recorded in the same month last year. Though encouraging, this total remains 12.8% below the 10-year seasonal average of 2,500 sales. New listings totalled 3,725 in November, up 10.6% year-over-year and 5.4% above the 10-year seasonal average. The total active inventory across the market reached 13,245 properties, marking a 21.2% increase from last year and a 26.1% rise above seasonal norms.

Attached Home Sales Up 42.7% YOY

With higher inventory helping stabilize prices, the benchmark price for all residential properties in Vancouver remained nearly unchanged month-over-month at $1,172,100 - a slight 0.9% decrease year-over-year. Looking at the activity and pricing breakdown by property type:
 

• Detached homes saw solid growth in November, with 626 units sold — a 19.7% increase compared to the 523 detached homes sold in November 2023. Despite this uptick in activity, the benchmark price for detached homes remained relatively stable at $1,997,400, reflecting a modest 1% increase year-over-year and a slight 0.3% decline from October 2024. 
   

• Apartment sales also experienced increased momentum, with 1,089 units sold - a 28.1% increase compared to the same period last year. However, prices in the apartment segment experienced a minor softening. The benchmark price of an apartment home dropped to $752,800, a 1.2% decrease year-over-year and a 0.6% decline month-over-month. 
   

• Attached homes were the standout performer of the month, with sales reaching 451 units—a significant 42.7% increase from the 316 sales recorded in November 2023. The benchmark price for attached homes rose to $1,117,600, reflecting a 1.8% increase year-over-year and a 0.8% increase compared to October. With a sales-to-active listings ratio of 23.1%, the attached home market slightly favours sellers, suggesting growing demand in this property type.

Can Balanced Conditions Sustain, Or Will Demand Outpace Supply in 2025?

As buyers take advantage of balanced market conditions, the question remains: can inventory levels keep pace with current demand? Though sales are increasing across all property types, and new listings exceeding seasonal averages, prices have largely held steady, with only minor adjustments across segments. Detached home sales remain active, while attached homes show the strongest growth. As demand continues to strengthen heading into 2025, sellers have opportunity to capitalize on increased activity. For those looking to buy, you can enjoy increased options compared to previous years, moderate competition and stable prices - while it lasts.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.