Greater Vancouver Real Estate Market Overview – November 2024 📊🏡

Sales ActivityResidential sales reached 2,181 in November 2024, a 28.1% increase compared to November 2023 (1,702). Despite the rise, sales were still 12.8% below the 10-year seasonal average of 2,500. 🏘️  ⚖️

📝 New ListingsIn November 2024, 3,725 new properties (detached, attached, and apartments) were listed on the MLS®, a 10.6% year-over-year increase and 5.4% above the 10-year seasonal average. 🏠

The total active listings stood at 13,245, up 21.2% from November 2023 and 26.1% above the 10-year seasonal average. 📋

📊 Sales-to-Active Listings RatioThe sales-to-active listings ratio was 17.1% in November 2024:

• Detached homes: 12.7% 🏡

• Attached homes: 23.1% 🔗

• Apartments: 18.7% 🏢

Historical trends show price stability when the ratio is between 12–20%, with downward pressure below 12% and upward pressure above 20%. 📉

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Currently, prices are steady across all property types. 💵

🔮 Market OutlookIf demand continues to rise without sufficient new listings, upward pressure on prices could return in early 2025. 📅 For now, balanced market conditions are providing buyers with opportunities. 🤝