Metro Vancouver, Fraser Valley remain a sellers' markets, say real estate groups
High demand, strong sales volume continue to drive up property prices in both regions
Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Greater Vancouver.
But the industry group says as trends go, demand remains high, making it a sellers' market.
REBGV's monthly tally shows 3,064 homes sold last month across the region, compared to 3,687 in October 2020.
Compared to November 2019, sales were up 22.7 per cent.
Colette Gerber, REBGV chair, says demand from buyers has been at "near record levels" since the summer.
"This is putting upward pressure on home prices, particularly in our detached and townhome markets," she said.
The Sunshine Coast showed the largest increase in year-over-year sales according to the data, with Squamish and the Gulf Islands not far behind.
"The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas," said Gerber.
The total number of Metro Vancouver homes currently listed for sale is 11,118, representing a 10 per cent decrease from October 2020.
Gerber says the current market favours sellers because demand is outstripping supply.
The Multi Listing Service home price index composite benchmark price for all residential properties in Metro Vancouver — detached homes, townhomes and apartments — is $1,044,000, a 5.8 per cent increase year-over-year and a 0.1 per cent decrease compared to October 2020.
Benchmark prices in each of the three categories are:
- Detached home: $1,538,900
- Attached home: $814,800
- Apartment: $676,500
The sales scene in the Fraser Valley is even hotter, according to the Fraser Valley Real Estate Board.
It describes the level of demand as "unrelenting," even though like Metro Vancouver, November sales dropped by 8.3 per cent from October.
In total, there were 2,173 property sales, an increase of 54.7 per cent compared to November 2019.
The boards says monthly sales records were set in September, October and November compared to previous years.
"We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate," said president Chris Shields.
"Since the summer, we've seen the strongest demand in our board's 99 year history, specifically for single-family detached and townhomes,"
The FVREB calculates the benchmark prices for the region as:
- Single family detached: $1,061,500
- Townhome: $570,100
- Apartment/condo: $435,900