November 2023 Real Estate Market Update for Greater Vancouver

Written by Caroline Yuen on December 4, 2023.

The Real Estate Board of Greater Vancouver (REBGV) has announced that the total residential sales in the area reached 1,702 in November 2023. This represents a 4.7% rise from the 1,625 sales in November 2022, yet it is 33% lower than the 10-year November average of 2,538 sales.

In Metro Vancouver, November 2023 saw 3,369 new listings for detached, attached, and apartment properties on the Multiple Listing Service® (MLS®), marking a 9.8% increase from the 3,069 properties listed in November 2022. However, this figure is 2.8% below the 10-year November average of 3,464 listings.

For November 2023, the sales-to-active listings ratio for all property types – detached, attached, and apartments – stands at 16.3%. Breaking it down by property type, detached homes have a ratio of 12.7%, attached properties are at 19.8%, and apartments show a ratio of 18.2%.

Examining historical trends indicates that home prices tend to face downward pressure when the sales-to-listings ratio remains below 12% for an extended period. Conversely, prices are likely to rise when this ratio consistently exceeds 20% over a span of several months.

In November 2023, sales of detached homes rose to 523, showing a 7% increase from the 489 sales in November 2022. The benchmark price for these homes was $1,982,600, indicating a 6.8% increase from the previous year and a 0.9% decrease from October 2023.

For apartment homes, there were 850 sales in November 2023, a slight 0.4% rise from the 847 sales in November 2022. The benchmark price for these apartments stood at $762,700, reflecting a 6.2% year-over-year increase and a 1% decrease from October 2023.

Sales of attached homes reached 316 in November 2023, a notable 12.5% increase from the 281 sales in November 2022. The benchmark price for a townhouse was $1,092,600, marking a 6.9% increase from November 2022 and a 0.7% decline from October 2023.

Data sourced from https://www.rebgv.org/