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Metro Vancouver real estate rebound levels off, prices hold flat in November

Sales were up year-over-year in November, but down from October.
Sales were up year-over-year in November, but down from October. THE CANADIAN PRESS IMAGES/Bayne Stanley

After four months of rebounding sales activity, Metro Vancouver’s real estate market appears to be leveling off, according to new data from the Real Estate Board of Greater Vancouver (REBGV).

The organization released its November sales data Tuesday, which showed a 55.3 per cent jump in sales across the region from the same month last year. However, after four months of sales gains, the number of units sold declined 12.6 per cent from October.

READ MORE: Metro Vancouver home sales climb for 4th month, prices level off

November’s sales were four per cent above the 10-year November average.

Inventory on the region’s market also continued to thin out, with the number of active listings on the MLS system down 12.5 per cent year-over-year and down 12 per cent from October.

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Greater Vancouver home sales
Greater Vancouver home sales. REBGV

The benchmark price of a detached home across the region was $1.415 million, down 5.8 per cent from November 2018 but up a slim 0.3 per cent from October.

The benchmark price of a condo across the region was $651,500, down 3.8 per cent year-over-year and down 0.2 per cent from October 2019.

Areas with the biggest year-over-year price drop for detached homes included Vancouver’s West Side (9.3 per cent), South Burnaby (7.8 per cent), Richmond (7.2 per cent) and West Vancouver (7.1 per cent).

READ MORE: Metro Vancouver real estate sales up for 3rd consecutive month, prices still down

Only Whistler (4.5 per cent) and Squamish (3.6 per cent) saw price increases.

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Areas with the biggest year-over-year price drop for condos included West Vancouver (9.1 per cent), Tsawwassen (8.4 per cent), New Westminster (7.8 per cent), and South Burnaby (6.2 per cent).

Click to play video 'Ask an Expert: Real Estate market conditions' Ask an Expert: Real Estate market conditions
Ask an Expert: Real Estate market conditions – Sep 8, 2019

Only Whistler (4.2 per cent) and Squamish (1.9 per cent) saw price growth year-over-year.

“We started to see more homebuyer confidence in the summer and this trend continues today,” said REBGV president Ashley Smith in a media release.

“It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with homebuyer demand.”

Recent reports from Central 1 Credit Union and the Canada Mortgage and Housing Corporation have suggested that after a nearly two-year slump, the region’s real estate market is set to level off and begin accelerating in 2020 and 2021.

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