November 2024 Metro Vancouver Real Estate Market

Understanding the November 2024 Metro Vancouver Real Estate Market

Welcome to your insider’s guide to the November 2024 Metro Vancouver real estate market! Whether you’re buying, selling, or investing, staying informed about the latest trends is essential. After reviewing this month’s real estate data, I’ve compiled key insights to help you make smarter decisions.

Strong Growth in Home Buyer Demand

The November real estate market showcased impressive growth, with a 28% year-over-year increase in home sales, following October’s 30% rise. A total of 2,181 residential properties were sold in Metro Vancouver this month.

While this number is slightly below the 10-year seasonal average, it reflects strong activity and healthy competition in the market.

Supply: The Backbone of Market Stability

Supply trends have kept the market balanced. November recorded 3,725 new listings, a 10.6% increase compared to November 2023, with total active listings rising to 13,245—a 21.2% jump from last year. This inventory growth has been instrumental in maintaining price stability across all property types, offering buyers more options while supporting sellers with steady demand.

The Sales-to-Active Listings Ratio

The sales-to-active listings ratio was 17.1% in November, providing clues about market pricing trends:

• Below 12%: Prices face downward pressure.

• Above 20%: Prices experience upward pressure.

Here’s how the ratio looked for different property types:

• Detached Homes: 12.7% (balanced market)

• Attached Homes (Townhouses): 23.1% (favorable for sellers)

• Apartments: 18.7% (moderate activity)

Benchmark Prices for November 2024

The benchmark price for all residential properties in Metro Vancouver stood at $1,172,100, reflecting a 0.9% decrease compared to November 2023. Here’s the breakdown by property type:

• Detached Homes: $1,997,400 (+1% year-over-year)

• Apartments: $752,800 (-1.2% year-over-year)

• Attached Homes (Townhouses): $1,117,600 (+1.8% year-over-year)

A notable highlight this month was the surge in attached home sales, which rose 42.7% year-over-year. Townhouses are becoming increasingly popular as they offer a perfect blend of space and affordability, making them an ideal choice for families and first-time buyers.

Looking Ahead to 2025

As we prepare for the new year, the market’s trajectory will depend on the balance between demand and supply. If buyer activity continues to grow without an equivalent rise in new listings, we could see upward pressure on prices in the months ahead. Now is an excellent time to plan your next steps in Metro Vancouver’s thriving real estate market.

Why Choose Me as Your Realtor?

Navigating the Metro Vancouver real estate market can be overwhelming, but you don’t have to do it alone. As a dedicated and experienced realtor, I provide:

• Market Expertise: Up-to-date knowledge to help you make informed decisions.

• Personalized Service: Tailored strategies to achieve your unique goals.

• A Commitment to Excellence: Your success is my priority.

Let’s Unlock Real Estate Success Together

Whether you’re buying your dream home, selling your property, or exploring investment opportunities, I’m here to help. For all your real estate needs, feel free to contact me. Let’s unlock real estate success—one key at a time! Visit www.hakimifard.com to learn more or schedule a consultation today.