Greater Vancouver's November home sales dipped from the previous month in typical November fashion, but they again beat the 10-year average and outstripped last year's November sales numbers, according to the Real Estate Board of Greater Vancouver's report released December 2.
Meanwhile, prices continued to increase for houses, attached properties and condos, with an average lift of 5.7 per cent from last November.
“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” says Ray Harris, president of the Real Estate Board of Greater Vancouver.
In his video wrap-up of the latest statistics, REBGV vice-president Dan Morrison looks at projections for 2015 MLS® sales and prices and notes that the BC Real Estate Association, the CMHC and Central 1 Credit Union all predict "Minimal fluctuation in home prices and sales in 2015."
Sales and Listings
After an unexpected surge of 3,057 home sales in October, things quieted down, as expected, in November. In all, 2,516 homes sold in November in the area covered by the REBGV. That was still an increase compared to 2,321 in November 2013.
Of the properties for sale, 1,012 were detached houses, 452 were attached (townhouses or duplexes) and 1,052 were condo apartments.
|Nov/ Oct 2014||Nov 2014 / Nov 2013|
By November, people generally tend to wait until after the holiday season to list their homes, and this year is no exception. New listings were down by almost one-third, from 4,315 in October to 3,016 in November. Fewer new listings helped reduce the total of active listings to 12,553 from 13,851 in October.
Both new listings and current listings are also down from last November. Considering the gradual gain in prices this year, perhaps savvy sellers figure they'll get a few thousand dollars more if they wait a few months. The returns beat putting their money in a GIC.
Benchmark Price (MLS® Home Price Index)
Since November 2013, prices for the three major housing types — detached, attached and condo — have increased in every community within the Real Estate Board of Greater Vancouver, with only three exceptions. (Condo prices in Maple Ridge, Pitt Meadows and Richmond have all decreased slightly, probably because of competition from new condo developments.) Such a consistent increase is a pretty amazing feat considering the huge range of neighbourhoods and prices within the region.
November composite benchmark home prices by housing type are as follows:
|Nov 2014||Oct 2014||Nov 2013|
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package.
Price increases should level off somewhat in 2015, say several real estate market experts. REBGV vice-president Dan Morrison talks about the conditions that will affect the Greater Vancouver market in the coming year in this month's video.
The Real Estate Board of Greater Vancouver covers Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
The board covers only homes being resold through the Multiple Listing Service, and does not record sales of newly built homes unless they are listed with the MLS®, so the house prices in the Home Price Index don't reflect all of the residential real estate sold in the area.