Vancouver home sales jump in November as more new listings keep prices steady: board

Vancouver home sales jump

Photo: The Canadian Press

Houses and townhouses are seen in an aerial view, in Langley, B.C., on Wednesday May 16, 2018.  

Greater Vancouver Realtors say the number of homes that changed hands in the region increased 28.1 per cent on a year-over-year basis in November, as buyers continued to take advantage of a relatively balanced market.

The real estate board says there were 2,181 sales of existing residential homes last month, still 12.8 per cent below the 10-year average but up from the 1,702 home sales recorded in November 2023.

It says there were 3,725 newly listed properties, up 10.6 per cent from last year and 5.4 per cent above the 10-year seasonal average.

The total number of listings stood at 13,245, a 21.2 per cent increase compared with last year.

The composite benchmark price in November was $1,172,100, down 0.9 per cent from a year earlier and essentially unchanged from October.

The board's director of economics and data analytics, Andrew Lis, says there were enough newly listed properties in November to keep prices stable, however buyers could be paying more in 2025 if supply doesn't keep pace with rising demand.