A steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.
That’s according to the latest numbers by the Real Estate Board of Greater Vancouver (REBGV), which reports that residential sales in the region in November 2023 saw a 4.7 per cent increase from the sales recorded in November 2022. That number was still 33 per cent below the 10-year seasonal average.
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s Director of Economics and Data Analytics, said in a new release. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
According to the REBGV, the total number of properties listed for sale on the MLS system in Metro Vancouver was up a 13.5 per cent compared to November 2022.That number is also 3.7 per cent above the 10-year seasonal average.
As far as the benchmark price last month for a single-detached house in Ladner, it was $1,379,000. That number is 3.1 per cent lower than the previous month but up 6.5 per cent compared to November 2022.
The benchmark price for a single-detached house in Tsawwassen last month was $1,589,000, up just over one per cent from the previous month, while 8.4 per cent higher compared to November 2022.
The November 2023 benchmark price for a townhouse in Ladner and Tsawwassen was $998,300 and $1,005,600 respectively. The benchmark price last month for a condo in Ladner and Tsawwassen was $725,000 and $694,000 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says the Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year. FVRB CEO Baldev Gill said that with seasonality and high interest rates continuing to dampen sales activity, they expect to see sales slow further into early 2024.
According to the FVRB, the benchmark price last month for a single-detached house in North Delta was $1,363,500, up 7.2 per cent compared to November 20222. The benchmark price last for a townhouse and condo was $975,000 and $540,000 respectively.