November 2020 Vancouver Real Estate Market has Recorded Sales
The continued 2020 demand for real estate in Metro Vancouver continues to surge above past averages, with November sales surpassing 3,000. The numbers for real estate in Vancouver confirm to rise above the norms and averages. The last time this event took place, was back in 2015.
The Real Estate Board of Greater Vancouver (REBGV) reported 3,064 sales for November 2020. Compared to last November, a 22.7 per cent increase from the 2,498 sales recorded. In comparison to October 2020’s 3,687 homes that were sold. It is a 16.9 per cent decrease.
November 2020 Vancouver Real Estate Insights
In comparison to the 10-year November sales average, last month sits at 24.6 per cent above the average. It is the second highest total in this period.
“Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.”Colette Gerber, REBGV Chair
Vancouver Real Estate Listings in November 2020
The Multiple Listing Service® (MLS®) reported Metro Vancouver Real Estate had 4,068 listings in November 2020. These listings included detached, attached and apartment homes.
The November 2020 listings represents a 36.2 per cent increase when compared to November 2019. In contrast, November 2019 had 2,987 homes listed. The number of listed homes in November represents a 27 per cent decrease compared to October 2020. October had 5,571 homes listed.
The MLS® system currently in Metro Vancouver has 11,118 homes listed for sale. Last year had 3.2 per cent less homes listed. November 2019 had 10,770 homes listed. Compared to October 2020, there is a 10.5 per cent decrease with 12,416 homes listed.
November Vancouver Home Listing Insights
“The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”Colette Gerber, REBGV Chair
November 2020’s sales-to-active listings ratio is 27.6 per cent, inclusive of all property types. The ratio for detached homes is 27.9 per cent, townhomes are 40.1 per cent, and apartments are at 23.9 per cent.
Analysts agree that downward pressure on home prices will occur when the sales-to-active ratio is below 12 per cent for a certain period of time. Home prices will typically experience upward pressure when the ratio is above 20 per cent over the span of several months.
Sunshine Coast Demand
Sunshine Coast had the largest increase in year-over-year demand. This demand translates to 106 home sales in November 2020, a 82.8 per cent increase compared to November 2019, with only 58 home sales.
Gerber states that, ” While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish.” This is rise is accredited to work-from-home arrangements and current physical distancing policies.
Real Estate Sales in November
The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties is currently $1,044,000. This number shows a 5.8 per cent increase compared to November 2019, and 0.1 per cent decrease compared to October 2020.
Sales of Detached Homes in Vancouver
In November 2020, detached home sales reached 1,061. This is a 18.6 increase from the 825 sales in November 2019. $ 1,538,900 is the benchmark price for a detached home. This shows a 9.4 per cent increase compared to November 2019, and a one per cent increase compared to October 2020.
Sales of Apartment Homes in Vancouver
Apartment home sales totalled 1,371 in November 2020. This is a 12.2 per cent increase compared to the 1,222 sales from November 2019. $676,500 is the benchmark price of apartment homes. This benchmark price shows a 3.4 per cent increase from November 2019. When compared to October 2020, the benchmark price has a one per cent decrease.
Sales of Attached Homes in Vancouver
Sales of attached homes in November 2020 totaled 632. November 2019 had sales of 451, this is a 40.1 per cent increase. The benchmark price of attached homes is $ 814,800. This benchmark price represents a 5.6 per cent increase compared to November 2019, and a 0.2 per cent increase compared to October 2020.
Curious to see how October 2020 compares? Click here.
See Real Estate Board of Greater Vancouver’s November 2020 statistics here.