In the heart of Vancouver housing market, November 2023 unfolds with balanced conditions and an unprecedented surge in inventory—a scenario not witnessed since 2021.

Andrew Lis, REBGV’s director of economics and data analytics, notes a promising trend: “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.”

The Multiple Listing Service® (MLS®) captures this wave, recording 3,369 newly listed detached and attached properties, marking a 9.8% increase compared to November 2022. The total number of properties listed on the MLS® system in Metro Vancouver stands at 10,931—a 13.5% increase from November 2022 and 3.7% above the 10-year seasonal average of 10,543.

Vancouver housing market

Explore the intricacies of the sales-to-active listings ratio, a crucial metric sitting at 16.3% across all property types in November 2023. Delve into the specifics, with detached homes at 12.7%, attached properties at 19.8%, and apartments at 18.2%.

Unlock insights into historical data, revealing the delicate balance that impacts home prices. Sustained ratios below 12% exert downward pressure, while those exceeding 20% over several months drive prices upward.

November 2023 Vancouver Housing Market – Highlights by Property Type:

Detached Homes:

  • November 2023 witnesses a 7% surge in sales, totaling 523.
  • Uncover the nuances of the benchmark price for detached homes at $1,982,600—a 6.8% increase from November 2022 and a 0.9% decrease compared to October 2023.

Apartment Homes:

  • Sales in November 2023 reach 850, showcasing a 0.4% increase from the previous year.
  • Dive into the details of the benchmark price for apartment homes at $762,700—an impressive 6.2% increase from November 2022 and a 1% decrease compared to October 2023.

Attached Homes:

  • Experience a 12.5% surge in sales for November 2023, totaling 316.
  • Examine the benchmark price for townhouses at $1,092,600—an increase of 6.9% from November 2022 and a 0.7% decrease compared to October 2023.

As Andrew Lis concludes, “With most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.” Dive into the intricate dynamics of the Vancouver housing market, where opportunities and balance coalesce in November 2023.

Reference Resources From REBGV

If you would like to learn more about Vancouver’s housing market, or if you are interested in selling or purchasing a property, please contact Sam Hung, one of the best Realtors in Greater Vancouver.