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Residential gross sales within the area totalled 2,181 in November 2024, up from 1,702 in the identical month final 12 months, in line with information launched right now by Better Vancouver Realtors.
Nevertheless, regardless of the year-over-year enhance, gross sales have been nonetheless 12.8% under the 10-year seasonal common.
This rise in gross sales follows a robust 30% year-over-year enhance in October. Whereas the market isn’t seeing explosive progress, homebuyers are responding to the comparatively balanced circumstances.
“Whereas the November market isn’t fairly a Cyber Monday door-crasher, patrons are persevering with to reap the benefits of the comparatively balanced market circumstances whereas they final,” mentioned Andrew Lis, GVR director of economics and information analytics.
Nationwide Financial institution economist Daren King famous the information recommend seasonally adjusted gross sales decreased 3.3% on a month-over-month foundation following a 19.6% surge in October.
“Such a fall after such vigorous progress just isn’t an indication of weak spot, since home gross sales have remained excessive in contrast with final 12 months’s stage of exercise,” he wrote.
New listings additionally noticed an uptick, with 3,725 properties put up on the market—a ten.6% enhance in comparison with the identical time final 12 months. This contributed to continued progress in housing provide, with a complete of 13,245 properties listed on A number of Itemizing Service (MLS), a 21.2% enhance from final 12 months.
New listings stopping speedy value progress
The rise in stock has helped hold costs from climbing too rapidly regardless of the surge in gross sales.
The MLS Dwelling Value Index for all residential properties in Metro Vancouver stayed pretty regular at $1,172,100, simply barely decrease (by 0.9%) in comparison with November 2023 and practically unchanged from October.
“…as we transfer into the New Yr, if the energy in demand continues on the present tempo, and the tempo of newly listed properties coming to market doesn’t sustain, it is probably not lengthy till we see the return of upward stress on costs,” Lis famous.
King, nevertheless, cautioned that the present rise in long-term bond yields might mood continued progress within the housing market, which has up to now been supported by latest Financial institution of Canada charge cuts.
“Though cuts in short-term rates of interest over the approaching months might proceed to assist the housing market, it will likely be vital to have a look at the influence of the latest rise in long-term bond yields, which is prone to be handed on to fastened mortgage charges,” he wrote.
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Final modified: December 3, 2024
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