November 2023 Real Estate Market Update: Balanced Conditions and Holiday Trends

As we approach the end of 2023, the Metro Vancouver housing market is experiencing a sense of balance, offering some of the best conditions for buyers in recent years. Inventory levels have steadily increased, creating greater opportunities for those searching for a home, even as the usual seasonal slowdown takes hold.

Market Highlights for November 2023:

• Home Sales:
  A total of 1,702 residential properties were sold, marking a 4.7% increase from November 2022. However, this remains 33% below the 10-year seasonal average, highlighting a tempered pace of sales.

• New Listings:
  Metro Vancouver saw 3,369 new listings in November, up 9.8% compared to the same period last year but slightly below the 10-year seasonal average.

• Inventory Growth:
  The total number of active listings reached 10,931, a 13.5% increase from November 2022 and a modest 3.7% above the 10-year seasonal average.

• Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver, notes:
  "The increased supply, coupled with the seasonal dip in sales, is creating a balanced market. Buyers have more choices than in previous years, and the flattening of prices since the summer months reflects these conditions."

Benchmark Prices and Trends:

• The MLS® Home Price Index composite benchmark price for all residential properties stands at $1,185,100, representing:

  • A 4.9% increase compared to November 2022.

  • A 1% decrease compared to October 2023.

By Property Type:

• Detached Homes:

  • Sales: 523 (up 7% year-over-year).

  • Benchmark Price: $1,982,600 (+6.8% year-over-year, -0.9% month-over-month).

• Apartments:

  • Sales: 850 (up 0.4% year-over-year).

  • Benchmark Price: $762,700 (+6.2% year-over-year, -1% month-over-month).

• Attached Homes:

  • Sales: 316 (up 12.5% year-over-year).

  • Benchmark Price: $1,092,600 (+6.9% year-over-year, -0.7% month-over-month).

What This Means for Buyers and Sellers:

• For Buyers:
  The combination of increasing inventory and stable pricing offers an excellent opportunity for those ready to enter the market. With mortgage rates potentially easing in 2024, now could be a strategic time to explore options.

• For Sellers:
  While price growth has leveled off, the market's balanced conditions and continued demand suggest it’s still a favorable time to sell. The right pricing strategy remains key in attracting serious buyers.

Local Area Highlights:

• Burnaby:
  Detached homes in Burnaby South recorded the highest benchmark price at $2,168,800, reflecting a 7.7% year-over-year increase.

• New Westminster:
  The benchmark price for detached homes sits at $1,504,200, with a 3.7% increase year-over-year.

• Tri-Cities:
  Coquitlam showed strong activity, with attached homes seeing a 4.9% annual price increase to a benchmark of $1,042,100.

• Vancouver East & West:
  Vancouver East experienced notable growth in detached home prices, up 8.9% annually, while Vancouver West's benchmark for apartments reached $842,800, a 4.5% annual increase.

As we move into the holiday season, the real estate market presents a unique opportunity for both buyers and sellers. Whether you’re considering entering the market or seeking advice on your next steps, we’re here to guide you through every stage.