November 2024 Real Estate Market Update: Stability and Opportunities in Greater Vancouver

As we approach the year-end, the November 2024 Greater Vancouver real estate market showcased steady activity amidst evolving buyer and seller dynamics. A combination of increased inventory, balanced conditions, and modest price adjustments continues to shape the market. Let’s dive into the key highlights from this month’s report and what they mean for buyers, sellers, and investors.

Key Market Highlights

1. Sales Activity

   • Residential sales totaled 1,990 units, a 4.5% decrease year-over-year and 18% below the 10-year seasonal average.

   • Detached homes saw increased interest, with a 3.2% rise in sales compared to November 2023, while condos and townhomes experienced slight declines in activity.

2. Inventory Levels

   • New listings reached 4,786, representing a 5.6% increase from November 2023, adding further options for buyers heading into the holiday season.

   • Total active listings climbed to 13,512, a 30% increase compared to last year, creating a more favorable environment for buyers.

3. Pricing Trends

   • The MLS® Home Price Index composite benchmark price for all residential properties sits at $1,165,900, reflecting a 1.3% decrease year-over-year and a 0.5% month-over-month decline.

   • Detached homes: Benchmark price of $2,012,000 (-0.8% YoY).

   • Townhomes: Benchmark price of $1,112,300 (-1.2% YoY).

   • Condos: Benchmark price of $756,000 (-0.5% YoY).

Area Insights

Burnaby:

• Detached homes in Burnaby South held steady, while townhome and condo markets in Burnaby North showcased resilient demand.

• Burnaby East experienced modest price decreases, providing attractive opportunities for buyers.

New Westminster:

• With its affordability and accessibility, New Westminster condos continue to attract first-time buyers and investors, with a benchmark price of $652,200.

Vancouver East & West:

• Vancouver West remains the most expensive market, with a detached home benchmark of $3,462,000, while Vancouver East offers relative affordability with a benchmark of $1,776,500 for detached homes.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

• Coquitlam's townhome segment showed robust performance, while Port Moody and Port Coquitlam detached homes experienced steady activity.

Market Dynamics

The sales-to-active listings ratio sits at 14.7%, maintaining balanced conditions across most property types:

• Detached homes: 10.8% (buyer’s market territory).

• Townhomes: 17.6%.

• Condos: 18.4%.

This ratio signals stable prices overall but highlights opportunities for buyers in the detached home segment.

What This Means for Buyers and Sellers

• For Buyers: Increased inventory across Greater Vancouver provides a wider selection heading into 2025. Detached homes in areas like Burnaby South and Coquitlam present particularly good value.

• For Sellers: Competitive pricing and strategic marketing will remain critical to attract active, motivated buyers in a market with expanded choices.

Looking Ahead

With the final Bank of Canada rate decision for the year on the horizon and expectations of continued economic stabilization, the real estate market could see an uptick in activity as we move into 2025. Whether you’re buying a condo in New Westminster, selling a townhome in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding the latest trends is key to success.

Contact me today for personalized advice on navigating this dynamic market. Together, we’ll craft a plan tailored to your goals.