We had 836 sales in Vancouver in November which was 13% higher than the 10-year-avg. In the last decade, only 2015 had more sales in the month of November.
This continues the trend that we’ve seen in the last few months. Demand in our market continues to be at/near record highs. This level of demand is continuing to put upward pressure on prices…especially for houses and townhomes/duplexes.
Both New Listings as well as Total Active Listings continue to increase. However, that supply has not kept up with demand. This imbalance is the reason that prices are being pushed upwards.
For yet another month, East Vancouver is leading the city as the strongest market. All East Van micro-markets are in a Seller’s Market. Meanwhile, the Westside is mostly in a Balanced Market…Downtown is the only exception (in a Buyer’s Market).
Strongest demand is being seen for family-oriented homes at “affordable” price points. That means larger condos and townhouses as well as houses. However, it has also resulted in the Downtown market softening considerably.
If you are considering selling, the coming months would appear to be an optimal time. And, if you are looking for a bargain then you don’t have to look much further than the Downtown core.