November 2023 – Monthly Vancouver Real Estate Update

After a month of consolidation, Vancouver's real estate market softened once again in November. It turns out that October was a short lived reprieve from the pattern we've seen over the last six months.

This isn't a shock. As I mentioned in last months market review, we typically see things pullback from November through to February. So it comes as no surprise that this past month was light on market activity.

Sales (491) were down -15.3% from a month ago, but up +3.2% compared to a year before. That's a significant -32.8% below the 10-year average.

New listings reached 1,083 off -30.7% compared to last month and +0.7% from last year. It was also almost right on the 10-year average up +0.25% while Total Active Listings jumped to 3,620 which was +10.3% over the 10-year average.

As demand has eased off over the last few months we've seen prices slide. This month, every housing type across the city saw price declines except one. The most significant declines were for Westside Townhouses and Eastside condos, both down -1.4% month to month.

The only exception to these declines were Westside houses that saw a +0.9% increase over last month.

It's worth noting that despite these declines over the last few months, we are still very close to peak pricing for most housing types in Vancouver. All of these are well above prices a year ago (as much as +10.9% for Westside houses).

As mentioned last week, we'll continue to see activity levels (and most likely prices) slide a bit in the coming months. I continue to believe that this could be a phenomenal opportunity to secure a new home, upsize to your next home or add an investment property to your portfolio.