Vancouver Real Estate Market Update for November 2023

This is my one-minute update about the 2 most important things happening in the Vancouver real estate market right now.

Most of my private clients want to know these 2 things.

1. Has the value of my home gone up or down? and
2. If I wanted to sell my home now how long would it take?

• The detached home average price increased by 10 % year-over-year.
• The attached home average price decreased by 0.2% year-over-year.
• The condo apartment average price increased by 5.4% year-over-year.

Just like last month, many of Metro Vancouver’s neighbourhoods are in balanced or buyer’s market territory at the moment.

And, if you were to sell your home today and leave Vancouver, using my video marketing process, it would take approximately 2-6 weeks depending on the area you live in.

Now, if you want to know something specific about your home, your neighbourhood, your street, or even your neighbour’s home, just message me below and I’ll get you all the details.

And now, here are the Real Estate Board Of Greater Vancouver Stats

According to the Real Estate Board of Greater Vancouver, home sales in the region saw a 3.7 percent increase from the sales recorded in October 2022 and a 3.6 percent increase in the homes sold between September 2023 and October 2023. This total is 29.5 percent below the 10-year seasonal average for October.

With properties coming to market at a rate roughly five percent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall.

Counterbalancing this increase in supply, however, is the fact sales remain almost 30 percent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.

With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time.

While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.

Many savvy buyers who have been waiting on the sidelines are seizing the opportunity to purchase homes taking advantage of price abatements and price adjustments across Metro Vancouver.

See you next month.