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According to the Real Estate Board of Greater Vancouver, housing demand in Metro Vancouver continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.
“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said.
“This is putting upward pressure on home prices, particularly in our detached and townhome markets.”
Colette also has mentioned homes’ supply and price trends:
“The supply of homes for sale are a critical factor in understanding home price trends,” Gerber said.
“The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Coquitlam
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
