November home sales in Greater Vancouver surge above decade-long average

Residential home sales in Greater Vancouver surged by approximately 26% in November compared to the same month in 2016, according to the Real Estate Board of Greater Vancouver (REBGV).

The board said the number of sales this November – 2,795 homes sold – is 17% above the 10-year average for the Greater Vancouver region, although sales dropped by 7.5% from October, when just over 3,000 homes were sold.

Jill Oudil, president of the REBGV, noted the steady demand in the market, with the town home and condominium markets showing particular strength. 

The benchmark price for detached properties was about $1.6m, an approximate 6% increase from November 2016. Moreover, the benchmark price of an apartment property was about $648,000, a nearly 24% increase over the last year. 

Oudil says there are more listings entering the market this year compared with the same time last year. However, inventories are still below typical levels.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate