November 2020 market update shows that home sales outpace seasonal norms and long-term averages!

Report from the Real Estate Board of Greater Vancouver, December 2, 2020

REBGV Stats package November 2020

Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020. A 22.7% increase from the 2,498 sales recorded in November 2019. There was a 16.9% decrease from the 3,687 homes sold in October 2020. Last month’s sales were 24.6% above the 10-year November sales average. This was the second highest total in this period. 

Message from the REBGV Chair, Colette Gerber, “Home buyer demand is at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.” 

There were 4,068 new listings on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2% increase compared to the 2,987 homes listed in November 2019. Plus it is a 27% decrease compared to October 2020 when 5,571 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118. this is a 3.2% increase compared to November 2019 (10,770) and a 10.5% decrease compared to October 2020 (12,416). 

“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.” 

Click here for the full Real Estate Board of Greater Vancouver November 2020 market Report