November home sales outpace seasonal norms and long-term averages
Vancouver, B.C. – December 2, 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 per cent increase from the 2,498 sales recorded
in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020.
Last month’s sales were 24.6 per cent above the 10-year November sales average and was the
second highest total in this period.
“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."
There were 4,068 detached, attached and apartment homes newly listed for sale on the Multiple
Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2 per
cent increase compared to the 2,987 homes listed in November 2019 and a 27 per cent 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, a 3.2 per cent increase compared to November 2019 (10,770) and a 10.5 per cent
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."
For all property types, the sales-to-active listings ratio for November 2020 is 27.6 per cent. By
property type, the ratio is 27.9 per cent for detached homes, 40.1 per cent for townhomes, and
23.9 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.
Within the region, the Sunshine Coast saw the largest increase in year-over-year demand with
106 home sales in November 2020, an 82.8 per cent increase over November 2019 (58)
“While demand remained elevated across the region, home buyer activity was particularly
focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish,” Gerber said.
“The rise of work-from-home arrangements and physical distancing policies is causing some
home buyers to opt for less densified areas.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,044,000. This represents a 5.8 per cent increase over November 2019
and a 0.1 per cent decrease compared to October 2020.
Sales of detached homes in November 2020 reached 1,061, a 28.6 per cent increase from the 825
detached sales recorded in November 2019. The benchmark price for a detached home is
$1,538,900. This represents a 9.4 per cent increase from November 2019 and a one per cent
increase compared to October 2020.
Sales of apartment homes reached 1,371 in November 2020, a 12.2 per cent increase compared
to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500.
This represents a 3.4 per cent increase from November 2019 and a one per cent decrease
compared to October 2020.
Attached home sales in November 2020 totalled 632, a 40.1 per cent increase compared to the
451 sales in November 2019. The benchmark price of an attached home is $814,800. This
represents a 5.6 per cent increase from November 2019 and a 0.2 per cent increase compared to