Market Update: November House Prices and Sales Up over 2013

real estate agent in vancouverChristmas is almost here and 2014 is wrapping up after another wild ride on the Vancouver housing market. In fact, I’ve sold 7 homes in 3 weeks to make this my busiest time of the year. In some sense, my clients’ position in life has contributed to this boost, and not necessarily the market. Real Estate often comes down to finding the right buyer for the right home at the right time. No matter the market —fast or slow—movement is a reflection of sellers’ and buyers’ personal positioning combined with factors like interest rates, media exposure and economic stability.  

This year sales have been gradual, yet consistent with home prices climbing 6-10% overall since the first month of 2013. Looking ahead economists predict a steady market through 2015. Reports from the BC Real Estate Association, the Canada Mortgage and Housing Corporation and Central 1 Credit Union suggest that interest rates will see a mild increase but will still be considered in the low range. Plus, an influx of more than 30,000 new-comers to the Vancouver area will create a need for inventory. 

vancouver real estate priceIt’s not unusual to see lower sale prices and reduced volume at this time of year. With that in mind, sellers will have the advantage of seeing fewer competitors listing their homes than they would during spring when inventory levels increase. Also, if buyers remain alert they may find deals coming from motivated sellers. 

New listings for houses, condos and townhouses - there was a “7.1% decrease compared…. to new listings in November 2013”. Last month’s new listing total was a “32.8% decline from…the new listings in October.”  

Single-family house sales - "in November 2014 reached 1,012, an increase of 9.3 % from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9% from September 2013 to $997,800.”  

Condo sales - "reached 1,052 in November 2014, an increase of 8.6% compared to the 969 sales in November 2013, and a 40.3% increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.3% from November 2013 to $379,500.”   

Townhouse sales - "in November 2014 totalled 452, a 6.1% increase compared to the 426 sales in November 2013, and a 72.2% increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8% between September 2013 and 2014 to $480, 200.” 

Read the full REBGV report here.

Photo Credit:Vairdy Photography