November 2023 Market Summary

Metro Vancouver Housing Market Update - November 2023

• Residential sales in Metro Vancouver for November 2023 were 1,702, marking a 4.7% increase from November 2022 but remaining 33% below the 10-year seasonal average.

• The increase in active listings, with 3,369 properties newly listed in November 2023, a 9.8% rise from November 2022, has provided home buyers with a larger selection.

• The total number of properties listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5% increase compared to November 2022, and 3.7% above the 10-year seasonal average.

• The sales-to-active listings ratio for November 2023 is 16.3%, indicating a more balanced market, with ratios of 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.

• Balanced market conditions are associated with flatter price trends, seen since the summer months, following a period of over seven percent price increase earlier in the year.

• The MLS® Home Price Index composite benchmark price for all residential properties is $1,185,100, showing a 4.9% increase over November 2022 and a 1% decrease compared to October 2023.

• Detached home sales in November 2023 reached 523, a 7% increase from November 2022, with a benchmark price of $1,982,600 (6.8% increase from November 2022, 0.9% decrease from October 2023).

• Apartment home sales totalled 850, a 0.4% increase from November 2022, with a benchmark price of $762,700 (6.2% increase from November 2022, 1% decrease from October 2023).

• Attached home sales in November 2023 were 316, a 12.5% increase from November 2022, with a benchmark price of $1,092,600 (6.9% increase from November 2022, 0.7% decrease from October 2023).

Downtown the November Stats Package