In November, Vancouver’s housing market experienced slowing sales activity after a surge in October, high inventory levels, and stabilizing prices showing signs of stabilization.
Sales
After a notable 19% surge in October, the second-largest monthly increase since the COVID lockdowns, seasonally adjusted home sales in Vancouver declined by an estimated 3% in November, according to a report from Edge Realty Analytics. Despite the dip, sales remained 28% higher than in November of last year.
Source: Edge Realty Analytics
New Listings
Seasonally adjusted new listings dropped by approximately 4% in November compared to October. However, they were still 10% higher than in the same month last year. Ben Rabidoux of Edge Realty Analytics forecasts a steady flow of new listings through 2025. The sales-to-new listings ratio rose to 51%, and months of inventory decreased from earlier 2023 levels, which could indicate that Vancouver’s resale market is beginning to tighten again.
Source: Edge Realty Analytics
Inventory Levels
Active listings in the Metro Vancouver area remained at their highest levels since 2014, showing a 21% year-over-year increase overall and a 28% rise in the condo segment specifically.
House Prices
After registering monthly declines in both September and October, housing prices in Vancouver showed signs of stabilizing in November. Preliminary data suggests the MLS House Price Index remained unchanged after adjusting for seasonality.
Source: Edge Realty Analytics
Affordability
Home affordability remains a challenge but has improved significantly compared to late last year. A buyer purchasing a typical home with 80% loan-to-value (LTV) financing at current interest rates faces a monthly payment of $4,800, dropping from the $5,700 peak seen late in 2023.
Housing Starts
Housing starts across Vancouver dropped by 13% year-over-year in October, with single-family home starts plunging 36%. Rabidoux predicts that this decline in construction, particularly in the single-family segment, could lead to a significant shortage of such homes in the coming years. He notes that the number of new single-family homes started in the past year is unlikely to be sufficient to meet future demand as market conditions cycle.
