Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many buyers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of November 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Vancouver Market
Vancouver’s real estate market is defined by increasing supply and slowing demand, with sales dropping to a 4% decrease over the last five Octobers. Average home prices fell by 25% since last year to $1.18 million, despite still being the highest in Canada. Inventory levels have increased to 28%, with 5.5 months of supply. This imbalance solidifies Vancouver as a buyers market, intensifying challenges for sellers.
Vancouver's Detached Homes
Detached homes had a moderate increase in price growth, with values climbing 0.7% annually to an average of $2.01 million. Sales are down 16%, and abundant inventory availability, creates challenges for sellers. High demand still persists in luxury and mid-market segments, driven by international interest and local affluence.
Vancouver's Apartments
Vancouver’s apartment sector remains active, with sales increasing 2% and prices up 1.7% from last month, now averaging $750,000. Affordability relative to other property types attracts first-time buyers and investors. However, inventory abundance persists, with more than 6 months of supply.
Vancouver's Attached Homes
Attached homes, including townhomes and duplexes, see balanced growth, with sales at 3% below the last five Octobers and prices averaging $1.05 million, up 1.7% from last month. This segment continues to cater to young families seeking affordability and space, but with inventory expansion, is creating opportunities for buyers who have been waiting for this market cooling.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
November 2024 Vancouver Market Snapshot: Sales, Inventory & Prices
What homeowners are saying about Bōde
Saved nearly $15,000 by having my offer accepted through Bōde instead of through a real estate agent. If you are willing to be more involved in the process it's definitely worth checking out.
My house sold with Bōde for $30k higher than what most realtors estimated, while saving me a ton in fees.
As a builder, I pour my heart and soul into these projects. With Bōde I was able to sell four luxury homes in 21 days, saving well over $100,000 in commissions.
We saved thousands of dollars selling out home with Bōde.
If we ever sell another home we will definitely use Bōde again.
We were amazed at how fast we were able to sell our home using Bōde.
We certainly priced our hom eright and were able to sell it for 7% more than market and 92 days faster!
Used Bōde to sell my condo, they were super responsive and helpful through the entire thing.
Scheduling all the showings myself was great, really simplified the process and saved a lot of money.
I have always wanted to list, show and sell my own homes in the pas but without a real estate licence it was never possible.
Now with Bōde, marketing and selling your own home is in reach.
Home » Blog » Monthly Market Updates » Vancouver Real Estate Market – November 2024
Vancouver Real Estate Market – November 2024
Real Estate Market Report | Vancouver | November 2024
Cooling Persists Amidst Abundant Supply
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many buyers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of November 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Vancouver Market
Vancouver’s real estate market is defined by increasing supply and slowing demand, with sales dropping to a 4% decrease over the last five Octobers. Average home prices fell by 25% since last year to $1.18 million, despite still being the highest in Canada. Inventory levels have increased to 28%, with 5.5 months of supply. This imbalance solidifies Vancouver as a buyers market, intensifying challenges for sellers.
Vancouver's Detached Homes
Detached homes had a moderate increase in price growth, with values climbing 0.7% annually to an average of $2.01 million. Sales are down 16%, and abundant inventory availability, creates challenges for sellers. High demand still persists in luxury and mid-market segments, driven by international interest and local affluence.
Vancouver's Apartments
Vancouver’s apartment sector remains active, with sales increasing 2% and prices up 1.7% from last month, now averaging $750,000. Affordability relative to other property types attracts first-time buyers and investors. However, inventory abundance persists, with more than 6 months of supply.
Vancouver's Attached Homes
Attached homes, including townhomes and duplexes, see balanced growth, with sales at 3% below the last five Octobers and prices averaging $1.05 million, up 1.7% from last month. This segment continues to cater to young families seeking affordability and space, but with inventory expansion, is creating opportunities for buyers who have been waiting for this market cooling.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca
November 2024 Vancouver Market Snapshot: Sales, Inventory & Prices
What homeowners are saying about Bōde
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