Dear Stuart,

In November, the sales and listings activity for detached homes on the Westside remained below the long-term averages. Compared to the 10-year average, the supply of detached homes decreased by 9%, while apartments increased by 28%, and townhomes increased by 26%.

Similarly, the demand for properties on the Westside also saw a decline when compared to the 10-year average. The demand for detached homes decreased by 37%, apartments decreased by 30%, and townhomes decreased by 18%.

As for the median home prices, In November, detached home prices are down 21.2% from their peak in August 2023. Apartment prices decreased by 6.3% from their peak in January 2018, and attached home prices declined by 15.9% from their peak in February 2022.

In November, residential property sales in the Greater Vancouver region showed an increase of 4.7%, reaching 1,702 sales compared to 1,625 sales in November 2022. However, this is still 33% below the 10-year November sales average.

The benchmark price for all residential properties in Metro Vancouver rose by 4.9% from last year in November 2022, reaching $1,185,000, but it is showing a 1% decrease from the last month.

The number of properties currently available for sale on the MLS system in Metro Vancouver increased by 13.5% compared to November 2022, to a total of 10,931 listings. This figure is still 3.7% above the 10-year seasonal average of 10,543 listings.

Our supply of homes is starting to increase and the demand is still well below the 10 year average so prices are starting to soften. Some of this is seasonal as the market is quiet in Dec & January, picks up February through June, slows down in July & August and usually picks up a little in October. So now is the time to begin to prepare for a spring sale.

We are also further into the mortgage renewal cycle and many owners who purchased with favourable rates are now coming into renewals at much higher rates. For those owners unable to access funds from other sources to pay down their mortgages, the question is whether they will be forced to sell and what that will do to prices?

The fact that interest rates did not jump creates stability but the rates are still high and any increase will have a negative effect on sales and prices

Happy holidays and you and your family.

All the best for 2024.

Stay safe and healthy.

Best regards,

Stuart πŸŽ„πŸŽ…πŸ»πŸ¦Œβ˜ƒοΈβ„οΈ

In November, the supply of Westside detached homes decreased 7.5% compared to October, witο»Ώh a total of 559 v. 604 homes available. This is a slight decrease of 3.8% compared to November 2022 when there were 581 homes on the market.

Sales of Westside detached homes in November were down from October, with 54 homes sold. Sales were relatively unchanged compared to November 2022 with 52 sales. The number of sales remains 37% lower than the ten-year average of 85 sales.

The Months of Supply (MOS) in November increased 22% from the previous month, with a current MOS of 10.4 compared to 8.5 in September. This represents a 2.6% increase from October 2022. A balanced market, where prices tend to remain relatively stable, is typically considered to have a MOS between 7 to 10.

In terms of pricing, the average and median detached home prices in November decreased 18% and 21.2% from August 2023's peak, with the average price at $3.888 million and the median price at $3.33 million. Current prices are down 14.3% on average and 13.3% on median from their previous peaks in October 2017 and July 2017, respectively.

The highest sale price for a Westside detached home in November was $8 million, which spent 318 days on the market before selling. The lowest price for a detached home was $1.938million, selling after only 1 day on the market. Of the 54 sales, 11 received the asking price or more, while 43 homes sold below the asking price.

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In November, the supply of Westside apartments decreased by 7.2% compared to October, with a total of 1,585 apartments available for sale. This number is up by 11.1% from November 2022.

Demand for Westside apartments decreased by 2.6% in November, with 225 sales compared to 231 sales in October. The number of sales in November was unchanged from the same month last year, which had 225 sales. Apartment sales are down 30% from the ten-year average of 323 sales.

The Months of Supply (MOS) in November decreased by 4.7% compared to October, reaching 7. This is an increase of 11% from the MOS of 6.3 in November 2022. 

Regarding prices, the average price in November is down 3% from October, with the average price at $995.6K. It was also up by 3.1% from November 2022. The median price decreased 2.3% from October at $825K and is up 4.6% from November 2022. However, both average and median prices are down from their respective peaks, with average prices down by 16.9% from the peak of $1,199,000 and median prices down 6.3% from the peak in January 2018.

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In November, the supply of Westside townhouses decreased by 9.2% compared to October, with a total of 267 townhouses available for sale, and it was relatively unchanged from November 2022, which had 266 townhouses on the market.

The demand for townhouses in November decreased 19.6%, with 37 sales. The number of sales in November increased by 32.1% from the same month last year, which saw 28 sales. Attached home sales are 18% below the ten-year average of 45 sales.

With the decrease in supply and demand, the current Months of Supply (MOS) for townhouses increased by 12.9%, reaching 7.2. This is 24% lower than the MOS of 9.5 in November 2022.

The average price of townhouses in November was $1.57 million, showing a 3.7% increase from October. It decreased by 4.6% from November 2022, when the average price was $1.646 million. The median price in November was $1.499 million, indicating an slight decrease from October ($1.52 million), and a 1% increase from November 2022. Both average and median prices for townhouses are down from their respective peaks. The average price has decreased by 15.3% from the peak of $1.854 million in November 2021, and the median price is down 16.7% from the peak of $1.799 million in February 2022.

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