November 2023 Market Update
This November, benchmark sale prices in Metro Vancouver came down approximately 1%, with townhouses and duplexes slightly less affected than detached houses or apartments.
Number of sales per month were still below the 10-year average but almost 5% above the number of sales in November 2022.
During November 2023, there were 3,369 properties newly listed for sale in Metro Vancouver, 2.8% below seasonal levels. However, over the past few months, the total number of properties for sale has been increasing and is now 3.7% above the 10-year average.
Higher total active listings have offered buyers additional options and are currently coupled with the slightly reduced activity that is historically associated with the winter season, creating a more balanced market environment.
As many are forecasting for interest rates to begin decreasing in 2024, the coming months may present a good opportunity for buyers while inventory levels are robust, but before rates begin to come down, causing demand to increase. Sellers are being rewarded as buyer activity has remained fairly resilient into the winter market.
This November at Ballard360, we have been working with buyers and sellers in North Vancouver, West Vancouver, Coal Harbour, Abbotsford, Langley, and Squamish. We noticed a slower beginning to November with an uptick in activity during the final two weeks of the month. With the Bank of Canada continuing to hold rates steady, we believe there is optimism returning to the market.
Have any questions or want to discuss real estate?
Give us a call!
Mark – 604-341-3147
James – 604-360-7529
Source: The Real Estate Board of Greater Vancouver
West Vancouver
North Vancouver
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