November 2024 brought continued adjustments to the Vancouver real estate market, with price fluctuations and changing demand patterns across Vancouver East and Vancouver West.
Vancouver East – Modest Price Increases Across Property Types, New Listings Drop From Previous Month, and Strong Sales Ratios
Price Analysis:
House/Detached:
The benchmark price for detached homes in Vancouver East declined by 1.5% month-over-month to $1,862,700, but slightly below the Metro Vancouver benchmark of $1,997,400. Over the past year, prices have remained stable, with a slight 0.1% increase.
Discover Vancouver East single family homes priced under $1,860,000 here, or priced over $1,860,000 here.
Townhouse/Attached:
Prices dropped to $118,200, reflecting a -3.3% month-over-month decline but a 1.0% increase compared to November 2023. Townhouses in Vancouver East are priced slightly above the Metro Vancouver benchmark of $1,117,600.
See Vancouver East townhouses priced below $1,120,000 here, or find those above $1,120,000 here.
Condo/Apartment:
Condo prices in Vancouver East edged up by 1.0% month-over-month, reaching $692,500, below the Metro benchmark of $752,800. Despite this monthly gain, prices are down 0.9% year-over-year.
Find Vancouver East condos priced below $690,000 here, or those above $690,000 here.
New Listings and Sales:
In November, new listings saw a notable decrease across various property types. House listings in Vancouver East dropped to 126 from 180 in October, although they were still up 8.7% compared to the previous year. Vancouver East’s Townhouse listings experienced a slight year-over-year increase of 1.4%, reaching 144, but fell from October’s 176. Similarly, condo listings in Vancouver East dropped significantly to 205 from 250 in October, although they marked a 26.3% rise year-over-year.
Sales activity in Vancouver East remained strong across all property types. Detached homes led the way with 76 sales and a remarkable sales ratio of 60.3%, a 17.6% increase year-over-year, outpacing the regional average of 12.7%. Townhouses saw a significant boost, with 75 sales and a sales ratio of 52.1%, reflecting a 94.6% year-over-year increase. This was well above Metro Vancouver’s average of 23.1%. Condos also saw a healthy uptick in sales, with 117 units sold and a sales ratio of 57.1%, marking an 11.9% increase year-over-year. This ratio far exceeded the region’s 18.7%, indicating strong buyer demand in Vancouver East.
Take a look at all the houses in East Vancouver with an open house coming up here.
Vancouver West – Year-Over-Year Price Gains for Townhomes, Declines for Other Types, Listings Fall, and Sales Ratios Strengthen
Price Analysis:
House/Detached:
The benchmark price for houses in Vancouver West increased by 0.5% month-over-month, reaching $3,384,400, though it remains 2.4% lower compared to the previous year. At $3,384,400, it remains significantly higher than Metro Vancouver’s benchmark price of $1,997,400.
Explore Vancouver West homes under $3,380,000 right here, or uncover options priced over $3,380,000 here.
Townhouse/Attached:
Townhouses in Vancouver West saw the strongest price growth, rising 4.3% from October and 6.7% year-over-year to a benchmark price of $1,519,600. This price is notably higher than Metro Vancouver’s benchmark of $1,117,600.
Discover townhomes in Vancouver West under $1,520,000 here, or browse those priced over $1,520,000 here.
Condo/Apartment:
Condo prices dipped slightly by 0.5% month-over-month to $825,900, reflecting a 1.2% decrease year-over-year. The benchmark price of $825,900 remains higher than Metro Vancouver’s benchmark of $752,800.
See condos Vancouver West for under $825,000 in Vancouver West here and discover options priced over $825,000 here.
New Listings and Sales Trends of Vancouver Westside:
In November, the housing market experienced a shift in listings. New house listings in Vancouver Westside totalled 125, down from October’s 170, but up 24.8% from the same month last year. Vancouver West’s Townhouse listings saw a similar trend, with 109 new listings, a decrease from October’s 171 but a significant 38.5% increase year-over-year. Condo listings in Vancouver West, however, fell to 471, down from 790 in October, reflecting a 9.6% decline compared to November 2023.
Sales activity remained strong across Vancouver West’s property segments. Detached homes saw 65 sales, with a sales ratio of 52.0%, marking an 11.1% decrease year-over-year, yet still significantly outperforming the regional ratio of 12.7%. Townhouses experienced robust demand, with 69 sales and an impressive sales ratio of 63.3%, reflecting a 14.6% year-over-year increase. This ratio far surpassed Metro Vancouver’s 23.1%. Condo sales also showed solid performance, reaching 250 units sold and a sales ratio of 53.1%, a notable 22.8% increase from last year. Vancouver West condos outperformed the regional average of 18.7%.
Take a look at all the townhomes in Vancouver West with an open house coming up here.
Home buyer demand continues to strengthen in November, inventorying decreased but sales ratios rose.
Residential sales in Metro Vancouver surged by 28% year-over-year, continuing the strong momentum seen in October. Despite the increased activity, the benchmark price for all residential properties in the region saw a slight dip compared to last year.
Currently, sales ratios in Metro Vancouver average 12.7% for detached homes, 23.1% for townhomes, and 18.7% for condos. Vancouver East and Vancouver West followed the trend, with rising sales ratios for townhomes and condos. Vancouver East also posted gains in detached home sales ratios, while Vancouver West saw a slight drop in that category, reflecting a mixed performance across the market.
Featured Buildings
