For the second consecutive month, year-over-year home sales in Metro Vancouver have surged. According to the November 2024 Monthly MLS® Housing Market Report, home sales increased by 28% in November and 30% in October compared to the same months last year. This uptick suggests that buyers are seizing the opportunity in a market that has shifted in their favour. However, despite these recent gains, sales remain 12.8% below the 10-year seasonal average, indicating that the market is still somewhat slower than typical years.
Meanwhile, the supply side of the market is seeing significant growth. New listings are up 5.4% compared to the 10-year seasonal average, and total inventory is even higher, sitting at 26.1% above the long-term average. This suggests that the Metro Vancouver real estate market continues to favour buyers, with more homes available than being sold. The increased inventory is particularly noticeable in the townhouse and apartment sectors, which are firmly in “buyer’s market” territory, as indicated by the sales-to-active listings ratio. Detached homes, however, appear to be more balanced in terms of supply and demand.
If you’re holding out for prices to drop significantly, the data paints a different picture. For the attached home and apartment markets, the trend is more likely to be upward price pressure, especially if the current market dynamics persist into 2025. The sales-to-active listings ratio for attached homes is currently at 23.1%, which historically signals price increases when sustained at that level. A ratio above 20% typically leads to upward price movement, while a ratio below 12% signals downward price pressure.
The most noteworthy outlier in this landscape is Port Moody. While much of Metro Vancouver is seeing price stabilization or even declines, Port Moody’s apartment market is experiencing notable price increases. Prices for apartments in Port Moody have risen by 3.5% in the past year—by far the highest gain of any major area. In contrast, the majority of other regions have seen price decreases, highlighting Port Moody’s exceptional performance in an otherwise buyer-favourable market.
As 2024 wraps up and we move into 2025, it’s clear that while Metro Vancouver remains firmly in buyer’s market territory, Port Moody’s apartment market is an outlier that continues to defy broader market trends.