Great Vancouver Area

Greater Vancouver Real Estate Market Shows Resilience

In November, the real estate market in Greater Vancouver demonstrated resilience despite slight fluctuations. The average home price was $1,276,716, showing a minor annual decline of just 0.5%. Encouragingly, the average sale price for detached houses surged 4.7% from the previous month, reaching $2,159,691, translating to a noteworthy 1.7% increase year-over-year. However, attached homes faced a slight reduction, with an average price of $1,240,949, down 3.6% compared to October.

Apartments also experienced a decrease, with average prices at $785,179, down 3.3% from the prior month. On an annual basis, attached homes saw a 1.8% decline, and apartments fell by 1.1%. Despite these declines, the real estate market in Greater Vancouver remains dynamic, with opportunities for savvy buyers.

The benchmark price for homes in Metro Vancouver was $1,172,100 in November 2024, indicating a modest year-over-year decrease of 0.9%. The benchmark price for detached homes slightly increased by 1% annually, although it dipped 0.3% month-over-month, closing at $1,997,400. Attached homes showed promising growth with a benchmark price of $1,117,600, reflecting a year-over-year increase of 1.8% and a month-over-month rise of 0.8%. Conversely, the benchmark prices for apartments fell by 1.2% year-over-year and 0.6% month-over-month, landing at $752,800.

Overall, the real estate market in Greater Vancouver continues to show resilience, with fluctuations in prices across different property types. While detached homes saw a significant increase in average sale price, attached homes and apartments experienced declines, presenting potential opportunities for savvy buyers in the evolving market. The benchmark prices for different property types also showed diverse trends, highlighting the need for a nuanced understanding of the Greater Vancouver real estate market.