Monthly Real Estate Market Report – November 2023

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With just one month remaining in 2023, the housing inventory in Metro Vancouver is experiencing a steady rise. This increase presents home buyers with an extensive selection, the largest since 2021. According to the Real Estate Board of Greater Vancouver (REBGV), residential sales in the region reached a total of 1,702 in November 2023. This reflects a 4.7 percent increase compared to the 1,625 sales recorded in November 2022. However, it is worth noting that these figures are 33 percent below the 10-year seasonal average of 2,538 sales.

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years. When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

Andrew Lis, REBGV director of economics and data analytics

There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2023. This represents a 9.8 percent increase compared to the 3,069 properties listed in November 2022. This was 2.8 percent below the 10-year seasonal average (3,464).