Vancouver in November

Mid November Vancouver Real Estate Update

Steve Saretsky -

As always, here are your mid month Vancouver real estate stats. The detached market continues to be sluggish, while condo sales, particularly at the entry level are surging (Vancouver studio prices up 24% this year).

Vancouver Detached Market

For the first 15 days of November detached sales were up 17% on a year over year basis. Of course this comparing to an abysmal 2016 after the foreign buyers tax. I think the important thing here is new listings continue to grow, and inventory is continuing to pile up after a year of sluggish sales. The 197 new listings so far are more than any time in the past decade.

Vancouver Detached new listings and sales
Vancouver Detached New Listings hit new high for time period.

Vancouver Condo Market

Nothing different in the condo market. Sales are robust and new listings are thankfully inching up towards more normal levels. New listings for the time period rose 14%. I’ll be keeping an eye on sales to see if we get a surge prior to the January mortgage stress test.

Vancouver condo November stats
Vancouver New Listings Normalizing in condo market.

Vancouver Townhouse Market

New supply is beginning to rear it’s head. Vancouver townhouse listings more than doubled from last year and that was almost entirely due to new builds being re-listed on the market as our avalanche of new supply starts trickling onto the market. Sales are at normal/ healthy levels with prices beginning to stabilize.

Vancouver townhouse data November
New supply hits the townhouse market.

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The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

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The Saretsky Report. December 2022