Greater Vancouver home sales surge 23% in November

Average residential prices across B.C. hit new record, according to BCREA

Photo: Chung Chow

Home sales in Greater Vancouver proved resilient in November, surging 23% compared with the same month a year ago, according to the B.C. Real Estate Association (BCREA).

Data released Monday (December 14) reveals 3,131 residential units were sold last month, up from the 2,546 units sold in November 2019.

Average residential prices crept upward as well throughout the region, rising 8.4% annually to $1,084,001.

The Fraser Valley was also particularly active last month, notching sales of 2,058 units — a 56.1% spike from a year earlier when 1,318 units were sold.

Average residential prices climbed 24% to $908,879.

B.C. as a whole saw sales activity rise 42.1 as the province tallied the sale of 9,416 residential units compared with 6,626 units a year ago.

Home prices grew 9.3% year over year to reach an average $816,074 — a new record for the province, according to the BCREA.

“While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result," BCREA chief economist Brendon Ogmundson said in a statement.

Total sales volume for the month reached $7,684,151, up 55.4% from the $4,945,053 brought in last year.