November Market Update: Market Momentum Shifts as Buyers Return
Vancouver’s housing market showed significant growth in October, with sales up 31.9% from last year. This surge, driven by lower interest rates, signals returning buyer confidence, though sales remain 5.5% below the 10-year average.
Different types of homes are seeing varying levels of activity:
- Apartment sales are leading the way, up 33.4% from last year
- Townhome sales showed the strongest growth at 40.7%
- Detached home sales increased by 25.5%
The number of homes for sale remains high at 14,477 listings (24.8% over last year), but the market balance is shifting. The sales-to-listings ratio has risen to 18.8%, suggesting some segments are moving toward a seller’s market.
Current prices reflect these changes:
- Overall residential benchmark price: $1,172,200 (down 1.9% from last year)
- Detached homes: $2,002,900 (up 0.3%)
- Apartments: $757,200 (down 1.6%)
- Townhomes: $1,108,800 (up 0.4%)
We appear to be entering a new phase in the market. With more homes available and stable prices, current conditions offer good opportunities for buyers. Recent Bank of Canada decisions suggest we might see a more active market as we move toward 2025.
Ready to explore your options in today’s shifting market? Let’s schedule a no-obligation consultation to discuss how these changes could work in your favor.
Event Spotlight: Let it Snow – Rockridge Fundraiser, November 23rd
Embrace the festive season at Gleneagles Clubhouse for a lively evening of hors d’oeuvres, dancing, and community spirit. This key fundraising event features a silent auction, $500 raffle, and live DJ entertainment.
We’re thrilled to share that we have donated a 4-hour boat cruise (valued at $1,000) to the silent auction to support the Rockridge Secondary PAC. Don’t miss your chance to bid on this exclusive experience and contribute to our school!
Give us a call for tickets & join us in making a difference for our school while celebrating the season!
Feature Listing
Featured Listing: Your Private Oasis Next to Lighthouse Park
Imagine sipping morning coffee on a sun-drenched deck, surrounded by park-like tranquility steps from Lighthouse Park. This meticulously renovated 3-bedroom cottage combines charm with modern luxury, featuring all-new systems and finishes throughout its 2,175 sq ft interior.
4990 Water Lane, West Vancouver 3 Bed | 2 Bath | 20,000 sq ft Lot South-facing 655 sq ft Deck – SEE MORE HERE
‘Tis the Season: Our North Shore Holiday Favorites
The holiday spirit is coming alive across the North Shore, and we’re excited to share some of our favorite festive traditions! From the magical Festival of Lights at Dundarave, where decorated trees twinkle along the oceanfront, to the enchanting Canyon Lights at Capilano Suspension Bridge, there’s something special around every corner.
We love exploring the stunning hotel lobby displays to get into the holiday spirit, and nothing beats a crisp winter day snowshoeing at Cypress Mountain. For family fun, head to Grouse Mountain for ice skating and visits with Santa, or join the community at Horseshoe Bay where Santa makes his grand entrance by boat!
Our community truly shines during the holiday season, creating magical memories for everyone.