November 2020 Housing Market: Metro Vancouver Update

The November 2020 housing market in Metro Vancouver remained unusually active, with home sales well above typical levels for the time of year. Residential sales reached 3,064, up 22.7% from November 2019.

In addition, sales were 24.6% above the 10-year November average, showing continued buyer demand heading into the final month of the year.

Editor’s Note: This article has been updated and preserved as a historical Metro Vancouver real estate market report. For today’s conditions, visit our latest Metro Vancouver real estate market update.

November 2020 Housing Market: Sales and Inventory

A total of 4,068 detached, attached and apartment properties came onto the market in November. That represented a 36.2% increase compared with November 2019.

However, new listings dropped 27% from October as the market moved toward the traditionally quieter winter season.

Meanwhile, Metro Vancouver had 11,118 active listings, up 3.2% from November 2019 but down 10.5% from October.

November 2020 Housing Market by Property Type

Home sales remained strong across the major property types.

In November:

• Detached homes: 1,061 sales
• Apartments: 1,371 sales
• Attached homes: 632 sales

Compared with November 2019, detached sales increased 28.6%, apartment sales increased 12.2%, and attached sales increased 40.1%.

As a result, buyer demand continued to outpace typical seasonal levels.

Metro Vancouver Home Prices in November 2020

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties reached $1,044,000, up 5.8% from November 2019.

Benchmark prices by property type were:

• Detached homes: $1,538,900
• Apartments: $676,500
• Attached homes: $814,800

Detached homes experienced the largest year-over-year increase, with the benchmark price rising 9.4%. Meanwhile, attached homes increased 5.6%, while apartments increased 3.4%.

What the November 2020 Housing Market Meant for Buyers and Sellers

For buyers, strong demand meant increased competition for certain properties. Therefore, preparation and understanding local market conditions were particularly important.

For sellers, meanwhile, elevated sales activity created favourable conditions. However, results still depended on location, property type, condition and pricing strategy.

Looking Back at the November 2020 Housing Market

The November 2020 housing market provides an interesting snapshot of a highly unusual period for Metro Vancouver real estate.

Buyer demand remained strong despite the typical seasonal slowdown. At the same time, the supply of homes available for sale wasn’t keeping pace with demand in some segments of the market.

Historical statistics can provide useful context. However, market conditions have changed considerably since 2020, so these figures shouldn’t be used to estimate a property’s value today. Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

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