Home sales had their hottest November in the last five years, according to the Real Estate Board of Greater Vancouver, at almost 25 per cent higher than the 10-year average for the month.
In November 2019 there were 2,498 homes old in the region, and in November 2020 that jumped to 3,064, for an increase of 22.7 per cent.
Despite the COVID-19 pandemic and a downturn in the economy, the housing market shows no sign of slowing down.
“Going into December it’s still very active,” said local realtor Debbie Sheppard. “There’s a shortage of listings and good demand.”
She has been selling homes in Maple Ridge and Pitt Meadows for 40 years, and said low interest rates are the fuel heating up the market.
“These mortgage rates are just unbelievable, so that’s a big driver,” she said. “They’re exceptional right now.”
Sheppard is seeing a lot of Vancouverites who are moving into houses in Maple Ridge and Pitt Meadows, where their money goes farther but they are still less than an hour’s drive to the city.
“Pitt Meadows – you can’t keep listings there, because it’s closer to Vancouver. But most of our market is pretty hot, and at all levels.”
The Maple Ridge/Pitt Meadows market had the second most sales of detached properties in the REBGV at 114 last month. Only the East Vancouver market had more, with 137.
The benchmark price of a single family home in Maple Ridge and Pitt Meadows is up approximately five per cent over the past three months, at $898,000 in Maple Ridge and $990,000 in Pitt Meadows. This compares with a benchmark price of $1.54 million across all of Greater Vancouver.
The benchmark price for all residential properties in Metro Vancouver is $1,044,000. This represents a 5.8 per cent increase over November 2019 .
Sales of detached homes in November 2020 reached 1,061, a 28.6 per cent increase from the 825 detached sales recorded in November 2019. The benchmark price for a detached home is $1,538,900. This represents a 9.4 per cent increase from November 2019 and a one per cent increase compared to October 2020.
“Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets,” said Colette Gerber, REBGV chair.
Attached home sales in November 2020 totalled 632, a 40.1 per cent increase compared to the 451 sales in November 2019. The benchmark price of an attached home is $814,800. This represents a 5.6 per cent increase from November 2019.
Sales of apartment homes reached 1,371 in November 2020, a 12.2 per cent increase compared to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500.