For almost the whole of 2013, balanced conditions prevailed in the Vancouver housing market. Current home sales and listing activities were balanced, and market conditions were favourable both for buyers and sellers.

Vancouver Housing Market Infographic for November 2013

In its last report, the Real Estate Board of Greater Vancouver (REBGV) announced that there were a total 2,321 sales in November 2013. This represents a substantial increase of 37.7 per cent compared to November 2012, when only 1,686 sales were recorded. But if we compare this figure to October 2013, we can see that there was a slight, 12.8 per cent decline compared to the 2,661 sales last month.

If we compare last month's sales with the 10-year sales average for the month, we can conclude that they were 1.2 per cent lower. Compared to the 10-year average number of listings, November 2013 showed a 1.5 per cent increase.

"We've seen steady and consistent trends on the Greater Vancouver housing market for much of this year," Sandra Wyant, REBGV president, said. "This year's activity has resulted in gradual and modest increases in home prices of approximately 1 per cent over the last 12 month in the region."

New listings for all types of housing properties totalled 3,245 in November, which was a 17.7 per cent increase from the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October 2013.

As the report indicates, there are currently 13,986 listings for Greater Vancouver. This figure is 10.9 per cent lower compared to November 2012 and 8.3 per cent lower compared to October 2013.

November 2013 reported a sales-to-active-listings ratio of 16.6 per cent.

The Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $603,000. This figure represents a 1 per cent increase compared to November 2012.

If we look at particular categories of residential properties, we can see they all show very positive results — even if we compare them with the strong November 2011 housing market.

For detached properties, sales reached 926 in November 2013. This represents an increase of 47.2 per cent from the 629 detached property sales in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012, to $924,800.

Apartment sales totalled 969 in November 2013. This means an important increase of 29.2 per cent compared to the 750 sales in November 2012. However, last month's apartment sales were 3.1 per cent lower than in November 2011, with its 1,000 sales. The benchmark price of an apartment property increased 0.8 per cent from November 2012, to $367,800.

Attached property sales totalled 426 in November 2013. This was an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 sales in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.

Richmond, East Vancouver, and West Vancouver

Richmond, East Vancouver, and West Vancouver all maintained very favourable sales results compared to the previous months. There were various small declines in sales from October 2012, but this was more due to the fact that October was extremely successful in sales. Not a single property type in any of the three areas scored lower than it had in 2011. The housing market, looking at last month's statistics, looks healthy. It sends a positive message both to buyers and sellers.

In Richmond, detached property sales in November 2013 reached 109. This was a decline of 9.2 per cent from October 2013, when 120 units sold, and an increase of 30.26 per cent from the 76 recorded sales in November 2012. The benchmark price of a detached property remained at $929,700.

For attached properties, Richmond sales totalled 75 in November 2013, which meant a 33.33 per cent increase from the 50 sales recorded in November 2012, and a 4.2 per cent increase from October 2013, with its 72 units sold. The benchmark price of an attached property was $496,500.

Apartment sales in Richmond reached 104 in November 2013, increasing 22.12 per cent from November 2012, with only 81 units sold, and decreasing 21.2 per cent from October, when 132 units were sold. The benchmark price of an apartment property was $346,700

Detached property sales in November 2013 reached 116 in Vancouver East. This was an increase of 21.55 per cent from November 2012, when 91 units sold. The number of sales was exactly the same as the previous month. The benchmark price of a detached property for November 2013 stayed at $855,900.

For attached properties, Vancouver East sales totalled 45 in November 2013, increasing 22.22 per cent from November 2012 and declining 11.8 per cent from October 2013. The benchmark price of an attached property for November 2013 remained at $525,100.

Apartment sales in Vancouver East totalled 119 sales in November 2013, increasing 42.02 per cent from November 2012, with 69 units sold, and decreasing 1.7 per cent from October 2013, when 121 units sold. The benchmark price of an apartment property for November 2013 was $310,300.

Detached property sales for Vancouver West totalled 140, an increase of 45 per cent from November 2012, when only 77 detached properties sold. Compared to October 2012, the number of detached property sales dropped 21.8 per cent, from 179 units sold last month. The benchmark price of a detached property for November 2013 stayed at $2,095,500.

Vancouver West attached property sales reached 54 units in November 2013, increasing 25.93 per cent from November 2012, with its 40 sales. Compared to October 2013, November sales increased 1.9 per cent from the 53 units sold last month. The benchmark price of a detached property for November 2013 was $705,100.

Apartment sales in Vancouver West totalled 293 in November 2013, increasing 17.75 per cent from November 2012. On the other hand, their number dropped from the 345 sales recorded in October 2012 by a substantial 15.1 per cent. The benchmark price for apartment properties in November 2013 was $471,500.

Richmond, East Vancouver, and West Vancouver Listings

There was a substantial drop in new listings for all three areas in November 2013. Due to the expected lower activity in the winter, this doesn't represent a substantial problem for the housing market in the analyzed areas.

There were a total 484 new listings for Richmond in November 2013. This consists of 161 new listings for detached properties, 100 new listings for attached properties, and finally 223 new listings for apartments.

In Vancouver East, new listings totalled 338 for November 2013. There were 140 new detached houses listings, 49 attached residential property listings, and 149 newly listed apartments.

In Vancouver West, 669 new listings were recorded in November 2013, with 171 detached houses, 56 attached properties, and 442 apartments.

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