Metro Vancouver real estate prices continued their march higher in November, with supply unable to keep up with demand.
The Real Estate Board of Greater Vancouver (REBGV) says the benchmark price for all residential properties was up 16 per cent year-over-year to $1,211,200 and one per cent month-over-month.
Detached homes had led the way but are now neck-and-neck with attached homes. The benchmark price for a detached home was up 20.8 per cent year-over-year to $1,870,000 and 1.1 per cent month-over-month. Attached homes were up 20.2 per cent year-over-year to $990,300 and 1.6 per cent month-over-month.
Sales were up 11.9 per cent year-over-year with 3,428 homes changing hands. While that's down 1.9 per cent from October, it was 33.6 per cent above the 10-year November sales average.
Not enough homes for sale
REBGV economist Keith Stewart says despite the number of homes for sale being persistently low, he expects sales to end the year at or near a record.
"The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower-rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market," said Stewart.
The number of newly listed homes fell 2.6 per cent year-over-year and 2.1 per cent month-over-month. The total number of homes for sale dropped 35.7 per cent year-over-year and 11.1 per cent month-over-month. The sales-to-active listings ratio was 48 per cent, much higher than the 12 per cent over a sustained period which REBGV says is what it usually takes for prices to fall.
"With a new year around the corner, it's critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region," said Stewart.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.