Vancouver home sales dip in November

The Real Estate Board of Greater Vancouver says November home sales were down from October — but still well above this time last year, as the market catches up to the effects of COVID-19.

November home sales outpace seasonal norms and long-term averageshttps://t.co/R8yrwZCh8L

— REBGV (@REBGV) December 2, 2020

The board says real estate agents sold 3,064 homes last month, down 16.9 per cent from October but up 22.7 per cent from November 2019.

The board’s report says the benchmark price of a Vancouver home hit $1,044,000, up 5.8 per cent from November 2019.

Board chair Colette Gerber says Vancouver is a seller’s market, as demand for detached houses and townhomes is pushing prices higher while the rate of new listings lags.

The Vancouver area has seen near-record home sales since the summer, after COVID-19 restrictions tamped down on the usual home buying season, which tends to peak in spring and slow down by winter.

Gerber says there was a surge of sales in the far reaches of the metro area, such as Sunshine Coast, Gulf Islands and Squamish, as homebuyers looked toward less dense neighbourhoods amid work-from-home arrangements and physical distancing policies.