Major Cities Report Victoria A Warm Start To Winter Sales In The Victoria Real Estate Market A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 per cent more than the 394 properties sold in November 2023 and a 15.7 per cent decrease from October 2024.
“I’ve found that buyers and sellers are feeling optimistic right now,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”
There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 per cent compared to the previous month of October and a 7.3 per cent increase from the 2,644 active listings for sale at the end of November 2023.
Source Vancouver Home Buyer Demand Continues To Strengthen In November Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October. The Greater Vancouver REALTORS® reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500). “When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend. While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.” said Andrew Lis, GVR director of economics and data analytics
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).
Source Calgary Supply On The Rise, But Not Across All Price Ranges As we transition into winter, Calgary’s housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.
The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
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Edmonton
Winter Cooling Effect Takes Hold Of Greater Edmonton Property Market There were a total of 1,920 residential unit sales in the Greater Edmonton Area real estate market during November 2024, a 22.8% decrease from October 2024 and 18.4% higher than November 2023. New residential listings amounted to 2,114, down 27.9% from October 2024 and up 1.4% from November 2023. Overall inventory in the GEA decreased 12.1% month-over-month and 17.3% year-over-year.
“The numbers reflect that the housing market is ready for its winter break while buyers and sellers focus on the holidays,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “With early whispers of a busy spring market in 2025, now is the time for savvy property owners and investors to engage a REALTOR® and start making plans for the year ahead.”
Total residential average prices came in at $436,401, a 0.9% decrease from October 2024, but reflected an overall increase of 14.7% compared to November 2023.
Source Toronto GTA Home Sales Up Substantially In November Greater Toronto Area home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.
“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.
The MLS Home Price Index Composite benchmark was down by 1.2 per cent year-over year in November 2024 – a much lesser annual rate of decline compared to previous months. The average selling price was up by 2.6 per cent compared to November 2023 to $1,106,050. Year-over-year average price growth was greater than that for the HPI Composite benchmark because of a greater weighting of detached home sales compared to last year. On a seasonally adjusted basis, the average selling price edged slightly lower compared to October.
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Benchmark Price Trend (3 months)
