{"id":14383,"date":"2019-12-13T10:10:00","date_gmt":"2019-12-13T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14383"},"modified":"2019-12-04T15:05:47","modified_gmt":"2019-12-04T23:05:47","slug":"metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\/","title":{"rendered":"Metro Vancouver Housing Heading into 2020 with Prices March Upwards as Demand Outpaces Supply"},"content":{"rendered":"<p style=\"text-align: justify;\">After facing a 10-year low this time last year, Vancouver home sales continued to hit above average levels this fall with another solid performance in November.<\/p>\n<p style=\"text-align: justify;\">With 2,498 transactions recorded last month, home sales significantly outmatched November 2018\u2019s activity level. The monthly total beat the 10-year home sales average for November by four percent and was good enough for a 55 percent year-over-year rise, according to the Real Estate Board of Greater Vancouver, which published its November sales and price data earlier today.<\/p>\n<p style=\"text-align: justify;\">\u201cWe started to see more home buyer confidence in the summer and this trend continues today,\u201d says REBGV President Ashley Smith in a media release accompanying the data.<\/p>\n<p style=\"text-align: justify;\">Prices remained on the decline across property types, with the MLS Home Price Index \u2014 typically the most accurate and consistent gauge of home prices \u2014 declining 4.6 percent year-over-year to $993,700.<\/p>\n<p style=\"text-align: justify;\">While these declines are likely to continue into the new year, there\u2019s reason to believe they will finally begin to reverse course at some point in 2020.<\/p>\n<p style=\"text-align: justify;\">That\u2019s because as home sales have already begun \u201cflickering to life\u201d again in the Vancouver market, as BMO Chief Economist Douglas Porter put it in a research note last month, prices are likely to follow that same path to stability.<\/p>\n<p style=\"text-align: justify;\">The writing is on the wall too. Sales activity in the Vancouver market returned to normal levels in November but new home listings dropped, leading REBGV\u2019s Smith to note that \u201cit\u2019ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.\u201d<\/p>\n<p style=\"text-align: justify;\">Conventional market wisdom dictates that when the sales-to-active listings ratio \u2014 a measure that compares sales to homes on the market in a given period \u2014 rises above 20 percent for a prolonged period, it leads to home price increases.<\/p>\n<p style=\"text-align: justify;\">That ratio across all property types sat at 23.2 percent in November, with condos at 29.3 percent and detached homes at 17.2 percent.<\/p>\n<p style=\"text-align: justify;\">So in other words, if sales are rising and listings are declining, prices will typically begin a march upwards as demand outpaces supply. At this point, that\u2019s looking like the most likely scenario for the Vancouver market heading into 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/12\/vancouver-home-sales-jump-november.html\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Home Sales Jump 55% in November<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After facing a 10-year low this time last year, Vancouver home sales continued to hit above average levels this fall with another solid performance in November. With 2,498 transactions recorded &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14383","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Housing Heading into 2020 with Prices March Upwards as Demand Outpaces Supply &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Housing Heading into 2020 with Prices March Upwards as Demand Outpaces Supply &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After facing a 10-year low this time last year, Vancouver home sales continued to hit above average levels this fall with another solid performance in November. With 2,498 transactions recorded &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Housing Heading into 2020 with Prices March Upwards as Demand Outpaces Supply\",\"datePublished\":\"2019-12-13T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/\"},\"wordCount\":382,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/12\\\/metro-vancouver-housing-heading-into-2020-with-prices-march-upwards-as-demand-outpaces-supply\\\/\",\"name\":\"Metro Vancouver Housing Heading into 2020 with Prices March Upwards as Demand Outpaces Supply &#8226; 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