It's always a good idea to pay attention to what's happening in our bigger markets across Canada. Especially because they tend to set the trends for smaller centers such as Penticton down the road. Vancouver is having a banner month with sales increasing upwards of 30 points this month! If you have questions about how sales in Vancouver affect our market please get in touch with us today! Whether or not that affects our own local real estate market remains to be seen, but these are stats that cannot be ignored. Read along as we discuss the increase and what it means to our local buyers and sellers in Penticton.
There was a big jump in Greater Vancouver Real Estate Sales this past November, up 26.2% year-over-year.
The GVREB reported that the 2,214 sales eased 7.5% from October but were 17% above the 10-year November average.
“We’re seeing steady demand in today’s market. Homebuyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.
There was a 31.8% rise in detached home sales (841) year-over-year while apartment sales gained 25.7% (1,508).
Meanwhile, new listings in Metro Vancouver were down 9.5% from October to 4,109 but up 30.6% from a year earlier.