Vancouver real estate market: Demand outpacing supply, home sales up 12%

The downtown skyline including BC Place stadium, condo towers and numerous construction cranes is seen from Queen Elizabeth Park in Vancouver on Sunday, Nov. 8, 2020. (Darryl Dyck / THE CANADIAN PRESS)

VANCOUVER — The Real Estate Board of Greater Vancouver says November home sales increased by almost 12 per cent from last year as demand continued to outpace supply.

The B.C. board says sales for the month amounted to 3,428, up from 3,064 last November but down from 3,494 in October 2021.

The board says last month's sales were 33.6 per cent higher than the 10-year November average.

The number of homes listed for sale in Metro Vancouver reached 7,144 last month, a 35.7 per cent decrease from 11,118 in November 2020 and a 11.1 per cent decrease from 8,034 in October 2021.

The benchmark price for a home in the region hit $1,211,200, up 16 per cent from last November and one per cent from October 2021.

The board's economist says the figures indicate that home sales will end the year at or near an all-time record for the region.