Vancouver Real Estate has a HOT November

The Greater Vancouver real estate including the Fraser Valley real estate market in November has pushed both regions to its second-highest sales level for the month in 10 years, the Real Estate Board reported Wednesday.

Board realtors recorded 1,522 sales throughout the Multiple Listing Service in November. There was a slight decrease from October's sales, but a 200 per cent increase compared to the market collapse last November when only 507 sales were made.

The price has already increased by 6.5% for a single detached home from last November, this is great news for anyone who invested had early. With the Bank of Canada keeping interest rates low and increased consumer confidence, these factors are sending the real estate market train full steam ahead. “Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” Paul Penner, president of the Fraser Valley Board said in a news release.

Active listings in the region decreased 5.4 per cent from October to an inventory of 8,344 unsold homes.