Vancouver’s November home sales fell 53% from a year ago, 15% from October: board

By The Canadian Press and Charlie Carey

The Real Estate Board of Greater Vancouver says the typically slow conditions it sees in November were even more sluggish last month as home sales dropped 53 per cent from a year ago and 15 per cent from October.

The B.C. board says sales in the region totalled 1,614 last month and were 36.9 per cent below the 10-year November sales average.

The board warned such conditions could persist as inflation remains stubbornly high and further interest rates are expected, encouraging people to forego home purchases over the holidays.

Those that were in search of properties last month found only 3,055 new listings, a 22.9 per cent fall from November 2021 and a 24.2 per cent drop from October 2022.

The composite benchmark price in the region sat at $1,131,600 last month, a less than one per cent decrease from November 2021 and a 1.5 per cent drop from October 2022.

The number also amounts to a 10.2 per cent decrease over the last six months.

Meanwhile, the Fraser Valley Real Estate Board says single-family homes in the region decreased 6.3 per cent compared to November, 2021, and was just 2.2 per cent from October this year.

The benchmark price for a home in the area is $1,404,900 it says, while townhomes and apartments also saw a decrease of 3.3 per cent and 5.2 per cent respectively compared to November 2021 prices.

The board says there were 1,703 new listings in November in the valley, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year.

“The trends we’ve seen over the past several months will likely continue through to year-end,” Sandra Benz, Fraser Valley Real Estate Board president, said. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”

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