The average price of a detached house in both regions fell year over year, while the cost of a townhouse and a condominium went up.
Home sales in Metro Vancouver and the Fraser Valley were down again in November, as a slowing trend in the real estate market continues heading into the holiday season.
The average price of a detached home in both regions also fell year over year, however the price of townhomes and apartments went up.
Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.
Thanks for signing up!
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Sunrise presented by Vancouver Sun will soon be in your inbox.
The Real Estate Board of Greater Vancouver reported Friday that home sales in the region were down 52.9 to 1,614 last month compared with October. They were also down 15.2 per cent from the 1,903 homes sold in October 2022.
Last month’s sales were 36.9 per cent below the 10-year November sales average, according to the REBGV report.
The report says the composite benchmark price for all residential properties in Metro Vancouver in November was $1,131,600, a 0.6 per cent decrease over the same month last year, a 10.2 per cent decrease over the last six months, and a 1.5 per cent decrease compared with October 2022.
Detached houses were on average $1,856,800, a 1.7 per cent decrease from last year and a 1.9 per cent decrease compared with October 2022.
Both the cost of townhomes and condos were down slightly compared with October but were up over November 2021.
The benchmark price of an apartment property was $720,500, up 3.5 per cent from November 2021 but down 0.9 per cent from October, while the average price of a townhouse was $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared with October, according to REBGV.
“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels,” said Andrew Lis, REBGV director, economics and data analytics, in a statement.
“While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year.”
In the Fraser Valley, home sales were down nearly seven per cent while the benchmark price of detached house fell 2.2. per cent from October to $1,404,900. That also represents a decrease of 6.3 per cent compared with November 2021, according to a report from the Fraser Valley Real Estate Board Friday.
The price of townhomes and apartments also dipped slightly in November, but they were still higher year over year. The average price of a townhouse was down 1.3 per cent to $799,400 compared with October. However, this was an increase of 3.3. per cent over the same month last year.
The benchmark price of a condo in the Fraser Valley was $518,400 in November, a decrease of 1.8 per cent compared with October, and a jump of 5.2 per cent compared with November 2021.
The FVREB says there were 839 homes sold in the region last month, which is down 6.9 per cent from October and down 57.5 per cent year over year.
“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, president of the Fraser Valley Real Estate Board, in a statement.
“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.”
FVREB CEO Baldev Gill said the market continues to tighten in response to rising interest rates, and as result people are facing additional levels of uncertainty regarding the decision to buy or sell a home.
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
ticrawford@postmedia.com