VANCOUVER (NEWS 1130) – The Vancouver-area real estate market had its worst November in 10 years last month, according to an industry group.
Home sales sank 42.5 per cent from a year earlier to 1,608 and were also down 18.2 per cent from the previous month. The Real Estate Board of Greater Vancouver adds that sales were 34.7 per cent lower than the 10-year average for November.
Rising interest rates, tighter mortgage qualification rules and various government restrictions or taxes have put the brakes on the market this year.
REBGV president Phil Moore says “home buyers have been taking a wait-and-see approach for most of 2018,” adding “this has allowed the number of homes available for sale in the region to return to more typical historical levels” and is “helping home prices edge down, across all property types.”
Prices for apartment-style condos, the largest part of the market, were down 2.3 per cent from the previous month and up 2.3 per cent compared to a year earlier. The group’s adjusted benchmark price was $667,800. Single-detached houses averaged $1.5 million, a drop of 6.5 per cent from the previous November and 1.6 per cent lower in one month.
The board’s region covers most of Metro Vancouver, but does not include Surrey.