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Van home sales fell 53% from year ago: board

Darpan News Desk The Canadian Press, 02 Dec, 2022 04:26 PM

VANCOUVER - 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.

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