House gross sales down once more in November for Metro Vancouver and the Fraser Valley


The typical worth of a indifferent home in each areas fell 12 months over 12 months, whereas the price of a townhouse and a condominium went up.

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House gross sales in Metro Vancouver and the Fraser Valley have been down once more in November, as a slowing pattern in the actual property market continues heading into the vacation season.

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The typical worth of a indifferent house in each areas additionally fell 12 months over 12 months, nevertheless the value of townhomes and flats went up.

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The Actual Property Board of Larger Vancouver reported Friday that house gross sales within the area have been down 52.9 to 1,614 final month in contrast with October.  They have been additionally down 15.2 per cent from the 1,903 houses offered in October 2022.

Final month’s gross sales have been 36.9 per cent under the 10-year November gross sales common, in response to the REBGV report.

The report says the composite benchmark worth for all residential properties in Metro Vancouver in November was $1,131,600, a 0.6 per cent lower over the identical month final 12 months, a ten.2 per cent lower during the last six months, and a 1.5 per cent lower in contrast with October 2022.

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Indifferent homes have been on common $1,856,800, a 1.7 per cent lower from final 12 months and a 1.9 per cent lower in contrast with October 2022.

Each the price of townhomes and condos have been down barely in contrast with October however have been up over November 2021.

The benchmark worth of an condominium property was $720,500, up 3.5 per cent from November 2021 however down 0.9 per cent from October, whereas the common worth of a townhouse was $1,027,900. This represents a 2.7 per cent improve from November 2021 and a 1.5 per cent lower in contrast with October, in response to REBGV.

“With the newest core inflation metrics displaying a cussed reluctance to reply considerably to the livid tempo of fee will increase, the Financial institution of Canada could select to behave extra forcefully to carry inflation again towards goal ranges,” stated Andrew Lis, REBGV director, economics and knowledge analytics, in a press release.

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Lis stated whereas it’s all the time troublesome to foretell what the financial institution will do with certainty, this persistent inflationary backdrop units up the Dec. 7 fee announcement to be one more improve, making holiday-season house purchases one thing individuals could find yourself foregoing this 12 months.

Within the Fraser Valley, house gross sales have been down almost seven per cent whereas the benchmark worth of indifferent home fell 2.2. per cent from October to $1,404,900. That additionally represents a lower of 6.3 per cent in contrast with November 2021, in response to a report from the Fraser Valley Actual Property Board Friday.

The worth of townhomes and flats additionally dipped barely in November, however they have been nonetheless larger 12 months over 12 months. The typical worth of a townhouse was down 1.3 per cent to $799,400 in contrast with October. Nonetheless, this was a rise of three.3. per cent over the identical month final 12 months.

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The benchmark worth of a condominium within the Fraser Valley was $518,400 in November, a lower of 1.8 per cent in contrast with October, and a bounce of 5.2 per cent in contrast with November 2021.

The FVREB says there have been 839 houses offered within the area final month, which is down 6.9 per cent from October and down 57.5 per cent 12 months over 12 months.

“The traits we’ve seen over the previous a number of months will seemingly proceed via to year-end,” stated Sandra Benz, president of the Fraser Valley Actual Property Board, in a press release.

“Whereas fee hikes have successfully put many consumers and sellers in a holding sample, we’re nonetheless seeing comparatively fast turnover for all housing classes, indicating strong alternatives for properties which might be strategically priced.”

FVREB CEO Baldev Gill stated the market continues to tighten in response to rising rates of interest, and as end result persons are dealing with extra ranges of uncertainty relating to the choice to purchase or promote a house.

Areas lined by the Actual Property Board of Larger Vancouver embrace: 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

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