The Actual Property Board of Higher Vancouver says the sometimes sluggish situations it sees in November have been much more sluggish final month as dwelling gross sales dropped 53 per cent from a yr in the past and 15 per cent from October.
The B.C. board says gross sales within the area totalled 1,614 final month and have been 36.9 per cent under the 10-year November gross sales common.
The board warned such situations may persist as inflation stays stubbornly excessive and additional rates of interest are anticipated, encouraging folks to forego dwelling purchases over the vacations.
People who have been in quest of properties final month discovered solely 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 worth within the area sat at $1,131,600 final month, a lower than one per cent lower from November 2021 and a 1.5 per cent drop from October 2022.
The quantity additionally quantities to a ten.2 per cent lower over the past six months.
BIV: Actual Property market ought to brace for tough 2023