According to the British Columbia Real Estate Association (BCREA) statistics, sales were down nearly 51 per cent from the same month last year and about 30 per cent below the historical average.
The average price for a home declined 8.6 per cent last month, from $992,245 in Nov. 2021 to $906,785 in 2022. BCREA also noted total sales dollar volume was $4.1 billion, a 55 per cent decline from last year.
Source: BCREA
Brendon Ogmundson, chief economist for BCREA, explains a lot has changed in 2022. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels.”
Omgundson adds, “Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”
Year-to-date, residential sales dollar volume was down 28.7 per cent from the same period in 2021, while individual sales were down 34.4 per cent.
However, the average residential price on MLS was up 8.6 per cent to $1 million.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.