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.
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.