The South Okanagan Real Estate Board is not worried about the market heading into the fall as prices in the Okanagan are forecasted to stay flat. Submitted photo

Sales drop 41% in Fraser Valley real estate in November

Real estate market beginning to slow down in the region

Home sales continued to slide in the Lower Mainland in November, according to reports published by real estate boards Tuesday.

Sales dropped 41 per cent in the Fraser Valley, compared to the same month in 2017. They decreased 11 per cent from October to November.

A single-family detached home dropped its benchmark price by 1.1 per cent to $976,200, compared with October.

Townhome prices fell one per cent to $532,800 compared to the month before, while condos dropped 2.4 per cent to $422,500.

“The market is shifting, albeit slowly,” said Fraser Valley Real Estate Board president John Barbisan.

“But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success.”

Benchmark prices continued to rise at the outer edges of the region.

Both Abbotsford and Mission saw slight hikes in their home prices.

Langley and the parts of Surrey previously expecting light rail also saw increases of around five per cent.

The Greater Vancouver region overall recorded its lowest number of sales in November in 10 years, as they dropped 43 per cent from the year before. Home prices also fell.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Stargazing ‘keeps you humble,’ says Surrey astronomy enthusiast

Terry McComas shares his passion for the celestial

South Surrey-based pen-pal program aims to reduce seniors’ isolation during pandemic

South Surrey/White Rock concierge service to connects kids & seniors virtually

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

Surrey city council moving to virtual meetings

For public hearings, people can register to speak via telephone

‘An extra $220 every 90 days’: B.C. patients pay more dispensing fees due to prescription limits

Kelowna woman says it’s outrageous to charge for refills every 30 days

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

QUIZ: How much do you know about hockey?

Take this test and find out how well you know Canada’s most popular winter sport

Researchers look at humidity as a weapon in the fight against airborne viruses

Regular hand washing, physical distancing and PPE for health care workers remains best line of defense

Exercises move online with YMCA’s new nationwide virtual workout program

YThrive Home offers dozens of free workout videos for people during COVID-19 self-isolation period

Two inmates found positive for COVID-19 at Mission Institution; two other tests pending

15 staff self-isolating waiting results, says correctional officer

B.C. community service provider hosts friendly art competition for youth

Theme for Pacific Community Resources contest is ‘finding the silver lining in difficult times’

Critic, workers’ group ‘disappointed’ Trudeau chose Amazon to distribute PPE

Amazon Canada said in an email to The Canadian Press that it is working with Canada Post, Purolator

Most Read

l -->