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

Reincarnation, baby! Surrey singer and husband celebrate ‘miracle’ pregnancy

‘I (said) to Adam, ‘I really think this is your brother reincarnated,’ Elise Estrada says

UPDATE: Man missing in Clayton Heights found safe

Family and police were concerned for his wellbeing

South Surrey’s Rialto Theatre shutters after 200% rent increase imposed

Owner says he’s devastated by the closure of the 26-year-old business

B.C.’s top doctor encourages Halloween costumes to include masks

Dr. Bonnie Henry will soon be releasing guidelines on how to safely trick-or-treat this Halloween

Horgan frustrated as Transport Canada mandate for BC Ferry riders returns

Transport Canada reinstates rule that bans passengers from lower decks

Racist, homophobic graffiti prominent in downtown Maple Ridge

City councillors up late removing hateful message

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Survey finds doctors worry supplies of flu vaccine, PPE will lag demand

Canadian health officials have said additional flu vaccines have been ordered to meet expected demand

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

Ahead of likely second wave, 60% of Canadians relaxing COVID-19 measures

Proportion of Canadians following safety measures has dropped by 3 per cent in the past two weeks

Canada’s population tops 38 million, even as COVID-19 pandemic slows growth

Immigration, the top population driver, decreased due to the pandemic

Most Read