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.

Just Posted

Walnut Grove Gators move up at basketball tourney

The Gators won their first game Thursday

VIDEO: These are the top toys this Christmas, Langley toy experts say

Consider the play value of a game, staff at Toy Traders say

Let’s Play BC hosted a games night for younger children to encourage physical fitness

Let’s Play BC and local wheelchair sports boosters are helping kids in… Continue reading

Christmas shoppers welcome at Langley’s Critter Care wildlife centre

The centre gift shop has items with photos of animals that have been care for at the shelter

WEATHER: Langley weekend weather forecast

A break from wet weather expected

VIDEO: More air-passenger rights go into effect this weekend

The first set of passenger rights arrived in mid-July in Canada

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

Aid a priority for idled Vancouver Island loggers, John Horgan says

Steelworkers, Western Forest Products returning to mediation

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

Transportation Safety Board finishes work at B.C. plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Trudeau sets 2025 deadline to remove B.C. fish farms

Foes heartened by plan to transition aquaculture found in Fisheries minister mandate letter

Planning price tag for futuristic ‘We Town’ concept in Abbotsford revealed

Developer says highrises would house 30,000, but Abbotsford mayor says project is in wrong place

Man accused of child sex crimes out on bail: Delta police

Gurchetan Singh Samra, 69, must stay away from — and not communicate with — anyone under 16 years old

1,300-signature petition for free menstrual products turned over to UFV president

‘Go with the flow’ campaign calls for all University of the Fraser Valley bathrooms to be stocked

Most Read