There’s more evidence of a slowing housing market in Metro Vancouver.
Today, the Real Estate Board of Greater Vancouver reported in a news release that the volume of residential property sales declined 69.7 percent in November from the same month a year ago.
In the past month, there were 874 residential sales, compared with 2,883 sales in November, 2007. The REBGV does not include Surrey and Langley, which are part of the Fraser Valley Real Estate Board.
The sales volume of detached properties dropped 69.8 percent from the same month a year ago, whereas the sales volume of apartments fell 67.9 percent. Prices also fell, though not nearly as sharply. The REBGV’s benchmark price for residential properties fell 8.3 percent in November from the same month a year ago.
However, prices were still up 19.6 percent from three years ago, and 59.7 percent from five years ago across the region. The benchmark price of attached homes fell 6.4 percent over a year, whereas the benchmark price of apartments dropped 8.6 percent.