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.


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