November home sales across Metro Vancouver were 34.7% below the 10-year average for the month, according to new Real Estate Board of Greater Vancouver data released December 4.
A total of 1,608 sales were recorded across the region in the month, which is a 42.5% drop year-over-year compared with the 2,795 sales in November 2017. It is down 18.2% compared with October.
The decline in sales has led to a growth in available supply and pushed prices down.
“Home buyers have been taking a wait-and-see approach for most of 2018,” said REBGV president Phil Moore. “This has allowed the number of homes available for sale in the region to return to more typical historical levels.
“This activity is helping home prices edge down across all property types from the record highs we’ve experienced over the last year.”
The benchmark price for all property types fell 1.4% year-over-year, reaching $1,042,100.
Sales of detached homes fell 38.6% compared with November 2017 to 841 units. The benchmark price dipped 6.5% over the same period to $1,500,100. Apartment sales fell 46.3% to 810 and the price dropped 2.3% to $667,800. Attached property sales fell 36.8% to 282 and the benchmark price increased 2.6% to $818,500.
REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.