Remember when rising prices in Vancouver were bringing up national averages? It seems times have changed, now the numbers out of Vancouver and the Fraser Valley are so bad they’re dragging down the rest of the province:
The total value of homes sold in B.C. dropped by nearly one-quarter in November, with declines in Vancouver and the Fraser Valley leading the slide.
The dollar volume of homes sold through the Multiple Listing Service in B.C. declined 24.6 per cent to $2.3 billion in November compared with the same month last year, the B.C. Real Estate Association reported Thursday.
But don’t worry, the BCREA expects prices to start going back up next year.. hey, that’s less than a month away!
Cameron Muir, BCREA’s chief economist, said that tighter mortgage rules introduced this summer had squeezed some buyers out of the market, but he expects sales to go up in 2013.
“When I suggest that we’re going to see an increase in sales levels next year, it doesn’t mean we’re going to return to the heady days before the recession. But the longer we see sales levels fall below the long-term average, the more likely we’re going to see pent-up demand (grow) in the marketplace, which may contribute to increased sales activity in 2013,” Muir said.
The number of units sold this November was down 17 per cent in the province from November 2011 to 4,680, while the average price was down 9.1 per cent to $480,891.
Read the full article in the Vancouver Sun.