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

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A free online series on advance care planning is being hosted by two Abbotsford organizations on Jan. 27 and Feb. 3 and 10. (Photo by Jess Bailey on Unsplash)
Online workshop series addresses ‘advance care planning’

Three sessions hosted by Abbotsford Hospice Society and Association for Healthy Aging

A video posted to social media by Chilliwack resident Rob Iezzi shows a teenager getting kicked in the face after being approached by three suspects on Friday, Jan. 22, 2021. (YouTube/Rob i)
VIDEO: Security cameras capture ‘just one more assault’ near Chilliwack secondary

Third high-school related assault Rob Iezzi’s cameras have captured since beginning of 2021

Fraser Health issued an overdose alert on Jan. 21, 2021 after an increase in overdoses over the past week in Chilliwack associated with a “greeny-blue/turquoise down substance.” (Paul Henderson/ Chilliwack Progress file)
Fraser Health issues drug overdose alert in Chilliwack

Alert comes after increase in overdoses associated with ‘greeny-blue/turquoise down substance’

ds
Mission potbellied-pig sanctuary mourns death of beloved old hog named Roscoe

14-year-old, 800-pound pig was ‘quite a character,’ said owner Janice Gillett

Thursday, Jan. 28, 2021 is International Lego Day. (Jenna Hauck/ Chilliwack Progress)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 24 to 30

Lego Day, Talk Like a Grizzled Prospector Day and Puzzle Day are all coming up this week

Surrey Fire Service responded to a fire in the industrial area of 192nd street and 54th Avenue early Saturday morning (Jan. 23, 2021). (Photo: Shane MacKichan)
Surrey crews respond to fire in industrial area

Fire happened early Saturday morning

FILE - In this Feb. 14, 2017, file photo, Oklahoma State Rep. Justin Humphrey prepares to speak at the State Capitol in Oklahoma City. A mythical, ape-like creature that has captured the imagination of adventurers for decades has now become the target of Rep. Justin Humphrey. Humphrey, a Republican House member has introduced a bill that would create a Bigfoot hunting season, He says issuing a state hunting license and tag could help boost tourism. (Steve Gooch/The Oklahoman via AP, File)
Oklahoma lawmaker proposes ‘Bigfoot’ hunting season

A Republican House member has introduced a bill that would create a Bigfoot hunting season

Economic Development and Official Languages Minister Melanie Joly responds to a question in the House of Commons Monday November 23, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Federal minister touts need for new B.C. economic development agency

Last December’s federal economic update promised a stimulus package of about $100 billion this year

FILE - In this Nov. 20, 2017, file photo, Larry King attends the 45th International Emmy Awards at the New York Hilton, in New York. Former CNN talk show host King has been hospitalized with COVID-19 for more than a week, the news channel reported Saturday, Jan. 2, 2021. CNN reported the 87-year-old King contracted the coronavirus and was undergoing treatment at Cedars-Sinai Medical Center in Los Angeles. (Photo by Andy Kropa/Invision/AP, File)
Larry King, broadcasting giant for half-century, dies at 87

King conducted an estimated 50,000 on-air interviews

BC Coroners Service is currently investigating a death at Canoe Cove Marina and Boatyard in North Saanich. (Black Press Media File)
Drowning death in North Saanich likely B.C.’s first in for 2021

Investigation into suspected drowning Monday night continues

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Kimberly Proctor, 18, was murdered in 2010. Her family has spent many of the years since pushing for a law in her honour, that they say would help to prevent similar tragedies. (Courtesy of Jo-Anne Landolt)
Proposed law honouring murdered B.C. teen at a standstill, lacks government support

Ministry of Mental Health and Addictions has concerns with involuntary detainment portion of act

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

Most Read