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.

Just Posted

Abbotsford’s favourite park: winner revealed

After several rounds of voting, readers pick between Mill Lake and Matsqui Trail

Abbotsford woman photographs massive ant swarm in Auguston

She asked what the ants were doing? The answer: war

Westbound crash on Highway 1 in Langley causing extreme traffic delays

Collision occured just after Glover Road, cars backed up all the way to 264th Street

Pooches get decked out for ‘puppy rave’ in Abbotsford park

Event held every for one hour every Friday at Bateman Park

How do you get rid of fruit flies?

Several methods to remove the pesky critters highlighted

VIDEO: A moment to remember during the World Lacrosse Men’s Indoor Championship in B.C.

Diego Hernandez Valenzuela’s team lost, but he felt like a winner Saturday

Over 200 Hotel Georgia hospitality workers join ‘open-ended strike’

Unionized workers at Hyatt Regency, Westin Bayshore and Pinnacle Harbourfront have also walked out

B.C. Lions hype-man marks 15 years of cheers

Crazy P cheers, chants, bangs his drum and spreads a message of love

Hiker rescued after spending night on Crown Mountain

North Shore Rescue spotted the woman by helicopter over Hanes Valley

PHOTOS: Steller sea lion with plastic around neck rescued on Vancouver Island

Rescue staff determined the plastic band cut the protected animal’s neck approximately two inches

B.C. VIEWS: School officials join fact-free ‘climate strike’

Students, public get distorted picture of greenhouse gases

Vancouver Giants complete weekend sweep of Cougars

Back-to-back road trip victories for Langley-based team

Handgun crackdown, health spending and transit plans latest campaign promises

Friday was the end of a busy week on the campaign trail

Iconic 90s TV show ‘Friends’ celebrates 25th anniversary

The iconic, decade-long television show aired its first episode 25 years ago today

Most Read