New numbers show housing sales are slowing down in the province.
The B.C. Real Estate Association says 6,419 homes were sold in November, which is down 20% from the same month last year.
The residential average price in Greater Vancouver saw a $35,000 dip.
The Association’s Chief Economist, Cameron Muir, explains the changes.
“Overall, in Vancouver, there’s some softness in the detached market, particularly the high end, that’s going to drag that average home price down a bit. We’ve also seen fewer detaches homes selling relative to multiples, which really changes that average price.”
But in Victoria prices are up 20%, and up 19% in Chilliwack.
“Word of caution with prices because they do change from month to month, average prices can be volatile, they can change quite dramatically.”
Muir says the sales dollar volume is also down 25%.
“We’re still seeing the fallout from the change in government policy with stricter mortgage qualifications, and with the foreign buyers’ tax.”
He says the ball is still in the seller’s court in the attached market, not so much in the detached market.