Home sales in Vancouver, British Columbia were down 53% in November from a year earlier as rising interest rates continue to slow the housing market across Canada.
The Real Estate Board of Greater Vancouver said that home sales in Vancouver during November were also down 15% from the previous month of October as higher mortgage rates push would-be homebuyers to the sidelines.
The local real estate board said sales in the Vancouver region totalled 1,614 in November, which is 36.9% below the 10-year November sales average for the metropolitan area.
The Real Estate Board of Greater Vancouver warned that home sales could slump further in coming months as interest rates are expected to remain elevated for an extended period as the Bank of Canada tries to lower inflation that is currently at 6.9% in Canada.
People searching for properties in November found only 3,055 new listings in Vancouver, a 22.9% drop from November 2021 and a 24.2% decline from October of this year.
The benchmark home price in Vancouver was $1.13 million during November, a less than 1% decrease from a year ago but down 10.2% over the past six months.
