What’s happening in the Vancouver market is watched and studied very carefully by brokers and real estate stakeholders in Toronto because what happens there could easily happen here.
Vancouver home sales recorded their lowest levels in a decade in November, amid some analysts’ warnings that the market could be headed for something worse than a mild correction.
The 1,608 home sales in the metro area in November represented a 42.5-per-cent decline from the same month a year earlier, and the lowest level of sales for the month since 2008.
With buyers absent from the market, the number of homes available for sale has soared, up 40.7 per cent in a year, REBGV said.
The benchmark price of a detached home was just above $1.5 million in November, down 6.5 per cent from a year earlier. Condo apartments clocked in at $667,800, up 2.3 per cent from a year earlier but down 2.3 per cent from October. -CINEWS