The housing market in Metro Vancouver continues to slow down.
The Real Estate Board of Greater Vancouver (REBGV) says home sales in November were down 18.2 per cent from October and down 42.5 per cent from November of last year.
WATCH: B.C. home sales in November down 18% from October
“Homebuyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” REBGV President Phil Moore said in a media release.
“This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
The composite benchmark price for a Metro Vancouver residential property in November was just over $1,042,100, a 1.9 per cent decrease from October and a 1.4 per cent decrease from the same month last year.
There were 516 detached home sales in November 2018, a 38.6 per cent decrease from the 841 detached sales recorded in November of last year.
WATCH: (Aired Oct. 26, 2018) The number of single-family homes in the Vancouver listed for less than a million dollars has increased substantially in the past year.
In November, the sales-to-active listings ratio for all types of properties was 13.1 per cent. According to the REBGV, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period of time.
“Home prices have declined between four and seven per cent over the last six months depending on property type,” Moore said. “We’ll watch conditions in the first quarter of 2019 to see if homebuyer demand picks up ahead of the traditionally more active spring market.”