The Real Estate Board of Greater Vancouver says the typically slow conditions it sees in November were even more sluggish last month as home sales dropped 53 per cent from a year ago and 15 per cent from October.
The B.C. board says sales in the region totalled 1,614 last month and were 36.9 per cent below the 10-year November sales average.
The board warned such conditions could persist as inflation remains stubbornly high and further interest rates are expected, encouraging people to forgo home purchases over the holidays.
Those that were in search of properties last month found only 3,055 new listings, a 22.9-per-cent fall from November, 2021, and a 24.2-per-cent drop from October, 2022.
The composite benchmark price in the region sat at $1,131,600 last month, a less-than-1-per-cent decrease from November, 2021, and a 1.5-per-cent drop from October, 2022.
The number also amounts to a 10.2-per-cent decrease over the past six months.