Article content
Residential home prices in the Greater Vancouver area slid again in November and sales were down by more than 50 per cent over last year as higher interest rates weighed on the region’s real estate market.
Article content
Data from the Real Estate Board of Greater Vancouver showed November’s residential home sales dropped 52.9 per cent to 1,614 from 3,428 sales recorded a year ago and stood 36.9 per cent below the 10-year November average. On a month-over-month basis, sales were down 15.2 per cent.
Article content
“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels,” Andrew Lis, REBGV’s director, economics and data analytics, said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the Dec. 6 rate announcement to be yet another increase, making holiday-season home purchases something many people may end up foregoing this year.”
Share this news on your Fb,Twitter and Whatsapp
Times News Express:Latest News Headlines
Times News Express||Health||New York||USA News||Technology||World News
