Housing market activity remained slow in November, as sales fell 50.8% from November 2021 and roughly 30% below a historical average for the month, according to BCREA’s latest statistical report.

A total of 4,512 residential unit sales were recorded by the MLS in November 2022, according to the report.

November did not see a significant change in comparison with previous months and won’t see notable improvements until the Bank of Canada ends its interest rate tightening cycle, according to Brendon Ogmundson, chief economist with the BCREA.

“A lot has changed in 2022,” said Ogmundson in a media release. “This time last year, home sales were near a record for November, home prices were accelerating and mortgage rates were less than half of current levels.”

As the province moves into the holiday season, November is typically a slower month, but Ogmundson noted that these lows are uncharacteristic even when compared with previous years.

The average residential price in BC saw an 8.6% decrease from $992,245 in November 2021 to $906,785. Total sales dollar volume was $4.1 billion, a decline of 55% from the same time last year.

“Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon,” Ogmundson said.

Relative to the beginning of the year, BC residential sales dollar volume was down 28.7% from the same period in 2021 to $77.4 billion. In addition, year-to-date, residential unit sales were down 34.4%, while the average residential price was up 8.6% to $1 million, the report said.

BCREA : Housing Activity in November Down 50% Year-Over-Year by Claire Wilson | BIV