Real estate sales down in Lower Mainland

Prices edge down in Greater Vancouver, Fraser Valley, since property market's peak in May

Property sales were down more than 28 per cent in November from a year earlier, according to the Real Estate Board of Greater Vancouver.

The region’s composite residential benchmark price has declined 4.5 per cent to $596,900 since peaking in May at $625,100. The benchmark is down 1.7 per cent from a year ago.

Board president Eugen Klein said sellers seem more inclined to take their home off the market than cut the price, while buyers still expect lower prices to come.

In the Fraser Valley, which includes Surrey, White Rock and North Delta, year-over-year sales were down 19 per cent.

Both regions also saw significantly lower sales from October.

The Fraser Valley Real Estate Board said its composite residential benchmark price is down one per cent in the last six months.

Detached houses there were still up two per cent from a year ago to $544,700.