The Greater Vancouver Real Estate Board says home sales and prices continued their fall in December, dropping by 52 percent and three percent respectively from a year ago.
The B.C. board says last month’s sales totalled 1,295, about 20 percent lower than they were in November and 38 percent below the 10-year December sales average.
The figures contribute to the 28,903 sales made over 2022, 34 percent lower than 2021’s total and seven percent below 2020’s.
The board attributed the decreases to the market experiencing “a year of caution” fueled by rising borrowing costs and an ongoing battle with inflation.
It says the composite benchmark price now sits at $1,114,300, a three percent decrease from December 2021 and a 1.5 percent decrease, when compared with November 2022….