November home sales in Vancouver fall 28.6 per cent compared with a year ago

The Canadian Press

VANCOUVER - November home sales in the Vancouver area fell 28.6 per cent compared with a year ago as what was once the country's hottest real estate market continued to cool.

The Real Estate Board of Greater Vancouver says sales through its Multiple Listings Service totalled 1,686 for the month, down from 2,360 in November 2011.

Sales were also down 12.7 per cent from 1,931 home sales in October this year.

Despite the sharp drop in sales, the board said the MLS home price index composite benchmark for homes Greater Vancouver was down just 1.7 per cent compared with a year ago at $596,900.

The board said there were 15,689 residential property listings on the MLS, up 13 per cent from this time last year, but down 9.7 per cent compared October 2012.

New listings for the month totalled 2,758 for November, down from 3,222 new listings a year ago.