The bad news continues for Vancouver real estate as housing resales fell by almost a quarter from a year ago.
The Conference Board of Canada reports that resales in Vancouver fell 22.8 per cent in October compared to the same month the previous year, while month-over-month resales actually went up by 3.9 per cent.
The number of resale listings also fell by 5.8 per cent from a year ago, and 9.3 per cent from September. The average resale price fell 5.7 per cent to $726,089, year on year, while recording a 1.2 per cent from September.
The Conference Board pegged Vancouver as a buyers' market, with a sales-to-new-listings ratio of 0.402. Vancouver would have to register anywhere between 0.428 and 0.718 to register as a balanced market.
The news was even more dire for Victoria, where resales fell 28.3 per cent from a year ago and 26.2 per cent from the previous month. Resale listings fell 7.6 per cent from a year ago and seven per cent from September.
The sales to new listings ratio was even lower in B.C.'s capital at 0.338, well out of the range of a balanced housing market.
The news wasn't as dire in the Fraser Valley, which the Conference Board identified as a "balanced market" with a sales-to-new-listings ratio of 0.447, on the lower end of the balanced market range.
The news comes as some analysts predict dire trends for Vancouver's housing market.
Ben Rabidoux, a real estate researcher with California's M. Hanson Advisors, told The Huffington Post B.C. on Wednesday that Vancouver's November sales could fall up to 30 per cent below last year and 35 per cent below the decade average.
He blamed a "speculative mania" for skyrocketing housing prices in recent years.
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