After a bounce in sales during October, homes sales in November – in 91Ô­´´ and the region – dropped back towards seasonal averages.

November saw sales across the Fraser Valley dip by 15 per cent from October, but they remained 28 per cent above the home sales in November 2023, according to data from the Fraser Valley Real Estate Board (FVREB).

The late fall and winter, particularly through the holiday season, is typically a slow season for local real estate, with things picking up again in the early spring.

In 91Ô­´´, there were 66 single-family homes sold in November, up 43.5 per cent from the same month last year, but down 21.4 per cent from October.

There were 55 townhouses sold, a 19.6-per-cent increase year-over-year, but down 32.9 per cent from October. As for condos, 85 units sold in November, up 34.9 per cent from the same month last year, but down 14.1 per cent from October.

The number of homes listed for sale declined somewhat from October, but it also remained significantly higher than a year ago. There were 408 detached homes listed for sale in November, 14 per cent more than a year ago, 205 townhouses, a 44.4-per-cent year-over-year increase, and 405 condos, a 48.4-per-cent jump from the same month last year.

Prices remained fairly static, as they have for most of the year.

The benchmark price – the average price of a "typical" home of its type – for a detached house in 91Ô­´´ was $1,618,400 in November, just 0.4 per cent higher than a year ago and 0.3 per cent higher than in October.

The benchmark for a townhouse was $867,200, almost exactly identical to the $867,500 a year before, and up 0.3 per cent from in October. Benchmark condos were going for $601,000, down 0.4 per cent year-over-year, and down 0.6 per cent from October.

91Ô­´´-area realtor Bob Kalo said buyers are still dealing with high prices for homes and higher mortgage rates.

"There's certain segments and certain price ranges that are more active," he said of the local market.

But he noted that mortgage rates don't come down based on the Bank of Canada's key interest rates, which have been dropping. Mortgage rates are more closely tied to the five-year bond rate – which has been moving up and down, but lately it's been back up.

"We haven't seen mortgages come down as much as we thought they would," said Kalo.

Properties that are priced well are still selling, Kalo noted, while others remain on the market because they're priced too high.

It's hard for people to adjust their expectations, if their neighbour's identical home sold for $800,000 last year, to the idea that their home will only go for $750,000 this year, Kalo said.

On Dec. 15, a number of changes to mortgage rules at the federal level will come into play, including increasing the cap for insured mortgages to $1.5 million from $1 million, and allowing first-time homebuyers and buyers of new builds to take out 30-year mortgages.

Kalo said there might be a bit more interest after the changes come in, but he acknowledged that December is traditionally a very slow time for real estate.

"January will kind of tell," he said.

According to the FVREB's data, the benchmark price of a home in the region is currently 111.8-per-cent higher than it was 10 years ago. In 91Ô­´´, a detached home's price is up 166.3 per cent, a townhouse is up 170 per cent, and condos have increased in price 187.4 per cent over the same time span.