Home sales in the Vancouver region totalled 2,214 in November, down 0.9 per cent from October and 37.2 per cent lower than November 2015 when 3,524 homes sold, according to The Real Estate Board of Greater Vancouver.
Sales in November were 7.6 per cent below the 10-year sales average for the month. The benchmark selling price was $908,300, down 1.2 per cent from October 2016.
"While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months," Vancouver board president Dan Morrison said in a statement, without specifically referencing the surplus 15 per cent property transfer tax that was applied on foreign buyers starting in August.
Morrison also noted the slowing demand for detached homes in Vancouver; 638 of those properties traded hands in the month, marking a 52.2 per cent plunge in activity from November 2015.
-With files from the Canadian Press