Autumn slowdown? Not in Canada’s hottest housing market

iStock_house-growthHomes in Canada’s hottest market continued to sell like gangbusters even during what is traditionally one of the slowest months of the year.

According to a Financial Post report, the Real Estate Board of Greater Vancouver recorded 3,524 sales during the traditionally slow month of November. While that was down slightly from October’s 3.646 sales, it was still a 40.1% increase from November of 203.

“November is typically one of the quietest months of the year in our housing market, but not this year,” said board president Darcy McLeod. “The ratio of sales to homes available for sale reached 44% in November, which is the highest it’s been in our market in nine years.”

Sales in November were 46.2% above the 10-year average for the month, and the second-highest ever for November, the Financial Post reported.

Prices, meanwhile, continue to skyrocket. According to the Financial Post, the board’s composite benchmark price for residential properties in the metro Vancouver area rose to $752,500 – a jump of 17.8% over a year ago. The average detached home is now $1,226,300, a 22.6% jump from last November, according to the Financial Post.

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