After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.

The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 percent below June, but still 37.8 percent above July 2022.

July new listings, at 2,855, were also down by 16.6 percent compared to last month but 19.7 percent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 percent over June, bringing the total inventory available for sale in the region to 6,199.

“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

The market for detached homes softened in July with a sales-to-active listings ratio of 17 percent while demand for townhomes and apartments remained firm at 45 percent and 36 percent respectively. The market is considered balanced when the sales-to-active-listing ratio is between 12 percent and 20 percent.

Prices across all categories saw negligible increases compared to last month (see below).

“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.”

On average, properties spent two to three weeks on the market before selling, with detached homes spending 22 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 18 days, respectively.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 per cent compared to June 2023 and decreased 3.1 per cent compared to July 2022.
• Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 percent compared to June 2023 and decreased 2.7 percent compared to July 2022.
• Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 percent compared to June 2023 and increased 0.8 percent compared to July 2022.

1. Outdoor Lighting: Hang string lights or lanterns to create a cozy ambiance for evenings in the backyard. You can also use solar-powered lights to illuminate pathways or trees.

2. Potted Plants and Flowers: Add vibrant colors and fresh greenery to your backyard with potted plants and flowers. Choose a variety of plants that thrive in your climate and arrange them in different heights and sizes for visual interest.

3. Outdoor Rug: Place an outdoor rug on your patio or deck to define the seating area and add a pop of color or pattern. It also provides a comfortable surface for bare feet.

4. Cozy Seating: Create comfortable seating areas with outdoor furniture such as lounge chairs, hammocks, or a cozy sectional sofa. Add weather-resistant cushions and throw pillows for extra comfort.

5. Outdoor Dining Area: Set up an outdoor dining area with a table and chairs. Consider adding an umbrella or canopy for shade during hot summer days.

6. Shade Structures: Install shade structures like pergolas, gazebos, or retractable awnings to provide relief from the sun. You can also use shade sails or umbrellas to create shaded areas.

7. Outdoor Kitchen or Barbecue Area: If you enjoy cooking outdoors, consider adding an outdoor kitchen or barbecue area. Install a grill, prep area, and storage space to make cooking and entertaining easier.

8. Water Features: Incorporate a water feature like a small fountain, birdbath, or a pond to add a sense of tranquility and relaxation to your backyard.

9. Outdoor Decorations: Use decorative items like wind chimes, colorful wind spinners, or garden sculptures to add personality and whimsy to your outdoor space.

10. Play Area: If you have children, create a designated play area with swings, a sandbox, or outdoor games like a mini-golf putting green or a basketball hoop.

Remember to consider your personal preferences and the available space in your backyard when implementing these ideas. Tailor them to suit your style and needs to create a backyard oasis that you and your family can enjoy throughout the summer.

The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply.

In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023. The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year.

Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 percent over April.

At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 percent) than the ten-year average for the region. A welcome trend toward alleviating housing supply issues.

“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”

Active listings grew to 5,558, a 20 percent increase over April, the highest month-over-month jump in more than a year.

The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 percent increase over last month and a 25.8 percent jump over May of last year.

Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.

“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”

Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached homes took, on average, 23 days to sell, and apartments, 23. Townhomes moved more quickly, selling, on average, 18 days after listing.

MLS® HPI Benchmark Price Activity*

• Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 percent compared to April 2023 and decreased 12.7 percent compared to May 2022.
• Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 percent compared to April 2023 and decreased 9.8 percent compared to May 2022.
• Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased by 2 percent compared to April 2023 and decreased by 6.3 percent compared to May 2022.

Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.

In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service® (MLS®), virtually unchanged compared to March and a slight decrease of 5.1 percent compared to April 2022.

"Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”

The Board received 2,478 new listings in April, off by 3.2 percent compared to March, and down by 31.6 percent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 percent increase over March, and 14 percent less than April 2022.

“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Board CEO, Baldev Gill. “With the heightened activity, many homeowners are asking: is now the right time to buy or sell? There is no simple — or single — answer to this question, but a wise first step would be to consult with a professional REALTOR® to determine the best path to meet your personal objectives.”

Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 percent to $992,000 and single-family detached homes up by nearly four percent, month-over-month.

 Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell.

 MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home increased by 3.8 percent compared to March 2023 and decreased by 17.8 percent compared to April 2022.
• Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 percent compared to March 2023 and decreased 13.3 percent compared to April 2022.
• Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 percent compared to March 2023 and decreased 9.8 percent compared to April 2022.

March 2023 saw the second consecutive month of growth in sales in the Fraser Valley, and although still below seasonal norms, the trend is an encouraging sign that the region continues to head toward increased market stability. 

At 1,550, property sales posted on the FVREB’s Multiple Listings Service (MLS®) were 72.6 percent higher than sales recorded last month. Although 39.9 percent lower than a year ago and nearly 25 percent below the ten-year average, it marks the first time since August that monthly sales exceeded the 1,000 level.

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”

As in all regions across the province and the country, low supply is still an issue and a primary factor driving price growth.

New listings, at 2,559, were 32 percent higher than in February, but still, 44.1 percent below last year, while active listings were up by 2.8 percent over last month and 3.5 percent below last year. However, both are well off the ten-year average and among the lowest March listings recorded in a decade.

As a result, the aggregate sales-to-active listings ratio grew to 34 percent, shifting the market into sellers' territory, with demand for townhomes even more pronounced, at a 62 percent ratio. (The market is considered balanced when the sales-to-active listings ratio is between 12 percent and 20 percent.)

Benchmark prices continued to edge upward with roughly two percent month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.

“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 percent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”

Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 percent compared to February 2023 and decreased 21.7 percent compared to March 2022.
• Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 percent compared to February 2023 and decreased 14.5 percent compared to March 2022.
• Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 percent compared to February 2023 and decreased 11 percent compared to March 2022.

1. Make a Budget Selling a home can involve unexpected expenses, so it's important to create a budget to cover these costs. Dave Ramsey offers a helpful sample budget on his website that can guide you from the beginning of the sales process to closing.

2. Choose the Right Real Estate Agent A qualified real estate agent can help navigate the complexities of selling your home, from effective marketing to smooth negotiations. Seek recommendations from friends, family, or your lender, and do your research to find the right agent in your area.

3. Bonus: Start Shopping for Your New Home Once your current home is ready to sell, start exploring your options for a new home. Enjoy the process of finding your dream home.

4. Enhance Your Curb Appeal First impressions matter, so start by improving your home's exterior. Hire a professional or rent a power washer to clean your house and driveway. Consider repainting your shutters or mailbox and adding a sealant to the driveway to make it look refreshed and new.

5. Prep Your Yard After the winter months, your yard may need some attention. Invest in seed or sod for brown patches, pull weeds, trim bushes, and add mulch or pine straw to spruce up your garden. Choose bright, colorful flowers to create an inviting atmosphere.

6. Deep Clean Your home should be spotless to attract potential buyers. Clean bathrooms and kitchens thoroughly, declutter drawers and closets, and dust the blades of ceiling fans and appliances. Consider hiring professionals to clean carpets.

7. Declutter and Depersonalize Removing clutter and personal items can help buyers picture themselves in your home. Remove knickknacks, children's drawings, and family photos. Consider removing a piece of furniture from each room to make it look more spacious.

8. Refresh Paint and Hardware A fresh coat of neutral paint can give a room a new lease on life. Clean baseboards, dust walls, and replace drawer pulls and knobs. Update porch lights and door handles, and consider a new front door if it's in your budget.

9. Focus on the Kitchen and Bath Small updates can make a big difference. Declutter storage areas, update fixtures, and add attractive lighting. Consider re-grouting and caulking in the bathroom.

10. Create a Welcoming Outdoor Space Spring is the perfect time to highlight your porch or patio. Sweep off decks, tidy up outdoor furniture, and make sure your grill is ready for use.

11. Take Photos Highlight the beauty of your home throughout the year with seasonal photos. Showcase your home's best features to help prospective buyers envision themselves living there.

House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 percent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 percent over last month to 1,938 but 48.2 percent lower than this time last year. Active listings grew by 7.0 percent over January and by 16.3 percent over February 2022.

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 percent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 percent higher than pre-pandemic February 2020.

“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 percent, the overall market was once again in balance, however, the ratio for townhomes was higher at 36 percent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 percent and 20 percent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased by 0.5 percent compared to January 2023 and decreased by 21.5 percent compared to February 2022.
• Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 percent compared to January 2023 and decreased 13.8 percent compared to February 2022.
• Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 percent compared to January 2023 and decreased 10.5 percent compared to February 2022.

1. Neutralize the color palette: Neutral colors, such as beige, gray, and white, help create a blank canvas that appeals to a wide range of potential buyers.

2. Update fixtures and hardware: Updating light fixtures, doorknobs, faucets, and cabinet hardware can make a big impact and show that the house is well-maintained.

3. Declutter and depersonalize: Remove personal items and excess clutter from surfaces to make the space feel more spacious and neutral.

4. Enhance natural light: Clean windows and trim trees or bushes that may block natural light. Consider adding a skylight or a solar tube to brighten up a darker room.

5. Add plants: Adding plants to various rooms can bring a touch of nature and freshness to the space.

6. Address the kitchen and bathrooms: These are the two most important rooms in a home, so it's worth investing in updates, such as new countertops, cabinets, and flooring, if necessary.

7. Create a focal point: Add a statement piece to a room, such as a piece of artwork, a gallery wall, or a large mirror, to create a focal point and draw the eye.

By following these tips, you can create a space that appeals to potential buyers and makes a positive first impression.

The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.

With 626 transactions processed on the MLS®, sales were off by 12.6 percent compared to last month and down by 52.2 percent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.

“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”

Although new listings saw an increase of 128.3 percent over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6 per cent compared to this time last year.

“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we should see demand pick up.”

At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent from December and off by 15.1 per cent compared to January 2022.

“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take advantage of the anticipated market upswing.”

Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased by 1.4 per cent compared to December 2022 and decreased by 17.6 per cent compared to January 2022.
• Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to December 2022 and decreased 8.8 per cent compared to January 2022.
• Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased by 0.2 per cent compared to December 2022 and decreased by 5.9 per cent compared to January 2022.

In a year that saw prices peak early on, feeding off the momentum of record-breaking sales in 2021, the Fraser Valley real estate market came back down to earth by the close of 2022, due largely to interest rate increases designed to stave off inflation.

The Fraser Valley Real Estate Board (FVREB) processed 716 sales on its Multiple Listing Service® (MLS®) in December 2022, down 14.7 percent from the previous month and down by 60.4 percent compared to the same month last year, making it the lowest December sales recorded in the last 10 years.

The Board received 803 new listings in December, a decrease of 52.8 percent compared to November, and 37.2 percent fewer than in December of last year. Total active listings for December stood at 3,923, down by 26.4 percent compared to November, but nearly double (100.5%) compared to December 2021.

The year closed out with a total of 15,273 sales, just over half of 2021’s record-setting 27,692 and the ninth-lowest annual tally of the past decade. New listings were down 8.9 percent at 32,442 compared to 2021.

With a sales-to-active listings ratio of 18 percent, the overall market closed out the year in balance (the market is considered balanced when the sales-to-active listings ratio is between 12 percent and 20 percent.)

“As the market has adjusted to rate hikes, we’re starting to see a resumption of interest among the public,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “For some time, buyers and sellers alike have delayed decisions in somewhat of a watch-and-wait mode. This has dampened sales as well as supply since fewer new listings come onto the market. We expect activity to pick up in the coming months as this pent-up supply and demand start to emerge.”

Benz added that, under more stable market conditions, there will be strong opportunities for well-priced, well-positioned properties across all categories.

Home prices peaked in March of this year, with the Benchmark price for a detached house hitting a record $1,776,700 before closing out the year at $1,377,200. The composite Benchmark price (all property types combined) finished the year under one million at $955,700.

“If the real estate market has shown us anything this year, it’s that we must be prepared to adjust and adapt to uncertainty,” said Board CEO Baldev Gill. “Market reaction to the many variables at play — be the interest rates, regulatory changes, or supply chain issues, for example — is tough to predict at the best of times. It requires detailed analysis and intimate knowledge, often down to the street level, to fully evaluate. Only a professional REALTOR® can provide the kind of intelligence required to ensure a decision to buy or sell is made with clients’ best interests in mind.”

Across the Fraser Valley in December, the average number of days to sell a single-family detached home was 42, and a townhome 39 days. Apartments took, on average, 33 days to sell. A year ago, properties were moving, on average, two to three times more quickly.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,377,200, the Benchmark price for an FVREB single-family detached home decreased by 2.0 percent compared to November 2022 and decreased by 11.3 percent compared to December 2021.
• Townhomes: At $787,300, the Benchmark price for an FVREB townhome decreased 1.5 percent compared to November 2022 and decreased 1.6 percent compared to December 2021.
• Apartments: At $504,800, the Benchmark price for an FVREB apartment/condo decreased by 2.6 percent compared to November 2022 and decreased by 0.4 percent compared to December 2021.

With sales down, almost seven percent from October, and new listings off by more than 20 percent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.

In November, the Fraser Valley Real Estate Board (FVREB) processed 839 sales on its Multiple Listing Service® (MLS®), a 6.9 percent decrease compared to October and a decrease of 57.5 percent compared to November 2021.

“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”

The Board received 1,703 new listings in November, a decrease of 22.1 percent compared to October 2022 and a decrease of 18.8 percent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 percent decrease compared to October, and 74.9 percent more than November of last year

“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved.”

Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached home decreased by 2.2 percent compared to October 2022 and decreased by 6.3 percent compared to November 2021.

Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased by 1.3 percent compared to October 2022 and increased by 3.3 percent compared to November 2021.

Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 percent compared to October 2022 and increased 5.2 percent compared to November 2021