|

2018 Vancouver Home Sales The Lowest In Nearly Two Decades

Vancouver-area home sales last year were the lowest since 2000, according to the Real Estate Board of Greater Vancouver. The Real Estate Board of Greater Vancouver says sales on the Multiple Listing Service plunged 31.6 per cent to 24,619 in 2018. They were also 25 per cent below the 10-year average.

VANCOUVER – The real-estate business is experiencing a huge downturn with Vancouver-area home sales last year hitting the lowest level since 2000, according to an industry group.

The Real Estate Board of Greater Vancouver says sales on the Multiple Listing Service plunged 31.6 per cent to 24,619 in 2018. They were also 25 per cent below the 10-year average.

December’s sales of 1,072 homes were 46.8 per cent below the year-earlier total, and 33.3 less than November’s.

Tighter mortgage qualification rules, a variety of government measures and higher interest rates weighed on the market.

In an REBGV statement, president Phil Moore says “As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year.”

Listings fell 1.9 per cent last year and were 6.9 per cent below the 2016 level.

The group’s benchmark price for all types of homes, which is adjusted for variations in properties, fell 2.7 per cent year-over-year to $1,032,400. Meantime, prices for single-detached houses sank 7.8 per cent to $1,479,000, almost all of it since June according to the REBGV. They were also down 1.4 per cent from November.

The benchmark price of an apartment-style condominium rose 0.6 per cent to $664,100 but was down 6.4 per cent since June.

Moore is looking to the supply of homes this year as an “important indicator.” He says “many projects will complete soon,” adding “This will provide additional housing options” for home buyers.

Comments are closed