The December 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV) has displayed the same trends that have been prevalent over the past few months.
In his end of year comments about the Greater Vancouver real estate market, Phil Moore, REBGV president said. “This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years. High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”
In December 2018, there were 1,072 residential property sales. This represented a 46.8% decrease from the 2,016 sales in December 2017 and a decrease of 33.3% from November 2018 when 1,608 homes were sold.
The number of detached properties sold was 348, 43.6% less than December 2017.
The number of apartments sold was 535 34% less than December 2017.
The number of attached properties sold was 189, 49.1% less than December 2017.
There were 1,407 new listings of detached, attached and apartment properties for December 2018 added to the MLS®. This represented a 25.6 % decrease compared to the 1,891 homes listed in December 2017, and a 59.3% decrease compared to November 2018 when 3,461 homes were listed.
The total number of homes listed for sale in December was 10,275. This was a 47.7% increase compared to December 2017 (6,958) and a 16.5% decrease compared to November 2018 (12,307).
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio in December was 10.4%, indicative of a seller’s market. When broken down by property types, the ratio was:
- 1 % for detached homes
- 12 % for townhomes
- 2 % for condos
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,032,400 in December. This was down 2%.
When broken down by property types, the ratio was:
- Detached home price $1,479,000. A 7.8% decrease when compared to December 2017 and 1.4% decrease when compared to November 2018.
- Condo price $664,100. A 0.6% decrease when compared to December 2017 and 0.6% decrease when compared to November 2018.
- Attached home price $809,700. A 1.6% increase when compared to December 2017 and 1.1% decrease when compared to November 2018.
Click here for a full report.
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