2018 is a wrap and today, we bring you the December 2018 Metro Vancouver Housing Market Report. Overall, Metro Vancouver home sales last year were the lowest annual total in the region since 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on MLS® in 2018 which is 31.6% decrease from 2017 and a 38.4% decrease from 2016. The sales total in 2018 was 25% below the region's 10-year sales average.
Below is an infographic put out by the REBGV highlighting some key elements.
“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,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”
“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.
The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7% decrease compared to December 2017.
Looking at residential home sales in the Greater Vancouver region, there was a 46.8% decrease in comparison to December 2017 from 2,016 sales to 1,072. This is 43.3% below the 10-year December sales average.
For a detailed look at the December 2018 statistics package, click here.
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