The Metro Vancouver housing\nmarket experienced below average sales activity and moderate price declines in\n2019.<\/p>\n\n\n\n
The Real\nEstate Board of Greater Vancouver (REBGV) reports that sales of detached,\nattached and apartment homes reached 25,351 in 2019, a three per cent increase\nfrom the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the\n35,993 residential sales in 2017.<\/p>\n\n\n\n
Last\nyear\u2019s sales total was 20.3 per cent below the region\u2019s 10-year sales average.<\/p>\n\n\n\n
\u201cWe\ndidn\u2019t see typical seasonal patterns in 2019. Home buyer demand was quieter in\nthe normally busy spring season and it picked up in the second half of the\nyear,\u201d Ashley Smith, REBGV president said. \u201cIn terms of home values, prices\ndipped between two and four per cent across the region last year depending on\nproperty type.\u201d<\/p>\n\n\n\n
Home\nlistings on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver reached\n51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes\nlisted in 2018 and a five per cent decrease compared to the 54,655 homes listed\nin 2017.Last year\u2019s listings total was 7.6 per cent below the 10-year average.<\/p>\n\n\n\n
\u201cHome\nbuyer confidence was a factor throughout the year. In the first quarter, many\nprospective buyers were in a holding pattern, waiting to see how prices would\nreact to the mortgage stress test, new taxes, and other policy changes,\u201d Smith\nsaid. \u201cConfidence started to return in the summer, and we saw above average\nsales in the final quarter of 2019.\u201d<\/p>\n\n\n\n
The MLS\u00ae\nHPI composite benchmark price for all residential properties in Metro Vancouver\nends the year at $1,001,000. This is a 3.1 per cent decrease compared to\nDecember 2018.<\/p>\n\n\n\n
The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.<\/p>\n\n\n\n
REBGV\nreports that residential home sales in the region totalled 2,016 in December\n2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018,\nand a 19.3 per cent decrease from the 2,498 homes sold in November 2019.<\/p>\n\n\n\n
Last month\u2019s\nsales were 9.5 per cent above the 10-year December sales average.<\/p>\n\n\n\n
There\nwere 1,588 detached, attached and apartment properties newly listed for sale on\nthe MLS\u00ae in Metro Vancouver in December 2019. This represents a 12.9 per cent\nincrease compared to the 1,407 homes listed in December 2018 and a 46.8 per\ncent decrease compared to November 2019 when 2,987 homes were listed.<\/p>\n\n\n\n
The total\nnumber of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver\nis 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a\n20.1 per cent decrease compared to November 2019 (10,770).<\/p>\n\n\n\n
For all\nproperty types, the sales-to-active listings ratio for December 2019 is 23.4\nper cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7\nper cent for townhomes, and 32.5 per cent for apartments.<\/p>\n\n\n\n
Generally,\nanalysts say that downward pressure on home prices occurs when the ratio dips\nbelow 12 per cent for a sustained period, while home prices often experience\nupward pressure when it surpasses 20 per cent over several months.<\/p>\n\n\n\n
Sales of\ndetached homes in December 2019 reached 599, a 72.1 per cent increase from the\n348 detached sales recorded in December 2018. The benchmark price for detached\nproperties is $1,423,500. This represents a four per cent decrease from\nDecember 2018, and a 0.6 per cent increase compared to November 2019.<\/p>\n\n\n\n
Sales of\napartment homes reached 1,053 in December 2019, a 96.8 per cent increase\ncompared to the 535 sales in December 2018. The benchmark price of an apartment\nproperty is $656,700. This represents a 2.7 per cent decrease from December\n2018, and a 0.8 per cent increase compared to November 2019.<\/p>\n\n\n\n
Attached\nhome sales in December 2019 totalled 364, a 92.6 per cent increase compared to\nthe 189 sales in December 2018. The benchmark price of an attached home is\n$778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7\nper cent increase compared to November 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
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