Vancouver-area housing sales skid to lowest in almost two decades

Vancouver-area housing sales skid to lowest in almost two decades

"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value".

December sales were down by almost half compared with December 2017.

"It's a real mix in property value changes, but the market can best be summed up as showing signs of stability across most areas of the province", Ireland said in a news release.

The total number of homes sold in Metro Vancouver previous year fell to 24,619, marking the lowest total since 2000, according to data from the Real Estate Board of Greater Vancouver.

Vancouver Island assessor Tina Ireland said in a release that the majority of residential homeowners could expect an increase up to 20 per cent as compared to last year's assessment.

Commercial and industrial properties saw an increase of between 10 and 20 per cent across most of the province, with some markets around Metro Vancouver increasing by up to 30 per cent. The report says there were 1,072 homes sold last month, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

At the same time, sale prices for homes in the region remain ahead of marks set in 2017, with the benchmark price of a single-family home sold in the region in December hitting $751,700, compared with $715,200 in December 2017.

"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", said Moore.

Xiaomi rumored to be working on a triple-fold phone
Google Maps is launched and the text is in Chinese, which again fits with the Xiaomi theory, but certainly doesn't confirm it. Finally, Xiaomi isn't afraid to work on weird "concept" phones as it showed with its bezels Xiaomi Mi Mix phone.

It's one of 11 Vancouver properties in the top 12 in a list largely dominated by Lower Mainland properties.

"The question is when will the sellers scream uncle", Mr. Yan said in an interview, noting that prices are still holding steady in some suburbs farthest away from the city of Vancouver.

The benchmark price of a townhouse rose 1.3 per cent year-over-year to $809,700, while the benchmark price of a condominium gained 0.6 per cent to $664,100.

Some 535 condo units traded hands across the region in December, which is a 34 per cent decrease compared to the 1,028 sales in December 2017 and 34 per cent lower than November 2018. At the other end of the scale, attached properties in five areas saw year-over-year price declines: Vancouver East (-3.3 per cent), Ladner (-2.1 per cent), Tsawwassen (-0.8 per cent), Vancouver West and Burnaby North (both -0.5 per cent).

All of this could just be the beginning of a years-long moderation trend in Metro Vancouver's residential real estate market.

Many sellers in that bracket bought their homes years ago for a lot less money and "they're in a position to afford to sell their home for less money than they'd like to have had", he said.

Home prices vary widely in different areas throughout the region. "Fine, you'll move over to condos", he said. To get a good idea of home prices in a specific location and by property type, check the detailed MLS® Home Price Index in the full REBGV stats package.

Related Articles

  • The government shutdown could delay your tax refund

    The government shutdown could delay your tax refund

    New Worries emerge with the federal government shutdown, tax returns. Live telephone assistance is not available at this time. Normal operations will resume as soon as possible".
    Duanne Olivier takes four wickets as South Africa skittle Pakistan for 177

    Duanne Olivier takes four wickets as South Africa skittle Pakistan for 177

    De Kock hit fours off his first two deliveries and never looked back as he raced to his half century off 59 balls. Captain Sarfraz Ahmed hit 56 and Shan Masood made 44 to lift an otherwise poor Pakistan batting performance.
    Mad Box Gaming Console Announced by Project Cars Developer

    Mad Box Gaming Console Announced by Project Cars Developer

    Bell said that they now have the design of the Mad Box all specced out and are now in discussions with manufacturing partners. Ian Bell, CEO of Slightly Mad Studios has revealed that his company is developing their own games console.
  • LeBron James to miss at least 3 more games for Lakers

    LeBron James to miss at least 3 more games for Lakers

    Michael Jordan states that he would never make the claim to be the greatest. "LeBron went to the Finals", Ainge said. He's played in 34 games this season, and has averaged 27.3 points, 8.3 rebounds and 7.1 assists.
    The CW Orders 'Batwoman' Pilot Starring Ruby Rose!

    The CW Orders 'Batwoman' Pilot Starring Ruby Rose!

    After making her debut during the "Elseworlds" Arrow-verse crossover , Batwoman is ready to take center stage. I'm also an emotional wreck. because this is a childhood dream.
    Jon Jones lashes out after questioning from Michael Bisping following UFC 232

    Jon Jones lashes out after questioning from Michael Bisping following UFC 232

    It was a huge night for both Jon Jones and Amanda Nunes, who captured world titles in the main and co-main events respectively. While the fighter has had plenty of success at light heavyweight, a move up a weight class could be coming in the future.
  • China's serial killer 'Jack the Ripper' executed

    China's serial killer 'Jack the Ripper' executed

    Chinese serial killer Gao Chengyong, often dubbed by the media as China's version of " Jack The Ripper ", was executed Thursday. Some of the women Gao targeted had their reproductive organs removed, the Beijing Youth Daily said when he was arrested in 2016.

    Fed Chief Jerome Powell Says He Won't Resign If Trump Asks

    On December 19, the Federal Reserve increased the interest rate for the fourth time in 2018 - from 2.25 percent to 2.5 percent. He also pledged to stay in his job even if asked to quit by President Donald Trump , who has been critical of him.
    Pujara, Pant put Australia to the sword in Sydney

    Pujara, Pant put Australia to the sword in Sydney

    Josh Hazlewood (2-51) struck early on a wicket with a greenish tinge to remove Rahul but that only brought Pujara to the crease. There was the faintest blip on snickometer and the decision stayed in Australia's favour despite Vihari's quick DRS review.
  • Bolsonaro presidential decree grants sweeping powers over NGOs in Brazil

    Bolsonaro presidential decree grants sweeping powers over NGOs in Brazil

    He had planned to merge to merge the agriculture and environment ministries but backtracked when that provoked an outcry. Bolsonaro, known as the "Trump of the Tropics", was congratulated by the US president after he was sworn into office.
    1 dead in Sydney Scientology stabbing

    1 dead in Sydney Scientology stabbing

    The site formerly housed the National Acoustic Laboratory and was purchased by the church for a reported $37 million in 2014. A teenager is under arrest and a man is dead after a stabbing at the Sydney headquarters of the Church of Scientology .
    Liverpool's Clyne joins Bournemouth on loan until end of season

    Liverpool's Clyne joins Bournemouth on loan until end of season

    Rafael Camacho also played as a wing-back during preseason. We're excited about what he can deliver for us". I can't wait to get going", he added.