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.

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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.

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