Welcome to the Vancouver Housing Market Update – November 2018. Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in November 2018 saw a 42.5 per cent decrease from the sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018.
To put this into some perspective, last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.
“This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.” Phil Moore, REBGV president said
Looking at the sales-to-active listings ratio for November, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments. Remember, downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.
Detached Home Sales:
The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.
The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.
The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.
If you’d like more information on the current Vancouver housing market, please feel free to get in touch.
Don’t forget to check back in the New Year for an update on the Vancouver housing market, and an in depth look at the facts and figures from December 2018.
Until then, we hope you all have a Happy Holidays and a wonderful New Year!