A real estate sign is pictured in Vancouver, Tuesday, June 12, 2018. (THE CANADIAN PRESS/Jonathan Hayward)

Vancouver home sales fall to lowest total since 2000

Detached homes’ benchmark price fell 7.8% from December 2017

Home sales in Metro Vancouver plummeted to their lowest level in nearly two decades last year and the average home price moved lower in the once red-hot real estate market.

The total number of homes sold in Metro Vancouver last year fell to 24,619, marking the lowest total since 2000, according to data from the Real Estate Board of Greater Vancouver. That’s down 31.6 per cent from nearly 36,000 in 2017 and 25 per cent below the region’s 10-year average.

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019

The composite benchmark price for a home, which includes detached properties, townhomes and condominiums, dropped 2.7 per cent from December 2017 to finish the year at $1,032,400.

Detached homes led the fall as their benchmark price fell 7.8 per cent from December 2017 to $1,479,000.

Townhome and condominium prices saw small gains over the year. The benchmark price of a townhouse rose 1.3 per cent year-over-year to $809,700, while the benchmark price of a condominium advanced 0.6 per cent to $664,100.

“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 REBGV president Phil Moore.

Condo prices were down 0.6 per cent from November 2018, while townhome prices fell 1.1 per cent month-over-month.

Moore called 2018 “a transition period” for the region’s housing market, which moved away from sellers’ market conditions.

“High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018,” he said.

The board’s data comes a day after BC Assessment, an independent, provincial Crown corporation whose estimates are used to determine property taxes, released data showing a drop of up to 15 per cent on the estimated values of some detached homes in urban areas of Greater Vancouver as of July 1, 2018.

The median single-family residential property value in Vancouver, Burnaby and North Vancouver fell four per cent, according to BC Assessment. In the district of West Vancouver the drop was 12 per cent, while on the University Endowment Lands it was 11 per cent.

As the real estate market softens in some areas, Greater Vancouver is now seeing signs of moderation, BC Assessment said in a statement.

Other areas, though, still experienced gains. The median single-family residential property value in Port Moody, Port Coquitlam, Squamish rose between four and six per cent.

Residential strata units, like condominiums, rose between zero and 25 per cent in urban areas of Greater Vancouver, according to the data.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

B.C. oil tanker ban squeaks through final vote in Senate

Bill C-48 bars oil tankers from loading at ports on B.C’s north coast

Plenty of true grit shown at Big ‘4’ Rodeo in Barriere

Justin Harrell from Chetwyn, B.C., breaks out of the chute in perfect… Continue reading

Father’s Day Fish Derby a family affair in Barriere

North Thompson Fish and Game Club hold 10th Annual Father’s Day Fish Derby

United We Roll For Canada rolls into Barriere

When a dedicated group got together to organize a convoy of trucks… Continue reading

Imagine the possibilities: Summer Reading Club at Barriere Library

By Jill Hayward The Barriere Library is inviting kids of all ages… Continue reading

Astronaut David Saint-Jacques returns to Earth, sets Canadian space record

Native of Saint-Lambert, Que., set a record for longest single spaceflight by a Canadian at 204 days

Poll: Rising gas prices force B.C. residents rethink summer road trips

63 per cent of respondents reported gas prices are impacting their day-to-day finances

PHOTO: Moose cow and calf relax in Williams Lake flower garden

The homeowners got a surprise when they checked their most recent surveillance footage

Two in hospital after plane crashes in Okanagan Lake

RCMP say wheels left down caused landing plane to overturn on lake

The world’s Indigenous speakers gather in B.C.’s capital to revitalize languages

Organizers estimate about 1,000 delegates from 20 countries will be at the conference

Join talks on international treaty: B.C. First Nations mark ‘historic moment’

Representatives of the Ktunaxa, Syilx/Okanagan and Secwepemc Nations participated

Companies need clearer rules on workplace relationships, study suggests

One-third of Canadians have been in love at work, and half say no policy on the matter exists

‘Text neck’ causing bone spurs to grow from millennials’ skulls, researchers say

Technology use from early childhood causing abnormal bone growths in 41 per cent of young adults

B.C. teen killed by fallen tree on field trip remembered as hero

13-year-old Tai Caverhill was the first to spot the tree falling and warned his friends

Most Read