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

New book about Vanderhoof’s past will be on shelves this spring

Nechako Valley Historical Society is finishing up the book that has involved the whole community

B.C. chiefs show solidarity with Wet’suwet’en hereditary chiefs

Chiefs from around B.C. outside the Coastal GasLink pipeline route in Smithers show support.

Woman killed in head-on crash near Vanderhoof

RCMP say driver crossed the centre line and hit a loaded fuel tanker truck

RCMP to review actions at Wet’suwet’en pipeline protest camps

Senior Mountie says he hopes protests will be peaceful following deal with hereditary chiefs

‘Tripod’ delays access to Unist’ot’en camp

Social media rumours of cultural significance quashed, meaning police “exclusion zones” should end.

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

Port authority imposes ban on development around Lelu Island

Following Pacific Northwest LNG, there will be no future projects proposed near Flora Bank

In limbo: Leftover embryos challenge clinics, couples

Some are outright abandoned by people who quit paying storage fees and other couples struggle with tough decisions

Most Read