Thursday , January 28 2021

Metro Vancouver home sales reach the lowest level since 2008 The Great Recession



Metro Vancouver's real estate market continues to deepen, according to new data released by the Real Estate Board of Grand Vancouver.

Retail sales in the region in November 2018 reached 1,608 units, down 42.5% from the same period in 2017 and a decrease of 18.2% compared to October 2018.

In fact, home sales for the previous month were 34.7% below the 10-year average selling price for November, and this was the lowest sales for the month since 2008 when the Great Recession occurred.

In November 2018, compared to the same period last year, sales of self-contained dwellings declined by 36.8% for individual units, 46.3% for residential units and 36.8% for fixed units.

"Household buyers take a wait-and-see approach for most of 2018. This has allowed the number of homes offered for sale in the region to return to more typical historical levels," explains Phil Moore, president of REBGV, in a statement ,

"This activity helps housing prices to decline compared to all types of properties from the record levels we have experienced in the past year."

In general, for all types of housing, benchmark prices are now moving at $ 1,042 million, down 1.4% in November 2017, and a 1.9% decline compared to October 2018.

Compared to the previous month, benchmark prices fell 1.6% to 1.5 million dollars for homes, 2.3% to 668 thousand dollars for apartments and 1.3% to 818,500 dollars for homes.

The number of new ads continues to decline, with MLS data showing that last month 3,461 new properties were registered in the last month – 15,8% in November 2017 and 29% in October 2018

When it comes to the ratio of sales to active months, housing has the highest ratio of 17.6%, followed by 8.9% for dwellings and 14.7% for dwellings. Everywhere for all types of properties the ratio was 13.1%.

All this is in line with Canada's mortgage and housing forecast last month for "moderation" on the Vancouver housing market by 2020.

Earlier this year, the BC Real Estate Association predicted sales in the Vancouver region will decline by about 26 percent by the end of 2018 compared to last year.

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Kenneth Chan

National editor of Daily Hive, the evolution of Vancity Buzz. It covers local architecture, urban issues, politics, business, retail, economic development, transport and infrastructure as well as the tourism industry. Kenneth is also a co-founder of New York's Vancouver. Contact him at Kenneth[at]dailyhive.com



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