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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Parkside Art Gallery reopens to the public on June 2

Claudia Rings raises $2,500 from mask sales for Parkside Art Gallery

Boat stolen, funds extorted from elderly neighbour

The weekly police report for the South Cariboo area

From the archives of the 100 Mile Free Press

39 YEARS AGO (1981): RCMP and Search and Rescue co-ordinator John Delves… Continue reading

Lions extend organ donation campaign

Organ donation something to consider

108 Mile Heritage Market open for business

Vendors and clients are welcome to attend and visit the site

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

B.C.’s Central Kootenay region declares state of emergency, issues evacuation orders

The evacuation alert covers all areas except the Cities of Castelgar and Nelson

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Protesters prepare to rally against racism in front of Vancouver Art Gallery

Rally is in response to the deaths of black Americans and a Toronto woman

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Feds earmark $1.5M to support recovery of B.C., Indigenous tourism

B.C. money will be split between Vancouver Island and Indigenous tourism

‘We’re sick of it’: Anger over police killings shatters U.S.

Tens of thousands marched to protest the death of George Floyd

Surrey mayor’s party under fire for ‘sickening’ tweet accusing northern B.C. RCMP of murder

Mayor Doug McCallum says tweet, Facebook post ‘sent out by unauthorized person’

Father’s Day Walk Run for prostate cancer will be virtual event this year throughout B.C.

The annual fundraiser for Prostate Cancer Foundation BC has brought in $2.5 million since 1999

Most Read