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Blog by Don Kennedy

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Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.


The News Release traces back 18 years to find a time when Metro Vancouver home sales dip as low as those of 2018. Listed major factors which colluded to yield this result are [as feared last January] new mortgage rules and higher interest rates along with taxes and high prices. 2018 sales are 25 percent below the regions 10-year average with all sectors down 31.6 percent for the year 2018 compared to all of 2017. 2019 appears to be formulating as a year that will be favourable to Buyers.


Last month total Metro Vancouver residential sales drop 46.8 percent compared to December 2017. Year to year new listings are 25.6 percent lower but in that same time period the total inventory of listed properties is up by 47.7 percent. The composite value of all Metro Vancouver properties decreases 2.7 percent December 2018 versus December 2017.


The graph shows a decline for the average price in Metro Vancouver detached properties of 2.8 percent from November to December. The benchmark price for detached homes last month compared to December 2018 is down 7.8 percent. The volume of house sales falls 43.6 percent year to year.


Contrasting last month with December 2017 Vancouver west detached prices are 11.8 percent lower. December to December west side house sales are down 8.3 percent. Year to year inventory declines 1.4 percent.


November to December sales of west side houses fall by 45.9 percent. Month to month detached inventory is 47 percent lower.