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

Vis holding town hall meeting in Mission

Conservative Party candidate to speak on Thursday, March 28 at the Mission Leisure Centre

VIDEO: Mission fire crews extinguish brush fire behind Walmart

The CP Rail line had to be shut down temporarily in order to run hoses over the tracks

Angler reels in monster bass at Mill Lake Park

Jayden Kalmbach had been trying to land a prize bass for months at Abbotsford’s urban lake.

Teen who fires airsoft pistol into sports field prompts large police response

Takedown occurs Monday night on Trethewey Street in Abbotsford

Make a Difference auction raises $269,000 for Foodgrains Bank

Event at McClary’s Stockyard in Abbotsford crushes previous record

VIDEO: 13-year-old killed in B.C. crash that involved five kids

The children range in age from six to 17.

Study: Why Canadian police should have a dedicated animal cruelty unit

People view fighting animal cruelty as a public responsibility

Convicted pedophile from B.C. raises fears after move to Ontario

Police have issued a warning about Madilyn Harks in Brampton

Mystery plane wakes up B.C. residents

An aircraft circled Langley City over the weekend after midnight for about an hour

Yellow snake spotted slithering in Greater Victoria neighbourhood

Police describe it as ‘large, pale [and] yellow’ suggesting the snake may be exotic

British Columbians are paying more for booze but also broccoli

Victoria’s inflation was 2.3 per cent, a tick above Vancouver’s of 2.2 per cent

UPDATED: IHIT investigating fatal crash in Surrey

Three people dead, investigators expected to be at scene ‘for significant amount of time’

Eviction halted for B.C. woman deemed ‘too young’ for seniors’ home

Zoe Nagler, 46, had been given notice after living in the seniors complex in Comox for six years

Most Read