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

Youth have privacy rights, doctor tells inquest into Oak Bay teen’s opioid death

Elliot Eurchuk died of a drug overdose. He was found unresponsive in his bedroom in April 2018

Saanich school grapples with death of 13-year-old

Teenager died after being struck and pinned by tree while on a field trip near Sooke

Woman flees North Saanich RCMP in dinghy

Victoria woman tries to escape in dinghy, arrested for break and enter, theft and mischief

Victoria sees many new landmarks between 2018-2019

Bridges, buildings and more have popped up across Victoria in the past year

Victoria church displays memorial tapestry for those lost to opioid crisis

Christ Church Cathedral hosts talks on opioid crisis on June 26 and July 3

POLL: Do you support the government’s decision to approve the Trans Mountain pipeline expansion?

The federal government announced Tuesday its approval for the Trans Mountain pipeline… Continue reading

Greater Victoria wanted list for the week of June 18

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

VIDEO: Rare white killer whale captured by drone near Campbell River

The transient orca has been named Tl’uk, a Coast Salish word that means ‘moon.’

B.C. oil tanker ban squeaks through final vote in Senate

Bill C-48 bars oil tankers from loading at ports on B.C’s north coast

’When thunder roars, go indoors’: How to keep safe before lightning strikes

Each year, an estimated 10 deaths and as many as 164 injuries are lightning-related

B.C. rolls out online registration to speed up evacuee processing

Central Okanagan district tests province’s streamlined emergency management digital self-registration

NHL Draft 2019: First-round mock selections

Hughes expected to go No. 1 overall; Canucks have 10th pick

B.C.-born Carey Price brings young fan to tears at NHL Awards banquet

Anderson Whitehead first met his hockey idol after his mother died of cancer

Most Read