Watch the video here: https://www.rebgv.org/podcasts/november-2018-market-summary
Or please read below courtesy of REBGV...................
Home buyer demand remains below long-term historical averages in the Metro Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.
Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).
For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,“ Moore said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.
Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.
Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.
Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.
Check out our new promo video!
MYBCREALESTATE.COM provides professional Tenant Placement Services in West Vancouver, North Vancouver, Downtown Vancouver, Burnaby, Coquitlam and Port Coquitlam. For more information visit our website:
Thinking about renting your property? Let us do it for you. We provide Tenant Placement Services in West Vancouver, North Vancouver, Downtown Vancouver, Burnaby and Coquitlam. With our strategic & effective Marketing plan and our tenant screening processes, we can find you the most reliable tenant. Call today for a FREE Rental Value Assessment.
This stunning residence sits on an excellent 12,000 sq ft property w/ partial views of the water, kitsilano and UBC area, on a quiet central & desirable street surrounded by multi million Dollar homes. The residence was completely renovated in 2006 and the current owners continue upgrading from top to bottom w/ permits. This updated house offers a deluxe gourmet kitchen, hardwood flooring, 6 good sized bedrooms, 2 fireplaces, an ideal child friendly backyard, all new foreced air heating, plumbing & electrical systems, roof, insulation, new windows. A double garage, private backyard and driveway. It's a must see. This listing is exclusive and the Seller has agreed to pay a commission of 2.5% from the 1st $100,000 and 1.125% of balance is paid to the Buyer's agent whom succesfully completes the sale and closes the sale of this property. Call Alex for more details.
This luxurious estate is located on 18000 sqft of land in the heart of British Properties. This beautiful home features 5 bedrooms, 5.5 bathrooms, a den, stailness steel appliances, 3 fireplaces, douple carport, and a large patio. The spectacular panoramic view of the water and city. A truely beautiful home with custom features nestled in Vancouver's most prestigious community.