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According to new data released by the Real Estate Board of Greater Vancouver, the trough of the Greater Vancouver real estate market continues to widen.
Sales of homes in the region for the month of November 2018 totaled 1,608 units, down 42.5% from the same period in 2017 and 18.2% lower than in October 2018 .
In fact, last month's home sales were 34.7% below the 10-year average of sales in November and were the lowest sales of the month since 2008, at the time of the Great Recession.
In November 2018, compared to the same period of the previous year, sales of single-detached homes decreased by 36.8% for single units, 46.3% for apartments and 36.8% for single-family dwellings. the attached units.
"Buyers have been taking a wait-and-see approach since 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels," Phil Moore, REBGV's president, said in a statement. .
"This activity is helping home prices fall in all types of properties, compared to the highs we experienced last year."
Overall, reference prices are now at $ 1.042 million, down 1.4% from November 2017 and 1.9% from October 2018.
Compared to the previous month, benchmark prices declined 1.6% to $ 1.5 million, for single-detached homes from 2.3% to $ 668,000, and for condominiums. 1.3%, at 1.3%, to reach $ 818,500.
The number of new registrations continues to decline, with MLS data indicating that there were 3,461 new properties registered last month – down 15.8% in November 2017 and 29% in October 2018.
In terms of the sales / badets ratio for the month, the apartments had the highest ratio (17.6%), followed by 8.9% for single-family dwellings and 14.7% for semi-detached houses. Overall, for all types of properties, the ratio was 13.1%.
All of this is in line with last month's Canada Mortgage and Housing Corporation's forecast of a "moderation" in Vancouver's housing market through 2020.
Earlier in the year, projected sales of the BC Real Estate Association in the Vancouver area are expected to drop by about 26% by the end of 2018 compared to last year. .
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Kenneth Chan
National Features Editor at Daily Hive, the evolution of Vancity Buzz. It covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, as well as the travel industry. Kenneth is also co-founder of New Year's Eve in Vancouver. Connect with him at Kenneth[at]dailyhive.com
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