While most of us are pretty giddy with anticipation on the new and exciting possibilities that 2019 may bring us, let me take a quick moment to recap on the Greater Vancouver Real Estate Market in 2018.
According to the Real Estate Board of Greater Vancouver, sales in 2018 had dropped just over 30% since the previous year. It had been the slowest year according to number of sales since 2000, with 24,619 sales of detached and attached properties listed on the Multiple Listing Service, compared to 35,993 sales in 2017. There were 53,614 homes listed in 2018.
High home prices, rising interest rates, new mortgage requirements and changes to taxes all contributed to this changing market, which has shifted into a buyers' market away from a sellers' market from the previous few years.
The average sale price across detached and attached properties had increased by 2% in 2018. In 2018, the price of detached homes dropped 7.8%. Townhomes increased 1.3% on a one-year average, but dropped 5.3% in the last six months since June. Condo prices also went up by 0.6% but dropped 6.4% in the last six months. In 2019, the average sale price is expected to decline by an average of 3% across Greater Vancouver.
There have been many new construction projects in recent years, with many projects completing soon providing more housing options for homebuyers. With a changing market in Greater Vancouver, it is a great time to invest in property - give me a call to view listings in your area!