Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000. Last year’s sales total was 25% below the region’s 10-year sales average. The most important factors that contributed to the market conditions we saw in 2018 include: high home prices, rising interest rates, new mortgage requirements and taxes.
I have gathered a summary of the statistics of the Metro Vancouver for all 2018 below:
2018 Total Sales were 24,619
This is a 31.6% decrease compared to 2017 with 35,993 sales, and a 38.4% decrease compared to the 39,943 residential sales in 2016.
2018 Total Homes Listed for Sale were 53,614
2018 Total Homes Listed for Sale were 53,614
This is a 1.9% decrease compared to 54,655 homes listed in 2017, and a 6.9% decrease compared to the 57,596 homes listed in 2016.
2018 MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400
2018 MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400
This is a 2.7% decrease compared to December 2017.
Newly Listed Homes for sale was 1,407
- Detached HPI in the region declined 7.8% over the last 12 months and 7.3% over the last 6 months
- Apartment HPI increased 0.6% over the last 12 months and have declined 6.4% since June 2018.
- Townhouse HPI increased 1.3% since December 2017 and have decreased 5.3% over the last 6 months.
Please find Metro Vancouver's statistics report for December 2018 below:
December 2018’s sales were 43.3% below the 10-year December sales average.
Total Sales were 1,072
This is a 46.8% decrease compared to the 2,016 sales recorded in December 2017, and a 33.3% decrease from November 2018 when 1,608 homes sold.
- Detached sales were 348, a 43.6% decrease from the 617 detached sales recorded in December 2017
- Apartment sales were 535, which is 34% decrease compared to the 1,028 sales in December 2017
- Townhouse sales were 189, which is 49.1% decrease compared to the 371 sales in December 2017
The Total Accumulated Homes Listed for sale (as of Dec 31st) was 10,275
The Total Accumulated Homes Listed for sale (as of Dec 31st) was 10,275
This is a 47.7% increase compared to December 2017 (6,958) and a 16.5% decrease compared to November 2018 (12,307)
Newly Listed Homes for sale was 1,407
This represents a 25.6% decrease compared to the 1,891 homes listed in December 2017 and a 59.3% decrease compared to November 2018 when 3,461 homes were listed.
Sales-to-active-listings ratio was 10.4%
Sales-to-active-listings ratio was 10.4%
- Detached: 7.1% (Buyer's market)
- Apartment: 14.2% (Balanced market)
- Townhouse: 12% (Buyer's/Balanced market borderline)
(Buyer's Market is below 12%, Balanced Market is between 12-20%, Seller's Market is above 20%)
The MLS® Home Price Index (HPI) composite benchmark price was $1,042,100.
- Apartment: 14.2% (Balanced market)
- Townhouse: 12% (Buyer's/Balanced market borderline)
(Buyer's Market is below 12%, Balanced Market is between 12-20%, Seller's Market is above 20%)
The MLS® Home Price Index (HPI) composite benchmark price was $1,042,100.
This represents a 1.4% decrease since November 2017 and a 1.9% decrease compared to October 2018.
- Detached HPI is $1,479,000. This represents a 7.8% decrease from December 2017 and a 1.4% decrease compared to November 2018
- Detached HPI is $1,479,000. This represents a 7.8% decrease from December 2017 and a 1.4% decrease compared to November 2018
- Apartment HPI is $664,100. This represents a 0.6% increase from December 2017 and a 0.6% decrease compared to November 2018.
- Townhouse HPI is $809,700. This represents a 1.3% increase from December 2017 and a 1.1% decrease compared to November 2018.
Remember, knowledge is power! Please feel free to contact me to update you with statistic updates tailored to your needs!