BC Assessment VS. Fair Market Value + December Market Update



Home sales decline below long-term averages in 2019 despite increased demand to end the year

SALES: 

2019 VS. 2018
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a 3% increase from the 24,619 sales recorded in 2018, and a 29.6% decrease over the 35,993 residential sales in 2017. There were no typical seasonal patterns in 2019. Homebuyer demand was quieter in the normally busy spring season and it picked up in the second half of the year. In terms of home values, prices dipped between 2 - 4% across the region last year depending on the property type. 

Last year’s sales total was 20.3% below the region’s 10-year sales average. 

DECEMBER 2019 VS. DECEMBER 2018
Residential home sales in the region totaled 2,016 in December 2019, an 88.1% increase from the 1,072 sales recorded in December 2018, and a 19.3% decrease from the 2,498 homes sold in November 2019.Last month’s sales were 9.5% above the 10-year December sales average.

- Sales of detached homes in December 2019 reached 599, a 72.1% increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a 4% decrease from December 2018, and a 0.6% increase compared to November 2019.

- Sales of apartment homes reached 1,053 in December 2019; a 96.8% increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7% decrease from December 2018, and a 0.8% increase compared to November 2019.

- Townhome sales in December 2019 totaled 364, a 92.6% increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4% decrease from December 2018, and a 0.7% increase compared to November 2019.

LISTINGS:

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2% decrease compared to the 53,614 homes listed in 2018 and a 5% decrease compared to the 54,655 homes listed in 2017.

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9% increase compared to the 1,407 homes listed in December 2018 and a 46.8% decrease compared to November 2019 when 2,987 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3% decrease compared to December 2018 (10,275) and a 20.1% decrease compared to November 2019 (10,770).

Last year’s listings total was 7.6% below the 10-year average.

MLS HOME PRICE INDEX:

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1% decrease compared to December 2018.The benchmark price of apartments decreased by 2.7% in the region last year. Townhomes decreased 2.4% and detached homes decreased 4%.

SALES-TO-ACTIVE LISTINGS RATIO:

For all property types, the sales-to-active listings ratio for December 2019 is 23.4%. By property type, the ratio is 15.2% for detached homes, 25.7% for townhomes, and 32.5% for apartments.





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