Housing Options to Expand

Despite the 2018 Metro Vancouver home sales dropping to the lowest annual total in the region since 2000, buyers should be heartened to hear that they will most likely experience greater housing options as the 2019 market heats up.

"This past year has been a transition period for the Metro Vancouver housing market away from the sellers' market conditions we experienced in previous years," Phil Moore, Real Estate Board of Greater Vancouver (REBGV) president said. "High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018."

Looking ahead, Moore adds, "The supply of homes for sale will be an important indicator to follow in 2019. We've had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region."

In the meantime, the December 2018 housing numbers showed a 47.7 percent increase in the total amount of homes listed for sale on the MLS® system in Metro Vancouver compared to December 2017, as sales for December 2018 came in at 46.8 percent below December 2017 sales.

Comparing benchmark home prices from December 2017 to December 2018, detached homes, at $1,479,000, decreased by 7.8 percent, apartments increased by 0.6 percent to $664,100 and attached home prices increased by 1.3 percent to $809,700.

What's coming up in the spring market? Please call today for a no-obligation discussion about the latest real estate activity in your specific region!