The Real Estate Board of Greater Vancouver’s (REBGV) year-end report indicates 2019’s total home sales in Metro Vancouver represented a 20.3% decrease over the 10-year sales average.
For the entire year, home sales reached 25,351 units in 2019, which is a 3% increase from the 24,619 sales in 2018 and a 29.6% decrease over the 35,993 sales in 2017 before the full onset of the downturn.
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Throughout the year, there were 51,918 homes listed, which is a 3.2% decrease over 2018 and a 5% decrease over 2017. The volume of listings in 2019 hovered at 7.6% below the 10-year average.
Home values fell between 2% and 4% last year, depending on property type. As well the benchmark price for all home types fell by 3.1%, with apartments decreasing by 2.7%, townhomes falling by 2.4%, and single-family homes dropping by 4%.
“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” said Ashley Smith, president of REBGV, in a statement.
“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes. Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”
For the month of December 2019, home sales totalled 2,016 units, representing an 88% increase from the 1,072 units over the same period in 2018 and a 19.3% decrease from the 2,498 units sold the previous month. The total sales for the month were 9.5% above the 10-year December sales average.
Over the month, there were 1,588 homes newly listed for sale — a 12.9% increase compared to 1,407 homes in December 2018, and a 46.8% decrease compared to 2,987 homes in November 2019. The total number of homes listed for sale in Metro Vancouver is 8,603 units, representing a 16.3% decrease compared to the same period in 2018 and a 20% decrease compared to the previous month.
The sales-to-active listings for the month are 23.4%, with the ratio at 15.2% for single-family homes, 32.5% for apartments, and 25.7% for townhomes. Downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it exceeds 20% over several months.
December 2019 home sales statistics
- Number of units sold: 599 (+72.1% year-over-year)
- Benchmark price: $1,423,500 (-4% year-over-year; -0.6% over November 2019)
- Average days on market: 65
- Number of units sold: 1,053 (+96.8% year-over-year)
- Benchmark price: $656,700 (-2.7% year-over-year; +0.8% over November 2019)
- Average days on market: 48
- Number of units sold: 364 (+92.6% year-over-year)
- Benchmark price: $778,400 (-2.4% year-over-year; -0.7% over November 2019)
- Average days on market: 51