The trough of Metro Vancouver’s real estate market continues to deepen, according to new data released by the Real Estate Board of Greater Vancouver.
Home sales in the region for the month of November 2018 reached 1,608 units, representing a 42.5% decrease from the same period in 2017 and an 18.2% decrease compared to October 2018.
In fact, home sales for the previous month were 34.7% below the 10-year sales average for the month of November, and it was lowest sales for the month since 2008 when the Great Recession hit.
Over November 2018, compared to the same period last year, detached home sales fell by 36.8% for detached units, 46.3% for apartment units, and 36.8% for attached units.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” explained Phil Moore, REBGV president, in a statement.
“This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
Overall for all home types, benchmark prices now hover at $1.042 million — a 1.4% drop over November 2017 and a 1.9% decrease compared to October 2018.
Compared to the previous month, benchmark prices decreased by 1.6% to $1.5 million for detached homes, 2.3% to $668,000 for apartments, and 1.3% to $818,500 for attached homes.
The number of new listings continues to drop, with MLS data indicating there were 3,461 newly listed properties last month — down 15.8% in November 2017 and 29% in October 2018.
When it comes to the month’s sales-to-active listings ratio, apartments had the highest ratio, at 17.6%, followed by 8.9% for detached homes and 14.7% for attached homes. Across the board for all property types, the ratio was 13.1%.
All of this aligns with Canada Mortgage and Housing Corporation’s forecast last month for a a ‘moderation’ in Vancouver’s housing market through 2020.
Earlier in the year, BC Real Estate Association projected sales within the Vancouver region will fall by about 26% by the end of 2018 compared to last year.