December 2019 Market Update

Vancouver Real Estate

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

The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019.

Sales in Greater Vancouver totalled 2,016 in December 2019, a 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.

“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. In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.,” Ashley Smith, REBGV president said.

The total number of homes currently listed for sale on the MLS® 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).

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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,001,000. This is a 3.1% decrease compared to December 2018.

Metro Vancouver: Breaking It Down By Housing Type

DETACHED HOMES

Sales of Detached properties in December 2019 reached 605, a 71.9% increase from December 2018. The benchmark price for detached properties is $1,423,500. This represents a 4% decrease from December 2018.

TOWNHOMES

Sales of Townhomes in December 2019 reached 293, a 75.4% increase from December 2018. The benchmark price for Townhomes is $778,400. This represents a 2.4% decrease from December 2018.

CONDOS

Sales of Condos in December 2019 reached 1,064, a 96.3% increase from Decemver 2018. The benchmark price for condo properties is $656,700. This represents a 2.7% decrease from December 2018.