Home Sales for 2019 below ten year average but picked up dramatically in the second half
The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019.
Sales of detached, attached and apartment homes increased three per cent from 2018 but decreased 29.6 % from 2017.
Last year’s sales total was 20.3 % below the region’s 10-year sales average.
“Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between 2% and 4% across the region last year depending on property type.”
Last year’s listings total was 7.6 per cent below the 10-year average.
“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,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”
For example, in December 2019 we saw an 88.1 % increase in sales from December 2018.
With the combination of reduced home values, near historical low mortgage rates, good inventory and increased activity, this might be the best time to enter the market since the last downturn in 2008.
If you would like to know more about the market in your particular area of interest feel free to get in touch.