BUSINESS 12/04/2018 13:44 EST
Vancouver Home Sales Plunge 42.5% In November, To Lowest Level Since Great Recession
With Vancouver building 1.2 new homes for every new resident, the market may be headed for a “bumpy landing."
Vancouver home sales recorded their lowest levels in a decade in November, amid some analysts’ warnings that the market could be headed for something worse than a mild correction.
The 1,608 home sales in the metro area in November represented a 42.5-per-cent decline from the same month a year earlier, and the lowest level of sales for the month since 2008, the Real Estate Board of Greater Vancouver said Tuesday.
With buyers absent from the market, the number of homes available for sale has soared, up 40.7 per cent in a year, REBGV said.
“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,” REBGV president Phil Moore said.
The benchmark price of a detached home was just above $1.5 million in November, down 6.5 per cent from a year earlier. Condo apartments clocked in at $667,800, up 2.3 per cent from a year earlier but down 2.3 per cent from October.
At the pace properties are selling today, the detached-home market is well into buyer’s territory, while townhomes and condos have fallen from “seller’s markets” to “balanced markets” in the past few months, and appear poised to drop into “buyer’s market” territory soon.
Good news for home inspectors.