Data from the Real Estate Board of Greater Vancouver indicated that 2018 was “a transition period” for the region’s housing market, markedly veering from sellers’ market conditions, according to the Board’s president Phil Moore.
“High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018,” he told The Canadian Press.
Last year saw the area’s overall sales fall to 24,619 transactions, the lowest total since 2000. This represented a major 31.6% annual decline from 2017, and 25% lower than Greater Vancouver’s 10-year average sales level.
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Prices also experienced notable drops. The composite benchmark housing price in the region fell by 2.7% from 2017, down to $1,032,400. While townhouses and condominiums continued to inch upward with annual increases of 1.3% (to $809,700) and 0.6% ($664,100), respectively, detached residential properties suffered a 7.8% decline (to $1,479,000).
“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore explained.