Tuesday, January 8, 2019

Fraser Valley home sales hit 5-year-low last year

Home sales in the Fraser Valley have been above 20,000 for 3 consecutive years but that run was broken in 2018.
Fraser Valley Real Estate Board’s MLS saw 15,586 sales in 2018, down more than 30% from the previous year and the lowest total since 2013. The total dollar value of transactions was down almost $4 billion to $11.8 billion.
Board president John Barbisan says that the figures reflect a return to more normal activity for the market.
“There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to,” he said.
New listings hit their fourth highest on record with 32,058 received by the Board’s MLS system in 2018. Barbisan says that sellers need to ensure correct pricing as buyers take control.
Fraser Valley home prices
At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1% compared to November 2018 and decreased 1.5% compared to December 2017.
For townhomes, the benchmark of $531,900, was down 0.2% month-over-month but up 3.7% year-over-year.
The Benchmark price for apartments/condos decreased 1% month-over-month but increased 7.6% year-over-year to $418,300.

by Steve Randall

Friday, January 4, 2019

Metro Vancouver home sales fell to 18-year low in 2018

The weakness of the Metro Vancouver housing market over the past year was highlighted by a report from the region’s real estate board Thursday.
It said that sales for the whole of 2018 were the worst annual total for the region since 2000 and 25% below the 10-year average.
Real Estate Board of Greater Vancouver reported total sales through the MLS for the year reached 24,619, down 31.9% from 2017 and 38.4% below the total for 2016.
“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”
Weakness continued to the end with December sales down 46.8% year-over-year to 1,072. That’s 33.3% fewer sales than in November 2018.
Downward pressure on prices
The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ended the year at $1,032,400, down 2.7% from a year earlier. The benchmark for detached homes was down 7.8% year-over-year; it was down 0.6% for apartments; but was up 1.3% for townhomes.
However, over the past 6 months, the drop was 7.3% for detached homes, 6.4% for apartments, and 5.3% for townhomes.
“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 said.
Home listings totaled 53,614 in 2018, down 1.9% year-over-year.
“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.
by Steve Randall