BC housing market shows signs of moderation: assessment agency

Roman Schwartz
January 5, 2019

In Nanaimo home values are up 12 per cent, in the rural area and in Qualicum Beach assessments are up 13 per cent, in Lantzville values are up 16 per cent and in Parksville 11 per cent.

Some neighbourhoods - like parts of the British Properties - have historically had high assessments compared to sales in the area while others - like parts of Caulfeild - have had lower assessments, he said.

The Real Estate Board of Greater Vancouver says sales on the Multiple Listing Service plunged 31.6 per cent to 24,619 in 2018.

Metro Vancouver home sales in 2018 were the lowest in eighteen years, according to the Real Estate Board of Greater Vancouver.

The average assessed value of a single-family residential property in Vancouver was about $1.83 million on July 1, 2017, which dipped one year later by about four per cent to $1.76 million.

Detached homes led the fall as their benchmark price fell 7.8 per cent from December 2017 to $1,479,000.

In Metro Vancouver, some show increases of up to 30 per cent.

Home sales in metro Vancouver plummeted to their lowest level in almost two decades a year ago and the average home price moved lower in the once red-hot real estate market.

The total value of real estate in B.C. - there were 2,067,479 properties on this year's roll - is more than $1.99 trillion, an increase of 7.45 per cent from last year.

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At the same time, sale prices for homes in the region remain ahead of marks set in 2017, with the benchmark price of a single-family home sold in the region in December hitting $751,700, compared with $715,200 in December 2017.

"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", said REBGV president Phil Moore.

Shaughnessy, Kitsilano and Point Grey account for nearly every property listed in the top 40, with a few smatterings from Coal Harbour, West Vancouver and the University Endowment Lands.

Vancouver housing market forecast 2019-20. Townhomes have increased 1.3 per cent since December 2017, but have decreased 5.3 per cent in the last six months.

The benchmark price of a townhouse rose 1.3 per cent year-over-year to $809,700, while the benchmark price of a condominium gained 0.6 per cent to $664,100.

Condo prices went up slightly, by 0.6 per cent over the past 12 months, but have declined 6.4 per cent since June.

Some 535 condo units traded hands across the region in December, which is a 34 per cent decrease compared to the 1,028 sales in December 2017 and 34 per cent lower than November 2018. The steepest condo benchmark decline over the past year was seen in Vancouver West (down 2.9 per cent) with West Vancouver, Vancouver East, Whistler, Squamish, Port Moody and North Vancouver also seeing slight annual drops in the value of a typical condo.

Edge agreed, though he was quick to suggest home prices could see a drop in the near term. To get a good idea of home prices in a specific location and by property type, check the detailed MLS® Home Price Index in the full REBGV stats package.

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