VANCOUVER REAL ESTATE MARKET UPDATE FOR DECEMBER 2019

Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019 despite increased demand to end the year. Last year's sales total was 20.3% below the region's 10-year sales average. 

The Real Estate Board of Greater Vancouver saw residential homes sales total 2,016 for December 2019 which is a 88.1% increase from this time last year (1,072) and a 19.3% decrease from November 2019 (2,498). 

Newly listed properties in December for Metro Vancouver reached 1,588 for all property types. This equates to a 46.8% decrease from November 2019 (2,987) and a 12.9% increase compared to December 2018 (1,407).

Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a slight increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market with 23.4%.

Broken down by property type, the sales-to-active ratio for December was 15.2% for detached homes, 25.7% for townhouses, and 32.5% for condos. This means that townhouses are still in a Seller's Market, condos are in a high Seller's Market and the detached sector remains in a Balanced Market.

The Real Estate Board of Greater Vancouver reports that the composite benchmark price is now above $1 million to end the year. This represents a 3.1% decrease from December 2018.

The total sales for December 2019 were 2,016. This works out to 599 detached homes with a benchmark price of $1,423,500, 364 townhouses with a benchmark price of $778,400, and 1,053 apartments with a benchmark price of $656,700.

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!