VANCOUVER, BC \u2013 January 3, 2019 \u2013Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000.<\/p>\n
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service\u00ae (MLS\u00ae) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.<\/p>\n
Last year\u2019s sales total was 25 per cent below the region\u2019s 10-year sales average.<\/p>\n
\u201cThis past year has been a transition period for the Metro Vancouver housing market away from the sellers\u2019 market conditions we experienced in previous years,\u201d Phil Moore, REBGV president said. \u201cHigh home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.\u201d<\/p>\n
Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016.<\/p>\n
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