Vancouver real estate: Home sales up in December, prices down from 2018
A real estate sign is pictured in Vancouver on June, 12, 2018. (THE CANADIAN PRESS/Jonathan Hayward)
VANCOUVER -- The Vancouver area's real estate board says the number of home sales last year was up from 2018, but remained below the region's 10-year average, despite a moderation in prices.
The Real Estate Board of Greater Vancouver says the number of sales in 2019 totalled 25,351 units, up three per cent from 24,619 in 2018, which marked a recent low point.
REBGV says sales last year were 20.3 per cent below the region's 10-year sales average and 29.6 per cent below 2017, when 35,993 home sales were recorded.
The board's composite benchmark price for all residential properties ended 2019 at about $1 million, a 3.1 per cent decline from December 2018.
Sales in December totalled 2,016, up 88.1 per cent from 1,072 in December 2018, but down 19.3 per cent from 2,498 sales in November 2019.
REBGV president Ashley Smith says buyer demand picked up in the second half of 2019, after a relatively quiet spring season.
“In terms of home values, prices dipped between two and four per cent across the region last year depending on property type,” Smith said in a statement.
REBGV's benchmark price of apartments fell 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes dropped four per cent.
This report by The Canadian Press was first published Jan. 3, 2020.