Metro Vancouver city hit the lowest levels since the 2008 downturn



The trough of the northwest market of Metro Vancouver is becoming increasingly profound, according to new data published by the Greater Vancouver Real Estate Board.

The sale of domestic households for the month of November 2018 reached 1,608 units, representing a 42.5% reduction of the same period in 2017 and a 18.2% decrease compared to October 2018.

Indeed, home sales for the previous month was 34.7% lower than their 10-year-old retail for November, and, It's the lowest sale for the month since 2008 when the Big Drop hit.

Over November 2018, compared to the same time last year, home sales fell by 36.8% for individual units, 46.3% for room units, and 36.8% for linked units.

"Home customers have been hosting a waiting procedure for most of 2018. This has allowed the number of households to be available in the region to return to more historic levels common, "explained Phil Moore, president of REBGV, in the statement of Vice-

"This activity helps the home price edge down, across all kinds of properties, from the high charts we received over the past year."

Generally for all types of home, the current price prices are $ 1.042 million – 1.4% decrease over November 2017 and a decrease of 1.9% compared to October 2018.

Compared to the previous month, prices reduced 1.6% to $ 1.5 million for individual households, 2.3% to $ 668,000 for rooms, and 1.3% to $ 818,500 for connected homes.

The number of new registers is growing, with MLS data to & # 39; showed that 3,461 new owners were listed last month – down 15.8% in November 2017 and 29% in October 2018.

When it comes to the monthly month-to-month sale evaluation, the flats were highest at 17.6%, and 8.9% for individual households and 14.7% for connected homes. Across their portfolio for each type of property, the ratio was 13.1%.

This is all aligned to the forecast of the Canadian Mortgage and Household Mortgage forecast last month for & # 39; mistake in the Vancouver housing market through 2020.

Earlier in the year, the Real Estate BC Association is expected to sell within the Vancouver area by around 26% by the end of 2018 compared to last year.

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Kenneth Chan

Daily Hive's National Editor of Features, as Vancity Buzz is changing. It will include local architecture, urban issues, politics, business, sales, economic development, transport and infrastructure, and the traveling business. Kenneth is also a Founder of Vancouver in New Year's Eve. Connect to Kenneth[at]Dailyhive.com



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