Vancouver Real Estate Statistics - January 2019
Arguably the largest influence on the Vancouver real estate market in 2018 was the implementation of the new mortgage "stress test" rules that came into effect January 1st of 2018. Months of inventory had been trending upwards since the fall of 2016 and prices were already softening when the new rules really put the brakes on detached home sales. Months of inventory (MOI*) continues to trend upwards and I expect that prices will continue to fall across all product types in 2019. It is a buyer's market for Vancouver real estate. Westside houses were just shy of 20 months of inventory while attached and apartments were at over 10 and nearly 8 months respectively.
Active listings are within the typical range relative to the last decade.
Sales volumes are the lowest they have been since the 2008 Credit Crisis and those low volumes are the principal reason for the high MOI* figures.
The is no way to sugar coat it. House prices are down dramatically. Median sales prices per square foot for houses are down 25% from their 2016 high point.
Average Westside detached sale prices show the high point in October of 2017 at about $4,466,000 and December 2018 at nearly $3,041,000 a drop of over 30%!
It is a great time to be looking to buy a house in Vancouver. There is little competition and falling prices.
*Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure ("Seller's Market"), 5-8 months of inventory has indicated a flat market with respect to pricing ("Balanced Market") and over 8 months of inventory has, for the most part, precipitated downward price pressure ("Buyer's Market").
Sam Wyatt - Vancouver Realtor.