Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for Nov 2018

Greater Vancouver Housing Market Update for Nov 2018

Summary: Total home sales went down 42.5% from the same month a year ago and down 18.2% from Oct 2018.  Last month’s sales were 34.7% below the 10-year November sales average and was the lowest sales for the month since 2008.  Home prices have edged down between 4% and 7% over the last six months depending on property type.  Detached house market is still in strong favor of home buyers.  

Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  
  • All Properties: Balanced market with a sales ratio of 13.1%.
  • Detached House: Buyer's market with a sales ratio of 8.9%.
  • Townhouse:  Balanced market with a sales ratio of 14.7%.
  • Apartment:  Balanced market with a sales ratio of 17.6%
Residential Sales
  • Total 1,608 residential sales in Nov 2018.
  • 18.2% decrease compared to Oct 2018. 
  • 42.5% decrease compared to Nov 2017.
New Listings
  • Total 3,461 residential new listings in Nov 2018.
  • 29% decrease compared to Oct 2018.
  • 15.8% decrease compared to Nov 2017.
Total Number of Listings
  • Total 12,307 residential listings on the MLS® in Nov 2018.
  • 5.2% decrease compared to Oct 2018.
  • 40.7% increase compared to Nov 2017.
Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 
  • Detached House: Benchmark price decrease 6.5% from Nov 2017 to $1,500,100.
  • Townhouse: Benchmark price increase 2.6% from Nov 2017 to $818,500.
  • Apartment: Benchmark price increase 2.3% from Nov 2017 to $667,800.
Average Days on Market
  • Detached House: Nov 2018, 55 days. Nov 2017, 43 days. Nov 2016, 45 days.
  • Townhouse:  Nov 2018, 40 days. Nov 2017, 23 days. Nov 2016, 26 days.
  • Apartment:  Nov 2018, 34 days. Nov 2017, 20 days. Nov 2016, 27 days.
Download the complete stats package here.
Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Realty
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA