Metro Vancouver's real estate market valley continues to deepen, according to new data released by the Greater Vancouver Real Estate Board of Trustees.
House sales in the region for November 2018 reached 1,608 units, representing a 42.5% decrease over the same period of 2017 and a drop of 18.2% compared to October 2018.
In fact, home sales in the previous month were 34.7% below the average of 10 years of sales for the month of November, and were the lowest sales for the month since 2008, when the big recession hit.
Compared to November 2018, compared to the same period of the previous year, sales of residential real estate decreased by 36.8% for outstanding units, 46.3% for apartments and 36.8% for annexed units.
"Real estate buyers have taken a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels," said REBGV president Phil Moore in a statement . .
"This activity is helping house prices decline, on all types of property, from the records we had last year."
Overall, for all types of housing, reference prices are now at $ 1,042 million – down 1.4% from November 2017 and down 1.9% from October 2018.
Compared to the previous month, reference prices decreased by 1.6% to US $ 1.5 million for single dwellings, 2.3% to US $ 668,000 for apartments and 1.3% to US $ 818,500 for attached homes.
The number of new listings continues to fall, with MLS data indicating that there were 3,461 newly listed properties last month – down 15.8% in November 2017 and 29% in October 2018.
When it comes to the index of sales listings for assets of the month, the apartments had the highest proportion, 17.6%, followed by 8.9% for independent households and 14.7% for attached residences. Across the board for all types of property, the ratio was 13.1%.
All this is aligned with Canada Mortgage and Housing Corporation's forecast last month for a "moderation" in the Vancouver real estate market by 2020.
At the beginning of the year, sales projected by the BC Real Estate Association in the Vancouver region will fall about 26% by the end of 2018 compared to last year.