Greater Vancouver Real Estate Market - 2018 Highlights

Do real estate prices in Vancouver increase or decrease? Do home sales in Vancouver increase or decrease? Do interest rates in Canada increase?
October:
  • Sales continued to be low (by 35% vs. October 2017 and by 27% vs. 10-year October average)
  • Sales to Active Listing Ratio slightly increased for all types and became 10% for houses, 17% for townhouses and 21% for condos
  • Average condo price decreased by 0.5%
  • Average townhouse price decreased by 1.0%
  • Average house price decreased further by 1.1%
  • Bank of Canada raised interest rates by 0.25% to 1.75% (5th hike since July 2017)
  • Please click to reach the full version of October 2018 Report











September:
  • Sales continued to be lower (by 43% vs. September 2017 and 36% vs. 10-year September average)
  • Sales to Active Listing Ratio continued to decrease for all types and became 7.8% for houses, 14.0% for townhouses and 17.6% for condos
  • Average condo price decreased by 1.2%
  • Average townhouse price decreased by 1.0%
  • Average house price decreased further by 1.3%
  • For residential tenancies, BC government cut the standard allowable rent increase for 2019 to 2.5% (from 4.5%, which is calculated as inflation rate plus 2%)
  • Please click to reach the full version of September 2018 Report

August: 
  • Sales continued to be lower (by 37% vs. August 2017 and 25% vs. 10-year August average)
  • Sales to Active Listing Ratio continued to decrease for all types and became 9.2% for houses, 19.4% for townhouses and 26.6% for condos
  • Average condo price decreased by 1.4%
  • Average townhouse price decreased by 0.8%
  • Average house price decreased further by 1.5%
  • 80% of homes were sold with a price lower than the original listing price (vs. 51% in August 2017)
  • Please click to reach the full version of the August 2018 Report

July: 
  • Sales continued to be lower (by 30% vs. July 2017 and 29% vs. 10-year July average)
  • Inventory continued to increase (32% higher vs. July 2017)
  • Sales to Active Listing Ratio continued to decrease for all types and became 10% for houses, 20% for townhouses and 27% for condos
  • Average condo price decreased by 0.5%, for the first time since the last decrease in December 2016
  • Average townhouse price decreased by 0.4%
  • Average house price decreased further by 0.6%
  • 76% of homes were sold with a price lower than the original listing price (vs. 47% in July 2017)
  • Bank of Canada raised interest rates by 0.25% (4th hike in last 12 months)
  • Please click to reach the full version of the July 2018 Report

June: 
  • Sales continued to decrease (by 38% vs. June 2017) becoming 29% lower than 10-year June average
  • Inventory continued to increase (by 40% higher vs. June 2017) resulting in the highest level since June 2015
  • Sales to Active Listing Ratio continued to decrease for all types and became 12% for houses, 25% for townhouses and 33% for condos
  • Average condo price increased only by 0.4% making the 6 months gain 7.5% (vs 15.1% for the same period in 2017)
  • Average townhouse price stayed same resulting in a 6 months gain of 7.0% (vs 8.6% for the same period in 2017)
  • Average house price decreased by 0.6% causing a 6 months loss of -0.6% (vs 6.3% gain for the same period in 2017)
  • Please click to reach the full version of the June 2018 Report

May: 
  • Sales continue to decrease, listings and inventory continue to increase, while average benchmark prices almost stopping to increase
  • Sales decreased by 35% (vs. May 2017) becoming 19% lower than 10-year May average
  • Inventory increased by 38% (vs. May 2017) resulting in a 2-year high
  • Sales to Active Listing Ratio has continued to decrease and became 15% for houses, 31% for townhouses and 42% for condos
  • Monthly increase in average benchmark prices has been lower vs previous months of 2018 
  • Average condo price increased only by 0.1% vs a monthly average of 1.7% for the first 4 months of 2018
  • Average townhouse price increased only by 0.6% vs a monthly average of 1.55% for the first 4 months of 2018 
  • Average house price increased only by 0.1% vs minor up and downs in the first 4 months of 2018 
  • Please click to reach the full version of the May 2018 Report

April: 
  • Sales continue to decrease, listings and inventory continue to increase, whereas average benchmark prices for condos and townhouses continue to increase
  • Sales decreased by 27% (vs. April 2017) to a 17-year April low
  • Listings increased by 19% resulting in a 26% increase in inventory (vs. April 2017)
  • Sales to Active Listing Ratio has been 14% for houses, 36% for townhouses and 47% for condos.
  • In April 2018 (vs. March 2018), average benchmark price decreased by 0.2% for houses, increased by 2.3% for townhouses, and increased by 1.1% for condos.
  • Total increase for condos for the first 4 months of 2018 has been 7%.
  • Please click to reach the full version of the April 2018 Report

March:
  • Sales were 30% lower (vs. March 2017) and 23% lower (vs. last 10 year average for March)
  • 7% less new listings (vs. March 2017)
  • 10% more inventory (vs. March 2017)
  • However, Average Home Prices continued to grow (by 1,4%) despite lower demand, new tax announcements, rising interest rates, and stricter mortgage requirements
  • Average Condo price increased by 1.6% (compounding to 5,8% for the first quarter)
  • Average Townhouse price increased by 2.0% 
  • Average House price started to increase (by 0.4%) after 5 months of slight decrease
  • Please click to reach the full version of the March 2018 Report

February:
  • Additional property transfer tax increased from 15% to 20% and extended to other regional districts (Capital, Fraser Valley, Central Okanagan, Nanaimo).
  • A new tax called "speculation tax" was introduced for the vacant homes. Home owners, who don't pay income tax in BC, will pay a speculation tax for their vacant homes in certain districts of BC (Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts, and in the municipalities of Kelowna and West Kelowna). The tax will be 0,5% of assessed value of the property in 2018 and will rise to 2% in 2019.
  • Property transfer tax increased from 3% to 5% for the part above $3 million of residential properties' value.
  • Average Home Prices continued to grow (by 1,4%)
  • Condos continued to be the main contributor (with 2,6% monthly increase in average price)
  • Average Townhouse price increased by 1,9% 
  • Average House price stopped decreasing.
  • Sales to active listings ratio for houses is still at a critical level of 13% (Analysts believe that it is buyers' market when this ratio becomes below 12%).
  • Please click to reach the full version of the February 2018 Report

January:
  • Mortgage stress test requirement extended to buyers with a down-payment of 20% or more
  • Bank of Canada raised interest rate 3rd time in last 6 months
  • Average Home Prices continued to grow (by 0,6%)
  • Condos continued to fuel the growth with 1,5% monthly increase in average price
  • Average Townhouse price did not change 
  • Average House price decreased for the 4th consecutive month (by -0,3%)
  • Sales to active listings ratio for houses decreased to 11,6% level (Analysts believe that it is buyers' market when this ratio becomes below 12%). 
  • Please click to reach the full version of the January 2018 Report

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Serkan Polat

Mobile: 604.715.5045

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Team 3000 Realty Ltd.

207 - 5740 Cambie Street  Vancouver,  BC  V5Z 3A6 

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