B.C. housing market shows signs of moderation: assessment agency

Andrew Cummings
January 6, 2019

But Vancouver is not the only one that saw the market slow down, according to the Fraser Valley Real Estate Board, home sales in the region also took a hit.

While prices for detached properties in many neighbourhoods on Vancouver's West Side have declined to levels not seen since early 2016, the affordability crisis is far from over, said Andy Yan, director of Simon Fraser University's City Program.

The total value of real estate in B.C. - there were 2,067,479 properties on this year's roll - is more than $1.99 trillion, an increase of 7.45 per cent from last year.

"As 2018 has progressed, demand and home prices have now softened across all market segments and local geographies". That's a 2.7 per cent drop from December 2017. Kenneth is also a Co-Founder of New Year's Eve Vancouver.

Outside of Metro Vancouver, values continue to trend upwards. They also hide any price declines seen in the single-family home sector, especially the high end of the market, as value gains at the lower, more populous end of the market and in the condo sector more than cancelled those out overall. In nearby Port Moody, the average assessed value jumped from $1.28 million to $1.34 million during the same period, representing a five per cent increase.

December sales were down by almost half compared with December 2017.

Some Metro Vancouver detached single-family homes were showing decreases in value of -5% to -10% over previous year, including in areas of Vancouver, the North Shore, South Surrey, White Rock, South Delta, and Richmond.

The average price for detached houses sold in Greater Vancouver dipped to $1,666,593 last month, down 4.8 per cent from December, 2017, the Greater Vancouver board said.

Shaughnessy, Kitsilano and Point Grey account for nearly every property listed in the top 40, with a few smatterings from Coal Harbour, West Vancouver and the University Endowment Lands. However, some non-urban areas' detached markets remained relatively robust, primarily the Sunshine Coast (+5.8 per cent) and Bowen Island (+5 per cent). In December, there were 375 sales of all property types, down from 462 in the same month in 2017. The benchmark price of a townhouse rose 1.3 per cent year-over-year to $809,700, while the benchmark price of a condominium advanced 0.6 per cent to $664,100.

Condos went up slightly by 0.6 per cent over the last 12 months, but have declined 6.4 per cent since June.

That's not the case for those at the lower end of the market, he said - those sellers need to get their equity out of their home in order to move to another property or community.

The top six highest-valued properties in the province saw exactly the same ranking as past year, and there was just one newcomer in the top 10 (3489 Osler Street, Vancouver, ranked ninth).

Edge agreed, though he was quick to suggest home prices could see a drop in the near term.

Dawson Creek saw increases in all three property value types.

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