Thursday, 17 January, 2019

Vancouver Real Estate Just Had Its Worst Year Since 2000

Northern BC sees changes in property values Vancouver home sales fall to lowest yearly total in 18 years, detached home prices drop
Orlando Vargas | 06 January, 2019, 12:44

The Real Estate Board of Greater Vancouver says 24,619 residential properties sold last year - down 31.6 per cent from almost 36,000 in 2017 and 25 per cent below the region's 10-year average.

But statistics released Wednesday by the Victoria Real Estate Board in its year-end review suggest the days of 20 per cent increases in value might be a thing of the past. "The single family home market saw slight increases or decreases depending on the municipality". The price of detached homes was down 7.8 per cent.

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.

In the Fraser Valley Real Estate Board's territory, which includes the sprawling suburb of Surrey, there were 15,586 sales on the Multiple Listing Service past year, down 30.2 per cent from 2017 and marking the lowest annual sales since 2013.

"But at the same time I don't see the market falling off a cliff", he said.

Kerr said a strong economy and desirable climate will mean Victoria remains a destination city for many Canadians.

Edge said the assessment notices also detail problems for the homebuilding sector.

"In order to build homes on [speculation] you have to have affordable land", Edge said.

"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value".

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"Builders will be very cautious on moving forward on that kind of building unless you can get the density to build more affordable homes". This is also 36 per cent lower than the 1,608 sales in November 2018 as potential buyers concerned themselves more with festivities than home purchases. He covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, and the travel industry.

While there might be a change coming, there's no question the value of property on Vancouver Island has increased.

Furthermore, the total number of sales in 2018 was 25% lower than the region's 10-year sales average. A total of $12.65 billion of the region's updated assessments is from new construction, subdivisions, and rezoning of properties.

Home values are going up in northern B.C., and they are going up inside the City of Prince George.

The composite benchmark price for all residential homes in Metro Vancouver was down 2.7 per cent to $1,032,400.

The BC Assessment website has undergone some renovations so property owners have better tools for searching property information.

Property owners who can appeal their assessments by January 31 and those appeals are heard between February 1 and March 15.

Some neighbourhoods - like parts of the British Properties - have historically had high assessments compared to sales in the area while others - like parts of Caulfeild - have had lower assessments, he said.

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