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December 2019 Vancouver Real Estate Market update

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Vancouver Real Estate Market Update for Dec 2019.

"Home sales decline below long-term averages in 2019 despite increased demand to end the year"

The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

"We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year. In terms of home values, prices dipped between two and four per cent across the region last year depending on property type."
Ashley Smith, REBGV president

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes listed in 2018 and a five per cent decrease compared to the 54,655 homes listed in 2017.

Last year’s listings total was 7.6 per cent below the 10-year average.

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1 per cent decrease compared to December 2018.

The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.

REBGV reports that residential home sales in the region totalled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019.

Last month’s sales were 9.5 per cent above the 10-year December sales average.

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9 per cent increase compared to the 1,407 homes listed in December 2018 and a 46.8 per cent decrease compared to November 2019 when 2,987 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a 20.1 per cent decrease compared to November 2019 (10,770).

For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7 per cent for townhomes, and 32.5 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2019 reached 599, a 72.1 per cent increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a four per cent decrease from December 2018, and a 0.6 per cent increase compared to November 2019.

Sales of apartment homes reached 1,053 in December 2019, a 96.8 per cent increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7 per cent decrease from December 2018, and a 0.8 per cent increase compared to November 2019.

Attached home sales in December 2019 totalled 364, a 92.6 per cent increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7 per cent increase compared to November 2019.

Kitsilano Market Update 
Detached Homes:

Total of 1 Sold in month of Dec. 
Attached Homes:

Total of 9 Sold with nothing over 2m (biggest sale was $1,562,500)

Total of 2 was sold with nothing over 2M
Yaletown Market Update 
Attached Homes:
Condo & Townhouse

Total of 28 Sold with 3 listings over $2m and one at $3,400,000
Home Price Index (HPI) Dec
Click the graph to view
Snap Stat and Sale ratio Report 
Click the image below to open the PDF file 
Above 20% is sellers market
15-20% is Balanced Market
Below 15% is Buyers market

Click on the photo below to access
August Mortgage Rate 
The mortgage rate update is the courtesy of Patrick Wong & Ivan Chiu of RBC with over 20 years of experience helping variety of home buyers.
Contact them below:
Ivan Chiu & Patrick Wong
ivan.chiu@rbc.com OR patrick.t.wong@rbc.com
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Featured Listings
3280 Ripon Road
4 bed 5 bath
Victoria Prestigious Uplands 
Situated on one of Uplands most prestigious streets, in a private gated 38,000 sq.ft estate, this property impresses from the moment you enter its gates. This southern Georgian style brick exterior haven was fully custom-designed and built in 2013. This home offers an expansive floor-plan on over 5000 sq.ft . The moment you enter through its dramatic 20’ entryway one finds themselves transported to a bygone era. Inspired by the luxury of old hollywood this home is adorned with imported marble, hand selected chandeliers and lighting from New York and Los Angeles, and bespoke Marble fireplaces that bring a level of warmth and intimacy to every room. Large chef inspired gourmet kitchen with designer finishings throughout, this property redefines understated luxury, in a way that is unparalleled in the marketplace today.
Cordova Bay, in Victoria BC
Custom-Built, Executive prestigious west Coast Modern Contemporary home with high quality finishes with solid Cherry Wood flooring throughout. You’d feel amazed at the vaulted entrance with wide solid wood door, to open and bright skylight entry way. Open concept formal living with dual sided natural gas fireplace, making both formal eating area & formal guest area super cozy. Floor to ceiling windows bring plenty of natural light. Granite countertop with stainless appliances and an open kitchen is ideal for entertainment & family gathering. Spacious Master bedroom in on main, with spa shower and large walk-in closet is pleasantly facing the private backyard and its own entry way to enjoy the morning coffee in the nature. Upstairs you’d walkthrough 2 other bedrooms and a large multi-use, flex room with wet bar & a bright and open large deck bringing sun-light. Central Vac, Heat pump, Central Music station, attached garage with built-in cabinets, laundry room and the list goes on.
3280 Beach Dr.
This delightful Uplands rancher has been beautifully renovated by the current owners. The home is surrounded by floor to ceiling glass with numerous skylights, providing a warm natural light & highlighting the many fine features the home affords. Elegant formal living room with fireplace & ocean views. Kurupayra hardwood & fir flooring. Upscale European style kitchen & dining room with a bank of French doors leading to a southwest facing patio & manicured gardens. Generous master bedroom with fir flooring, views of the yacht club & Loon Bay, gas fireplace & ensuite. Southwest facing patio & pergola for outdoor entertaining. This home offers a wonderful retreat for those seeking upscale one level living in a picturesque setting.
4461 Shore Way
Victoria BC

Spectacular OCEANFRONT & OCEAN VIEWS. This jewel located by Gordon Point & in a very quiet street. Enjoy watching whales right from your living room. You’ll be impressed from round driveway entry, welcoming you to your oasis & to your 3 car garage. Front door invites you to an open floor plan with high ceiling entrance & bright skylights, beautiful mix of stonework & hardwood heated flooring throughout the entire house, 2 large duel-sided fireplaces, and the blue water views from every angle. Large kitchen with high quality finishes, perfect for entertainment. A separate completely self-contained in-law suite on the main level and master bedroom covering the entire upper floor. Enjoy your serene & lush garden in the backyard facing the ocean while relaxing by your private pool under the Victoria Sun.
Uplands, in Victoria BC
Beautiful well cared for family home laying over a level & private 24,829 sqft corner lot in the most sought after neighborhood of Oak Bay, Uplands. Friendly layout & perfect floor plan with formal Living room, Dining room, office/library (possible formal guest room with fireplace) & 3 bedrooms, one to be the master with ensuite & walk-in closet on the main level. Beautiful original hardwood floors & crown molding throughout the main level, French doors and a lovely fireplace makes you feel at home.
Lower level offers 4th bedroom with Den/office (large enough for a bedroom consideration), large rec-room & wet bar & another fireplace, Large Laundry-room/mud-room with walkout door to the spectacular backyard, 2 storages & a large potential workshop.
Enjoy an afternoon relaxing tea, on your beautiful sunny garden with walkways, lawns & hedges. Close to Loon Bay Park & Royal Victoria Yacht Club.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.