{"id":11043,"date":"2018-12-11T10:10:33","date_gmt":"2018-12-11T18:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11043"},"modified":"2018-12-04T14:10:04","modified_gmt":"2018-12-04T22:10:04","slug":"what-happened-in-vancouvers-resale-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/what-happened-in-vancouvers-resale-housing-market\/","title":{"rendered":"What Happened in Vancouver&#8217;s Resale Housing Market?"},"content":{"rendered":"<p style=\"text-align: justify;\">As Metro Vancouver developers pressed on with more new residential project launches, demand for homes on the resale market stayed stuck below historically normal levels in November.<\/p>\n<p style=\"text-align: justify;\">A total of 1,608 homes changed hands in Metro Vancouver last month, down a jaw-dropping 42.5 percent from the same time a year ago and 18.2 percent compared to the previous month\u2019s activity. The number of transactions was 34.7 percent shy of the 10-year average for the month making this the slowest November since 2008, according to the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">\u201cHome buyers have been taking a wait-and-see approach for most of 2018,\u201d explains Phil Moore, president of REBGV, in a news release. \u201cThis has allowed the number of homes available for sale in the region to return to more typical historical levels,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">As of November, there were 12,307 homes listed for sale on REBGV\u2019s MLS system. Listings have surged 40.7 percent annually, although they have eased by 5.2 percent since October.<\/p>\n<p style=\"text-align: justify;\">While sales have grinded lower and inventory has piled up, home values are falling from all-time highs. For detached homes in Metro Vancouver, the benchmark price was $1,500,100, a 6.5-percent decline from a year earlier and down 1.6 percent from October. While the benchmark condo price of $667,800 remains up 2.3 percent annually, it represents a month-over-month drop decrease of 2.3 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cHome prices have declined between four and seven per cent over the last six months depending on property type,\u201d Moore says in the news release. \u201cWe\u2019ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/12\/vancouvers-resale-housing-market-november-2018.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s What Happened in Vancouver&#8217;s Resale Housing Market in November<\/a> 2018 by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Metro Vancouver developers pressed on with more new residential project launches, demand for homes on the resale market stayed stuck below historically normal levels in November. A total of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/what-happened-in-vancouvers-resale-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-11043","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Happened in Vancouver&#039;s Resale Housing Market? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/what-happened-in-vancouvers-resale-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What Happened in Vancouver&#039;s Resale Housing Market? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As Metro Vancouver developers pressed on with more new residential project launches, demand for homes on the resale market stayed stuck below historically normal levels in November. 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