Metro Vancouver housing sales slump 30% in March

By ThinkPol Staff

Home sales slumped 30 percent last month in Metro Vancouver as BC budget measures aimed at making housing affordable began to cool down the region’s once red hot real estate market.

Residential home sales in the region totalled 2,517 in March 2018, a 30 percent decrease from the 3,579 sales recorded in March 2017 and 23 per cent below the 10-year March sales average, the Real Estate Board of Greater Vancouver (REBGV) reports[1]https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-March-2018.pdf.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, the newly-minted REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

The housing slump was not limited to one segment of the market.

Sales of detached properties in March 2018 decreased by 37 percent year-over-year to 722, while the sales of apartment properties declined by 27 percent to 1,349.

Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to March 2017.

The realtors board reports that the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose 16.1 percent year over year to $1,084,000.

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

But prices in the most expensive segment in the region’s most expensive neighbourhood is already heading south.

The benchmark price for single family homes in Vancouver Westside showed a 0.4 percent drop compared to March 2017.

References   [ + ]

1. https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-March-2018.pdf

12 Responses to Metro Vancouver housing sales slump 30% in March

  1. nonconfidencevote says:

    How’s that Realtor anthem song go?

    “Here it comes. Here it comes. My 19th nervous breakdown.,…..”

    Now if only the government would audit AirBNB owners………

  2. Ted cruz says:

    Where are all the realtors, come on guys, say something.

    Well, this is the beginning so i still expect a mountain of denial from sellers and realtors. Here are the best lines ive beard from them in recent weeks.
    1. Well if my client does not get his price, he wont sell. Yet the agent keeps calling my agent to see if we would be interested.

    2. Seller is just testing the waters, not really interested in selling. Hahahah yeah right.

    3. Market will pick up soon so really good time and opportunity to buy now. Sure

    4. This house is built like no other and with amazing views of the mountains. Me- can you prove it is built like no other- realtor NO
    Me- how much are the views of mountains worth and do you think i will spend all day in the master bedroom sitting on a rocking chair stairing at the mountains – realtor- Have a nice day.

    • nonconfidencevote says:

      Ahahahahah Good one.

      Yeah.
      The Realtors have been noticeably silent since the market numbers are obviously down no matter which way they try and spin the shite.
      The only thing keeping food on their tables are the fools still buying condos at inflated prices.

      I cant WAIT for April, May, June numbers to come out.
      Bruce Springsteen comes ti mind…
      ” I’m goin down down down. Im going down……..

      • Anonymous says:

        you are motherfucking satan worshipping idiots

        • Ted cruz says:

          Alright folks, this is the type of response you get from someone who cannot argue the facts or make an argument.

          Either a real estate agent and pissed that he may need to find another job and their tactics exposed or highly leveraged. Either way feeling the pinch.

          To anonymous- do you feel the same for those who have not been able to buy a home and support their family in the community they grew up in and instead moving out of the city?

          To all the readers- wait as real estate price continue crashing before jumping in and making a purchase at a discount.

          These so called investors that speculated will think hard and long, may have to find another career. But then again, they are so stupid that they forget history’s lessons and repeat until… well you know the rest.

          • nonconfidencevote says:

            Yep.
            ANYONE buying ANYTHING right now is……a muthafracking IDIOT!

            Patience my real estate horny buyers.
            Fantastic deals await when this all comes crashing down later this year……
            And not to worry about poor Mr Anonymous Realtor.
            He still makes a commission….just not as obscene as he usually does.

        • Ted Cruz says:

          Here is another typical situation I encountered yesterday.

          Realtor open house.
          Me. Hello just browsing/ live in the neighborhood.
          Realtor. You own a house?
          Me . Yes, not interested in buying.
          Realtor. Maybe you should sell your house and buy this one, it has been completely renovated.
          Me. How much did your client spend on renos.
          Realtor. 100-150k
          Me. Well which is it
          Realtor.150k
          Me. Did your client get permits
          Realtor. Not needed but yes permits obtained.
          Me. You added a suite, it triggers “permit triggers”.
          Realtor. Ok
          Me. You said completely renovated? More than 50% total renos triggers “permit triggers” and upgrades are required. I can see that no sprinklers were added. Maybe ill call the city and ask why they did not mandate the sprinkler by law because you said you obtained permits correct?

          Realtor. Sir please don’t disturb this deal, seller needs to sell, i am asking not to call the city.

          Me. People like you have destroyed this market, i will think about calling the city. Have a nice day.

          • nonconfidencevote says:

            Ahahahahahaha

            Hail Satan !

            Ahahahahahahahahahahaha

            Keep up the good work.

            Im just curious?
            When you’re back in Hades could you turn up the heat in the overcrowded Realtor cell block?

        • nonconfidencevote says:

          Quite a potty mouth for a Christian.

          How are the plummeting sales working out 2 months later?
          Worse?
          Bwahahahahahahahahahahahahah

  3. nonconfidencevote says:

    And here we have the verifiable proof!1
    Vancouver and Victoria house sales are flat lining.

    Don’t buy anything yet people.
    This market is like a freshly beached whale.
    It might not be dead yet but you know eventually its gonna smell bad!

    https://housepriceindex.ca/#maps=c11

    Happy housing price crash everyone!

  4. nonconfidencevote says:

    The “previous worst stats are from 1984” the worst crash in GVRD real estate ….ever….
    Until now?

    Apparently Karma IS a bitch.

    WEST VANCOUVER

    MARCH SALES HOUSES
    AVERAGE 77
    PREVIOUS WORST 40
    2018 26

    APARTMENTS
    AVERAGE 28
    2018 18

    NORTH VANCOUVER MARCH SALES HOUSES
    AVERAGE 141
    PREVIOUS WORST 79
    2018 70

    VANCOUVER WEST SIDE MARCH SALES HOUSES
    AVERAGE 182
    PREVIOUS WORST 94
    2018 58

    GREATER VANCOUVER MARCH SALES HOUSES

    AVERAGE 1415
    PREVIOUS WORST 1026
    2018 757]

    Not sure what others in GVRD are seeing on the North Shore nothing is moving.

  5. nonconfidencevote says:

    And here we are in AUGUST 2018 and the sales stats REALLY SUCK

    AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

    I HOPE ALL THE REALTORS GO BANKRUPT

    You have earned what is coming in SPADES

    SCUM SCUM SCUM

    AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHA

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