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Home sales fall, prices rise across Metro Vancouver in December

(iStock Photo)
Summary

Metro Vancouver home sales plunge 28% to just over 2,000 in December

Home prices continued to rise in Metro Vancouver in December, especially for condos

Single-detached homes in Metro Vancouver averaged $1.6M in December

METRO VANCOUVER (NEWS 1130) – Home sales across Metro Vancouver plunged in December from the previous month, falling 28 per cent to just over 2,000.

They were also down 18 per cent from a year earlier, according to a realtors’ group. But it also says the performance was about seven per cent above the 10-year average for December.

Prices continued to rise, especially for condos. The Real Estate Board of Greater Vancouver says its adjusted benchmark price for all types of homes was up three tenths of a per cent from November and 16 per cent compared to a year earlier.

The benchmark price for apartment-style condo was $655,000 last month, up 26 per cent from the previous December and 1.1 per cent from November.

Single-detached houses averaged $1.6 million, up eight per cent from a year earlier but unchanged month-over-month.

A key aspect of last year’s housing market was a marked decline in the number of available listings, a trend the board has said can put upward pressure on home prices.

Board president Jill Oudill says 54,655 properties were listed for sale in 2017, a dip of 5.1 per cent from the year earlier.