Vancouver Real Estate: What Will Happen in 2019?

Happy New Year!

The big question is what is going happen this year in the housing market. Will prices continue to slide? Or will the market pick up? Will housing crash completely?

Despite all the opinions, no one can reliably predict that market. We will just have to wait and see. Last December sales and the number of new listings continued to drop as Buyers continued to be inactive. Stay tuned to see if this inactivity will continue in 2019.

Greater Vancouver

In December, sales were down 33.3% from November of this year, and down 46.8% from December 2017. There were 1,407 New Listings, a 25.6% decrease from December 2017 and a 59.3% decrease from November of this year.

Benchmark prices:

Single Family Detached: $1,479,000, down 7.8% from December 2017 and down 1.4% from November of this year.

Apartments: $664,100, down 0.6% from December 2017, and down 0.6% from November of this year.

Fraser Valley

In December, sales in the Fraser Valley were down 40.5% from December 2017 and down 22.2% from November of this year. There were 978 New Listings, down 52.9% from November 2018 and down 23.4 from December 2017.

Benchmark prices:

Single Family Detached: $975,300 down 1.1% from November 2018 and down 1.5% from December 2017.

Apartments: $418,300, down 1% from November 2018 and up 7.6% from
December 2017.

Chilliwack & District

In December, sales were down 42.2% from December 2017. There were 153 New Listings. The total number of listings reached 987, a 62.6% increase from Dec 2017.

©Pazder Law Corporation (2020)

Questions? Call Kenneth Pazder or Melissa Valana (604-682-1509) at Pazder Law Corporation anytime for a free consultation.