Metro Vancouver home sales dipped to the lowest levels seen in more than three decades.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4% decrease from the 2,517 sales recorded in March 2018, and a 16.4% increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3% below the 10-year March sales average and was the lowest total for the month since 1986.
Focusing on the Downtown Vancouver condo market;
The under $1,000,000 market (local money market) is still very strong as long as people are pricing their listings according to today’s market. Which means up to 20% below assessed value.
Unit sales were up 30% from last month but down 51% from March 2018.
The median price dropped 9% from last month thanks to very few luxury sales in the downtown market.
The average price per square foot dropped 10% from $1,099 in February to $985 in March.
And inventory continues to climb closer to 1000 units with 902 active listings up 117% compared to March 2018 with only 415 units creating more downward pressure on pricing.
The seller’s best bets are selling 1 bedrooms and the buyer’s best bets are pretty much anything over $1,250,000 as there are too many overpriced listings.
Those who are priced correctly for this market are selling on average in 20 days.
The house market continues to crumble with some notable sales below.
3293 Point Grey Road was purchased for $9.3 million in 2017 and just sold it for $8.5 million.
1144 Ottaburn in the British properties is assessed at $2,867,000. It was listed for $5,488,888, reduced to $4,980,000, $3,450,000, $2,980,000 and finally $1,988,000 and just sold for $1,750,000 or 39% below assessed value.
3656 Blenheim Street was listed in 2016 for $1,998,000 and sold for $2,380,000. The new owners tried to sell it for $2,780,000 and it eventually sold at a loss for $1,750,000 in 2019.
13988 34th Avenue in White Rock was purchased in 2016 for $5,780,000 and sold in 2019 for $4,050,000.
3362 155B Street in Morgan Creek was purchased in 2016 for $1,700,000 and sold in 2019 for $1,550,000.
In North Vancouver 4245 St Georges Street sold in 2018 for $2,965,000 and one year later in 2019 it sold for $2,660,000. https://bcres.paragonrels.com/publink/default.aspx?GUID=05c0ea12-778d-4717-b890-b5288e3cca8b&Report=Yes
In Burnaby 5988 Walker Avenue was purchased in 2016 for $1,910,000 and after trying to sell it for $2,348,000 it eventually sold for $1,610,000 in 2019. https://bcres.paragonrels.com/publink/default.aspx?GUID=d975b45a-e756-4e48-b31c-8a7bf4597856&Report=Yes
In Vancouver 1527 West King Edward was purchased in 2016 for $3,590,000 and was listed for $5 million, $4 million and just sold for $3,250,000
In Vancouver 8236 Osler Street was purchased in 2015 for $2,280,000 and was relisted for $2,588,000, $2,488,000 and just sold for $2,080,000.
In Vancouver 5088 Blenheim was purchased for $3.45 in 2016 and sold for $2.6 in February.
3408 W 32nd Avenue was purchased in 2015 for $3,902,000, listed for $4,580,000 and eventually sold for $2,800,000
In Whiterock 1226 Parker Street was purchased for $1,189,000 in 2017 and just sold this month for $1,000,000
Of course this was all very predictable. When you remove the infusion of Chinese money and take away all the real estate speculators the real estate market goes back to where we should be, and after all the dust settles we should expect that to be in the 2016 prices.
Should you have any questions, please don’t hesitate to contact me at your convenience.
My best,
Ian
“Truth is like poetry. And most people fucking hate poetry.” The Big Short.