What does it mean for B.C.?
The Greater Vancouver market saw signs of heading towards recovery in the fourth quarter, after a year-over-year decline. There was a 4.8% decrease in the aggregate price of a home in Greater Vancouver year-over-year to hit $1,107,719 in the fourth quarter of 2019. The aggregate price of a home in the third quarter of 2019, had decreased 5.2% compared to the same time last year.
Greater Vancouver's real estate market was fairly balanced in the fourth quarter according to Randy Ryalls, general manager, Royal LePage Sterling Realty. Two-storey homes and bungalow's in Greater Vancouver saw a decrease in the median price by 4.7% and 6.7% year-over-year to $1,443,918 and $1,195,003. Condominiums also saw a decrease in median price by 3.4% year-over-year to $645,607.
On the plus side, Ryalls added “Sales volume is up and inventory is decreasing. This is a good sign of a recovery on the horizon."
“We’re likely to see some moderate price growth after last year’s decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market," said Ryalls.