December 2019 Housing Market Update

By: Cheryl Davie

December 2019 Housing Market Update

Tags: Homes in Vancouver, Vancouver Housing, Real Estate, January, December, 2020, SellingYVR, HastingsSunrise

December Home Sales Nearly Double What We Saw Last Year
 

Vancouver home buyers closed the decade with a bang. 2,016 sales were recorded in December - a staggering 88.1% increase compared to the 1,072 sales in December 2018.

This will be the most substantial year-over-year increase Vancouver has seen since January 2010. These numbers are 9.5% above the 10-year December sales average and the increases are well dispersed across property types.


72.1% more detached homes, 92.6% more townhomes & 96.8% more apartments were sold than in last December. 

 
 
Despite A Slow Start, The Second Half of 2019 Has Everyone Hopeful For The Year Ahead
Many prospective buyers were stuck in a holding pattern through the first few months of the year. The stress test constrained budgets, new policy changes had come into effect, and what would happen to home prices as a result was still up in the air.
May was the first month of 2019 to exceed 2000+ sales, but the final total did not surpass sales from the previous year. Since then, buyer demand began increasing steadily, with 8 straight months of 2000+ home sales.

From July forward, we experienced steady year-over-year sales increases while average sale prices remained stable and only marginally impacted by this growing demand. 


Consistent buyer activity and confidence in the second half of 2019 has made all the difference for the year as a whole. Home prices have edged down overall, but inventory is not sitting. After an especially strong finish to the year, the total number of homes listed for sale in Metro Vancouver is 8,603 - this is the only time in 2019 that number has fallen below 10,000. 
 

What's Next for The
New Year?

New year, new home? We think so!

The Bank of Canada opted to leave the overnight interest rate unchanged for all of last year.  This pattern will likely continue in an effort to support housing investment through 2020, which is good news for prospective buyers as well as hopeful sellers.

Sales momentum shows no sign of stoping across property types, with activity in the condo market looking especially strong. 

Have questions? Want to know what buying or selling could look like for you this year? We're here to help. Get in touch today!

 
https://youtu.be/eP_UpnGoUKk

RECENT SALES

 
 
 
26 - 4638 Orca Way, Tsawwassen, BC 

Brand New, OCEAN VIEW townhome built by Mosaic in 2019 just steps from the beach and walking distance to Tsawwassen Mills Shopping Center. This bright 2 bedroom and den unit offers nearly 1,200 sq.ft and features ocean and courtyard views from the kitchen and master bedroom. Beautifully appointed with wide-plank flooring, quartz counters, stainless appliances and vaulted ceilings. The included Seaside Club offers 10,000 SF of indoor and outdoor fun - a pool, fitness centre, kids play area and great room. 2 parking spaces including a private single garage.
306 - 718 Main Street, Vancouver, BC

Rare 2-bedroom, 1-bathroom open concept east facing unit located perfectly on the edge of Chinatown & Mount Pleasant right in the middle of all the action. Built in 2009 of ginger concrete, the unit is all setup with premium finishes and appliances. Comes with one underground parking stall, a storage locker, baseboard electric heating, a beautiful kitchen island, glass dividers and a large covered patio on the quiet side of the building. The maintenance fee includes a caretaker, garbage pickup, gardening, hot water, management and recreation facility. Amenities include a bike room, elevator and in suite laundry. With a walk score of 99, this is a walkers paradise so daily errands do not require a vehicle. Nearby parks include Sun Yat-Sen Gardens and Andy Livingstone Park.
 

Interested in what your home is worth?

Many people often wonder what their home is worth, and would rather do that without discussing with a realtor.  While we love to sit down with our clients, we also have an easy online tool that can give you a little suggestion as to what your house might be worth. 

Head on over to our website to see what your home is worth.