Vancouver home prices climb 2.3% as B.C. prices make their descent

Sales, meanwhile, are declining significantly across the region and the province

Credit: Rob Kruyt

Greater Vancouver average home prices grew 2.3% annually in November, even as prices declined 1.9% for B.C. as a whole.

Data released December 14 from the B.C. Real Estate Association (BCREA) reveals average home prices in Greater Vancouver climbed from $1,026,506 in November 2017 to $1,050,151 in November 2018.

The average home price in B.C., however, slid year over year from $722,859 to $708,903.

“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” BCREA chief economist Cameron Muir said in a release, referring to federal guidelines for financial institutions introduced in January 2018.

“Most B.C. regions are now exhibiting relative balance between supply and demand.”

The BCREA noted 5,179 unit sales were recorded by the Multiple Listing Service (MLS) — down 33.1% from the 7,736 sales recorded 12 months earlier.

Greater Vancouver experienced even sharper declines, falling 42.3% year over year from 2,831 sales to 1,633 sales.

torton@biv.com

@reporton