BC Home Sales Decline 25% in 2018

Vancouver, BC – January 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017

“BC home sales fell below the 10-year average of 84,800 units in 2018,” said Cameron Muir, BCREA Chief Economist. “The sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for decline in consumer demand last year.”

A total of 3,497 MLS® residential unit sales were recorded across the province in December, down 39.1 per cent from December 2017. The average MLS® residential price in BC was $695,647, a decline of 5.2 per cent from December 2017. Total sales dollar volume was $2.4 billion, a 42.3 per cent decline during the same period.

Total active residential listings were up 33.3 per cent to 27,615 units in December, the highest December inventory since 2014 when 33,995 active residential listings were recorded.

Royal LePage Q4 2018 House Price Survey

Just Released: Royal LePage Q4 2018 House Price Survey

The Q4 2018 Royal LePage House Price Survey was released to media early this morning. Below you will find highlights from the release, links to social media assets available for you to share and select media coverage.

Key highlights from the national release include:

  • The price of a home in Canada increased 4.0 per cent year-over-year to $631,223 in the fourth quarter of 2018, continuing the recovery from the most significant housing correction since the financial crisis. Condominiums continued to see the highest rate of appreciation nationally when compared to the detached segment, rising 7.2 per cent year-over-year to $447,915.
  • The Canadian economy is performing well overall, with pockets of uncertainty. Persistently weak oil prices driven by domestic market access bottlenecks and global supply gluts have hit Western Canada hard, and trade tensions between China and the U.S. in particular are impacting consumer confidence across the continent.
  • The GTA was a story of contrasts. The City of Toronto experienced a strong rebound in the fourth quarter, while the surrounding areas remained relatively weak year-over-year. Prices in Toronto saw sizable increases, rising 8.8 per cent compared to 3.4 per cent gains for the GTA more broadly.
  • The aggregate price of a home in the Greater Montreal Area passed the $400,000 mark, rising to $407,230, an increase of 4.1 per cent from the same period last year.  This represents a higher rate of appreciation than that seen in both the GTA and Greater Vancouver, and above the national aggregate percentage increase.
  • Home price appreciation in Greater Vancouver grew at a modest pace rising 2.1 per cent in the fourth quarter from the year before, to an aggregate price of $1,274,831. More affordable suburbs like Langley, Surrey, and Coquitlam that had seen double digit price growth in previous quarters grew at a more modest pace rising 2.4 per cent, 2.3 per cent, and 0.4 per cent respectively.

A big thank you to all of our spokespeople from across the country for their contributions in providing regional perspectives. Regional insights can be found in both the national release and in city-specific releases.

Social media

We have developed a series of images for the national and largest real estate markets analyzed in the Survey. Feel free to use them and share them on your social media channels!

 

Media coverage

Consumers, organizations and the media turn to Royal LePage as a trusted source for expert commentary. So far today we have achieved great media coverage, including:

BNN Bloomberg: https://www.bnnbloomberg.ca/calgary-housing-market-remarkably-resilient-despite-low-oil-prices-royal-lepage-1.1197062

Montreal Gazette (also print): https://montrealgazette.com/business/local-business/real-estate/real-estate-price-increase-in-montreal-tops-toronto-vancouver

Edmonton Journal: https://edmontonjournal.com/business/local-business/real-estate/real-estate-price-increase-in-montreal-tops-toronto-vancouver/wcm/2d32b1c4-1e31-4d24-aafa-94816d147c5b

The Province: https://theprovince.com/business/local-business/real-estate/real-estate-price-increase-in-montreal-tops-toronto-vancouver/wcm/2d32b1c4-1e31-4d24-aafa-94816d147c5b

Vancouver Sun: https://vancouversun.com/business/local-business/real-estate/real-estate-price-increase-in-montreal-tops-toronto-vancouver/wcm/2d32b1c4-1e31-4d24-aafa-94816d147c5b

CBC News Montreal: https://www.cbc.ca/news/canada/montreal/montreal-real-estate-2019-1.4973418

CBC News Hamilton: https://www.cbc.ca/news/canada/hamilton/real-estate-condo-1.4973989

CHEK News: https://www.cheknews.ca/victoria-aggregate-house-price-climbs-8-4-per-cent-in-fourth-quarter-of-2018-royal-lepage-survey-523727/

Daily Hive: https://dailyhive.com/toronto/toronto-condo-prices-increase-2018

Daily Hive: https://dailyhive.com/montreal/montreal-real-estate-record-numbers-2018

Global News : https://globalnews.ca/news/4837354/mortgage-stress-test-higher-interest-rates-saskatoon-housing-market/

Global News: https://globalnews.ca/news/4837332/hamilton-average-house-price/

ICI Radio Canada: https://ici.radio-canada.ca/nouvelle/1146161/prix-maisons-condos-royal-lepage-etude-proprietes 

Calgary’s Business: https://calgarysbusiness.ca/albertas-business2/home-prices-rise-calgary-edmonton/

Kitchener Today: https://www.kitchenertoday.com/local-news/housing-report-for-q4-of-2018-shows-stability-1191702

Le Droit: https://www.ledroit.com/affaires/un-printemps-2019-exceptionnel-a-gatineau-3589e233bdddfb65cdebd82bd824bd6d 

Le Journal de Québec: https://www.journaldequebec.com/2019/01/10/le-marche-immobilier-termine-lannee-avec-des-prix-en-hausse

Ottawa Business Journal: https://obj.ca/index.php/article/sellers-market-drives-ottawa-home-prices-9-q4-2018-royal-lepage

Saskatoon Star Phoenix (also print): https://thestarphoenix.com/news/local-news/buyers-market-continues-but-rebound-expected-in-2019

The Province: https://theprovince.com/news/local-news/buyers-market-continues-but-rebound-expected-in-2019/wcm/71639316-c603-4897-b411-e43fb62faad4

The Quebec Post: https://theqpost.com/the-real-estate-market-ended-the-year-with-prices-rising/97559

The Star Halifax: https://www.thestar.com/halifax/2019/01/11/the-average-home-in-halifax-will-now-cost-you-more-than-321000.html

Troy Media: http://troymedia.com/2019/01/11/home-prices-rise-calgary-edmonton/

TVA Nouvelles: https://www.tvanouvelles.ca/2019/01/11/le-marche-de-quebec-termine-avec-des-prix-en-hausse

TVA Nouvelles: https://www.tvanouvelles.ca/2019/01/11/montreal-depasse-toronto-et-vancouver