Metro Vancouver's real estate market drink continues to deepen, according to new data released by the Real Estate Board of Greater Vancouver.
Domestic sales in the region for the month of November 2018 reached 1,608 units, representing a 42.5% decrease in the same period in 2017 and 18.2% decreased compared to October 2018.
In fact, domestic sales for the previous month were 34.7% below the 10-year sales average for the month of November, and it was the lowest sales for the month since 2008 when the Great Recession hit.
In November 2018, compared to the same period last year, sales of domestic sales fell 36.8% for separate units, 46.3% for separate units, and 36.8% for add-ons.
"Main buyers have been waiting for most of 2018. This has allowed the sale of homes in the region to return to more typical historical levels," said Phil Moore, president of REBGV, in a statement.
"This action helps domestic prices throughout all real estate, from the high elevations we have experienced over the past year."
Generally for all domestic types, price prices are now running at $ 1.042 million – 1.4% less than November 2017 and a decrease of 1.9% compared to October 2018.
Compared to the previous month, average prices decreased from 1.6% to $ 1.5 million for particular homes, 2.3% to $ 668,000 for apartments, and 1.3% to $ 818,500 for attached homes.
The number of new listings continues to be empty, with MLS data indicating that there were 3,461 newly listed properties recently – down 15.8% in November 2017 and 29% in October 2018.
When it comes to the value of a sales-to-active list, the apartments had the highest reason, at 17.6%, followed by 8.9% for private homes and 14.7% for additional homes. Throughout the board for all properties, the proportion was 13.1%.
All this is linked to the Canadian Mortgage and Housing Corporation's forecast for "moderation" in Vancouver's housing through 2020.
At the beginning of the year, BC Real Estate Association projected sales within the Vancouver region will fall by 26% by 2018 compared to last year.