Vancouver home sales fall to lowest yearly total in 18 years, detached home prices drop

In 2018, Metro Vancouver home sales were the lowest in 18 years, according to the Real Estate Board of Greater Vancouver.

The board’s report, released Thursday, says there were 24,619 sales of detached, attached and apartment properties on the Multiple Listing Service, a 31.6 per cent decrease from the 35,993 sales in 2017.

Last year’s sales were the lowest since 2000, and were 25 per cent below the region’s 10-year sales average, according to the report.

Board president Phil Moore called 2018 a transition period away from the sellers’ market of previous years.

Moore says high home prices, rising interest rates, new mortgage requirements and taxes all contributed to the market conditions.

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