Finance

Properties gross sales drop by a 3rd in Vancouver — the place the common value continues to be over one million

VANCOUVER – The native actual property board mentioned that the reference value of a single-family residence within the Higher Vancouver space had dropped by virtually 10% over the earlier yr, whereas extra along with distributors promoting properties, however hunters continued to take their time in February.

The Actual Property Board of Higher Vancouver introduced a decline of practically 28% within the variety of particular person properties offered final month in comparison with February 2018, whereas the benchmark value fell 9 7% to achieve $ 1,443,100.

Gross sales fell from all forms of residential properties. 32.eight% in comparison with final yr and 42.5% decrease than the common February gross sales, set in February.

The reference value of all residential properties fell 6.1% to $ 1,016,600 for a similar interval, with condominium costs. down four% to $ 660,300 and townhouses down three.three% to $ 789,300.

The council mentioned that condominium gross sales had dropped practically 36% in February 2019 in comparison with the identical month in 20 18 and gross sales of townhouses declined by virtually 31% .

Final month, practically three,900 new residential listings have been on sale, down 7.eight% from the identical month a yr earlier, in addition to product gross sales property. the ratio for the month was 12.eight%.

The board states that actual property costs usually expertise downward strain when this ratio falls under 12% "for a very long time".

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