Real Estate Board of Greater Vancouver reports 3.1 percent drop in MLS home-price index in 2019

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      Some investors made a lot of money in 2019.

      The Dow Jones Industrial Average—a basket of 30 large-cap stocks—was up 22.3 percent. The NASDAQ Composite Index rose 35 percent on the year.

      The same can't be said for Lower Mainland residential real estate, however.

      Today, the Real Estate Board of Greater Vancouver revealed that the MLS home-price index fell 3.1 percent last year to $1,001,000.

      The sharpest decline came in the detached-homes category, which was down four percent. Apartment prices were off 2.7 percent and townhomes declined by 2.4 percent.

      Overall sales increased three percent to 25,341.

      However, that was still 20.3 percent below the 10-year sales average for the REBGV.

      The number of listings was down 3.2 percent this year.

      “Home buyer confidence was a factor throughout the year," REBGV president Ashley Smith said in a news release. "In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes. Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

      The benchmark price for an apartment in the Lower Mainland was $642,400 in December, whereas a townhouse was $664,700, according to the REBGV.

      The REBGV's territory includes Squamish and Whistler, but not White Rock, North Delta, Surrey, and Langley, which are all part of the Fraser Valley Real Estate Board.