This past year has been a transition period for the Metro Vancouver housing market away from the sellers' market conditions we experienced in previous years. High home prices, rising interest rates, and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.
The supply of homes for sale will be an important indicator to follow in 2019. We have had record builing activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region.
As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year.