"High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018", he said.
Moore called 2018 "a transition period" for the region's housing market, which moved away from sellers' market conditions.
Virtually every municipality saw overall property values increase, including the Vancouver and West Vancouver, which saw the most modest total-value increases in the Lower Mainland, both up six per cent overall. By contrast, the benchmark price in the suburb of Pitt Meadows showed a year-over-year gain of 2 per cent to $912,000.
In the city of Courtenay, a single-family residential property was listed at $385,000 in 2018 as compared to $450,000 this year, a 17 per cent increase. That's a 2.7 per cent drop from December 2017.
Of the nine properties that also appeared in last year's top 10, only one has gained in value in that time - third-placed James Island, a private Southern Gulf island.
Light industrial property values have also seen a decrease of 1.99 percent when compared to 2018 values. However, it's 16.5 per cent lower than the active listings of November this year. That's down 31.6 per cent from almost 36,000 in 2017 and 25 per cent below the region's 10-year average. The benchmark price for a detached home in the region is now $1,479,000, down 7.8 per cent compared with December 2017, and down 1.4 per cent since November.
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Some Metro Vancouver detached single-family homes were showing decreases in value of -5% to -10% over past year, including in areas of Vancouver, the North Shore, South Surrey, White Rock, South Delta, and Richmond.
"We've had record building activity in recent years and many projects will complete soon", REBGV president Phil Moore said in a statement.
Condo values rose in all three municipalities with average assessments of $707,000 in the City of North Vancouver, $758,000 in the District of North Vancouver and just under $1.3 million in West Vancouver. "It's a snapshot of July, but the existing market suggests housing prices have flatlined", said Casey Edge, executive director of the Victoria Residential Homebuilder's Association. In December, there were 375 sales of all property types, down from 462 in the same month in 2017.
Townhome benchmark prices performed strongest on an annual basis in Pitt Meadows (up 8.2 per cent), Burnaby East (+5.6 per cent) and Port Moody (+5.1 per cent).
Condo prices went up slightly, by 0.6 per cent over the past 12 months, but have declined 6.4 per cent since June. Like attached homes, the benchmark price of condo has fallen since spring 2018 but is still 0.6 per cent higher than a year ago, at $664,100. Value gains or declines also vary greatly by neighbourhood.
He noted in the cases of properties with assessed values around $1 million in places such as Saanich, the value of the home is as little as $100,000, while the price of land makes up the vast majority of the price.