Detached Real Estate Prices Are Falling In These 5 Areas of Greater Vancouver

Detached Real Estate Prices Are Falling In These 5 Areas of Vancouver

Vancouver’s detached market has been softening for the past year, and some regions are even seeing price declines. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that some suburbs are showing declines from the same time last year. Here are the five regions where you would have paid more last year for the same type of home.

Benchmark Prices

Benchmark prices represent the price of a typical home, so we’re going to use these. There’s a been quite a few real estate agents claiming that these are inaccurate, but most of them have never or likely will never understand how financial models work. A benchmark price is a non-existent home, that economists use to remove luxury or budget bias. This means there’s going to be houses that are much more expensive, and houses that are less expensive – but this is around what you would pay for a “normal” house.

Some agents have been suggesting average prices as a better indicator. Average prices are not even close to useful in any way. For those that don’t understand why, here’s an example. If a $500,000 home and a $3,000,000 home sell, you would have an average price of $1,750,000. Let’s say the $500,000 homes increase by 50% and now sell at $750,000. The $3,000,000 homes aren’t in demand, and they get a price slash to $2,500,000. The average price “falls” to $1,625,000, but that doesn’t capture the fact that the lowest price increased by 50%. Benchmark prices reduce this bias, and capture that more accurately.

Unless your real estate agent is knocking out analysis that beats the Nobel prize winning economists that invented home price indexes, just stick with the benchmark. Got it? Great! On to the numbers.

Source: REBGV.


The largest decline for detached homes in any REBGV regions is Ladner. The benchmark price of a detached home is $975,700, a 6.4% decline from the same time last year. The all-time high for this region is $1,064,800, which means we’re sitting at an 8.3% drop from peak. Prices for the past three months have shown mild increases, but they still have a long way to resume growth.

West Vancouver

On the other side of the English Bay, West Vancouver is known for having some of the most expensive property in the Metro Vancouver region. The benchmark price of a detached home was $3,127,100, a 4.4% decline from the year prior. The all-time high of $3,365,600 was hit in July 2016, which puts the current price at a 7% decline from peak. Prices have been rising for the past six months however, so this one might actually resume growth.


The mostly residential burb located south of Metro Vancouver has the third largest decline in detached prices. The benchmark price for a detached home is $1,220,000, a 4.1% decline from the same time last year. The all-time high was the same time last year, so the decline from peak is the same.

Burnaby North

The third largest city in BC, and a part of Metro Vancouver – Burnaby’s northern region is seeing declines year over year. The benchmark price for a detached unit is now $1,574,100, a 3.5% decline from the same month last year. Peak pricing was also the same month last year.


Richmond, Canada’s city with the highest immigrant population, is in fifth place. The benchmark price of a detached home is now $1,650,100, a 2.8% decline from the same time last year. This is a 3.9% drop from the all-time high achieved in July 2016. The region has been seeing detached prices increase for the past three months.

Source: REBGV.

Even with negative price growth, none of these markets have entered “correction” territory yet. Since these markets are demonstrating a greater weakness in the REBGV, I would however consider them an early warning indicator for stronger markets like the City of Vancouver.

Like this post? Like us on Facebook for the next one in your feed.

Photo: Doug Zwick.



We encourage you to have a civil discussion. Note that reads "civil," which means don't act like jerks to each other. Still unclear? No name-calling, racism, or hate speech. Seriously, you're adults – act like it.

Any comments that violates these simple rules, will be removed promptly – along with your full comment history. Oh yeah, you'll also lose further commenting privileges. So if your comments disappear, it's not because the illuminati is screening you because they hate the truth, it's because you violated our simple rules.

  • Reply
    This Week’s Top Stories: What Did Canadian Real Estate Do After The Last Rate Hike, and The Difference Between A Correction and A Crash | Better Dwelling 7 years ago

    […] Detached Real Estate Prices Are Falling In These 5 Areas Of Greater Vancouver The aggregate price across the Real Estate Board of Greater Vancouver (REBGV) is at an all-time high, but not all regions are benefiting. Five REBGV regions are now in negative territory year-over-year – Burnaby North, Ladner, Richmond, Tsawwassen, and West Vancouver. […]

  • Reply
    Phil 7 years ago

    Vancouver is seeing the first signs of a major correction with deep discounting happening in single detached houses. Read more here:

  • Reply
    Jim 7 years ago

    We are in West Vancouver. Every sale on our block for the last 4 years has been to ESL Chinese. And every one of those houses is only sporadically occupied by different people each time. Not sure how to explain that.
    If the all the foreign buyers suddenly decided to sell, prices would probably go all the way back to 2005.

    • Reply
      Tom 7 years ago

      When all these Chinese buyers are drying out, you’ll see some major seasonal correction coming. Last week communist China announced they are cracking down all corporate using acquisition oversea asset transferring money out of the country. This week just announced any purchase of $1000 using credit card or debit card need to report to government official via all banks. You see how desperate the communist party trying to use any method to stop the capital outflow. Money is getting harder and harder to get out of China even the Macau casino or through Hong Kong stock market. You’ll see Vancouver real estate prices is due to launch a long term down trend.

Leave a Reply

Your email address will not be published. Required fields are marked *