Greater Vancouver’s real estate market is on fire… or ice cold, depending on what you’re selling. Real Estate Board of Greater Vancouver (REBGV) data shows composite prices pushed higher in October. Further inspection shows two very different markets. Detached homes are scarce for the level of activity, while condo sellers are flooding the market.
Vancouver Detached Prices Jumped, While Condos Stall
Greater Vancouver real estate prices are rising as a whole, but a breakdown by segment shows it’s a detached story. The price of a typical home as a composite reached $1,045,100 in September, up 6.0% from last year. Breaking it down, detached apartments reached $1,523,800, up 8.5% from last year. Condo apartments hit $683,500, up 4.4% from last year. Detached home prices are up significantly from the month before, but condo apartments are flat.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.Source: REBGV, Better Dwelling.
In terms of price acceleration, there’s some modest gains to the composite – driven entirely by detached homes. The composite’s annual rate of growth at 6.0% in September, is up from 5.8% the previous month. Detached homes accelerated to 8.5% in September, up from 7.8% from the month before. Condo price growth saw deceleration though, with annual growth falling to 4.4%, from 4.5% a month before.
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.Source: REBGV, Better Dwelling.
The shifted comparison period due to pent up demand has annual growth looking a little odd. On a more long-term trend, the composite is only up 0.4% from three years ago. Detached home prices are still down 4.2%, and condos are up 3.8% over the same period. Not quite the same story, when zoomed out.
Greater Vancouver Real Estate Sales Have 2nd Biggest September Ever
Greater Vancouver real estate had the second best month ever, due to pent-up demand. REBGV reported 3,687 home sales in September, up 1.21% from the month before. This represents a whopping increase of 29.00% from the same month last year. The increase was largely expected due to the comparison period, but we’ll save you from unpacking that one again.
Greater Vancouver Composite Sales Vs. Listings
The number of homes sold vs total inventory in Greater Vancouver.Source: REBGV, Better Dwelling.
Greater Vancouver Real Estate Listings Rise 36%
Greater Vancouver sellers are hitting the market faster than buyers though. REBGV reported 5,571 new listings in September, down 13% from the month before. However, this number is up 36.7% more than the same month last year. Much like sales, this is somewhat being influenced by the shifted comparison period.
Total inventory inched higher than last year, but didn’t rise as much as sales. REBGV reported 12,416 sales in September, down 5.2% from the month before. This represents an increase of 1.5% compared to the same month last year. Total inventory is tighter, but this needs a segment by segment breakdown to really mean anything. Detached inventory is tighter, but condo inventory is much higher than last year.
On the surface, the market is booming from a composite view with prices jumping. Taking a dive through the numbers, we see the same thing other cities are seeing. A whack of detached buyers are flooding the market with cheap mortgage credit. They’re being met with a flood of condo sellers, trying to compete for their attention.
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