Greater Vancouver real estate is seeing big price growth, but it hasn’t made up for lost ground yet. Real Estate Board of Greater Vancouver (REBGV) data shows prices generally increased in December. Some segments even printed very large year over year gains. However, the board’s data also shows prices are still around where they were three years ago.
Greater Vancouver Real Estate Price Rise Over 5%, But Still Flat From 3 Years Ago
Greater Vancouver real estate prices climbed last month, bringing annual gains closer to where they were a few years ago. The composite benchmark price reached $1,047,400 in December, up 0.3% from the previous month. Prices are now 5.4% higher than the same month last year, and about 0.2% from 3 years ago. Fairly substantial gains for the composite, but still just regaining ground from a few years ago.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.Source: REBGV, Better Dwelling.
Detached Homes Represented Most of Last Month’s Price Gains
Breaking the market down by segment, detached home prices represented the vast majority of the gains. The detached home benchmark price reached $1,554,600 in December, up 1.0% from the month before. Detached prices are now up 10.2% from the same month last year, but the board notes they’re still down 1.9% from 3 years ago. Huge gains over the past 12 months, but prices still haven’t recovered from the big dip a couple years ago.
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.Source: REBGV, Better Dwelling.
Greater Vancouver Condo Prices Didn’t Move Last Month
Condo apartments were strangely flat from the month before, and saw more deceleration of annual gains. REBGV’s condo benchmark was $676,500 in December, flat from a month ago. Prices are now up just 2.6% from the same month last year, and are only up 0.6% over the past 3 years. The annual rate of growth is decelerating so quickly, it looks like it could potentially double dip into negative territory.
Greater Vancouver real estate prices are rising very quickly, largely fueled by cheap money and record sales. There’s two distinct markets at this point though, with detached prices seeing an acceleration in price growth. Condo apartments are seeing the growth rate plummet, and may re-enter negative growth just a few months after exiting.
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