Greater Vancouver Real Estate Prices Go Negative For The First Time Since 2013

The Greater Vancouver real estate market has officially flipped upside down. The Real Estate Board of Greater Vancouver (REBGV) reported November saw the first annual price drop across the region in years. The price drop isn’t a surprise, as a sharp decline in sales is being met with a big rise of inventory.

Greater Vancouver Real Estate Prices See First Decline Since 2013

The price of a typical home across Greater Vancouver is getting cheaper. REBGV reported the benchmark fell to $1,042,100 in November, down 1.9% from the month before. Prices are now 1.4% lower than they were across the whole board. In the City of Vancouver proper, Vancouver East saw the price of typical home fall to $1,056,600, down 2.9% from last year. In Vancouver West the price of a typical home is now $1,280,000, down -6.0% from last year. Prices are coming down, but they’re still the most expensive in the country.

Greater Vancouver Composite Benchmark Price

The price of a typical home across Greater Vancouver, in Canadian dollars.

Source: REBGV, Better Dwelling.

The annual growth rate of the benchmark price made a sharp decline. The 1.4% annual decline is significantly lower than the 1% gain we saw last month. This is the first time we’ve seen a broad price decline for the whole REBGV since 2013.

Greater Vancouver Composite Benchmark Price Change

The annual percent change of a typical home across Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate November Sales Fall To 10 Year Low

Greater Vancouver real estate sales continue to fall off a cliff. REBGV reported 1,608 sales in November, an 18.2% decrease compared to the month before. The decline is a whopping 42.5% lower than the same month last year. The trend is now 34.7% below the 10 year average of November sales, and the fewest seen in November since 2008.

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 Inventory Rises Over 40%

New listings for homes are down significantly in Greater Vancouver. REBGV reported 3,461 new listings in November, down 29% from the month before. The decline works out to 29% lower than the same month last year. Despite the declines, sales dropped even faster than new listings, pushing total inventory even higher.

The total number of active listings for sale is soaring in Greater Vancouver. REBGV reported 12,984 active listings in November, down 5.2% from the month before. Even with the seasonal monthly decline, the number is a massive 40.7% higher than the same month last year. That’s significantly more inventory, giving sellers more competition.

The Greater Vancouver real estate multi-year run is officially over. Prices are declining, sales dropped by nearly half, while inventory is soaring. The trend is similar to the one observed in the region’s new home sales.

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4 Comments

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  • Reply
    Joseph 5 years ago

    This is where you start to see how quickly a market changes. I hope only the best for everyone out in Vancouver.

    If this is any indication, I assume we can expect the same for Toronto as well.

    Lastly, I thought economists had already explained that the Canadian housing market already acheived a soft landing. It doesn’t even look like we’re in a position to land yet.

    Joe

  • Reply
    Mtl_matt 5 years ago

    Anyone have a graph of Vancouver foreclosures, something that covers say the last twenty years?

  • Reply
    Matthew 5 years ago

    Recently seen in Langley, outer edge of Metro Vancouver: signs advertising a “blowout sale” of a townhouse, and the Murrayville House condo complex offering $25,000 off the next 10 sales of certain units.

  • Reply
    Bluetheimpala 5 years ago

    Shiiiitttt slluuuuurrry! Tick tock…oh who am I kidding, the clock has struck 12 out west. Unless Xi lets go of his princeling’s capital, which he won’t, there is NOTHING to save BC. I assume the banks shoring up cash with their mortgage bonds is basically all for GVA…what a joke. BD4L.

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