Vancouver real estate had the worst July in 18 years, and the detached market was a big contributor. Real Estate Board of Greater Vancouver (REBGV) numbers show detached sales had a big decline in July. The decline, combined with a surge in inventory, printed a new record for the region though. Greater Vancouver detached prices had the first broad market decline in nearly 5 years.
Detached Homes Hit First Negative Benchmark Since 2013
The price of a “typical” detached home declined across Greater Vancouver. REBGV’s detached benchmark fell to $1,588,400 in July, a 0.6% decline from the month before. The nearly $10,000 single-month decline means prices are now 1.5% lower than last year. If that sounds like a negative indicator, that’s because it is.
Greater Vancouver Detached Benchmark Price
The price of a typical detached home across the Greater Vancouver Real Estate Board, in Canadian dollars.
Source: REBGV, Better Dwelling.
The annual decline is the first time in years the general REBGV market has printed an annual decline. Sure, detached prices in Vancouver West have been sliding for a few months now. However, this is the first time we’re seeing a negative annual number across REBGV since October 2013. This isn’t Vancouver West, or Vancouver East – it’s the general region. The relatively minor decline may not seem like much, but could have a big psychological impact on buyers.
Greater Vancouver Detached Benchmark Percent Change
The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.
Source: REBGV, Better Dwelling.
Vancouver Detached Sales Drop Over 32%
Greater Vancouver detached sales had a sharp decline. REBGV reported 637 detached sales in July, a 17.2% decline from the month before. This represents a 32.9% decline compared to the same month last year. The monthly decline was seasonal, but the annual decline… not so much.
Greater Vancouver Detached Sales Vs. New Listings
The total number of detached sales, compared to the number of new detached listings per month.
Source: REBGV, Better Dwelling.
Vancouver Detached Inventory Is Up Over 16%
New detached listings are slowing down across Greater Vancouver. REBGV reported 1,723 new detached listings in July, down 18.5% from the month before. This represents a 21.7% decline compared to the same month last year. Despite the decline in new listings, sales declined much more. This resulted in a significantly higher total inventory.
Total inventory of detached listings across Greater Vancouver are up bigly. REBGV numbers show 6,434 detached listings in July, up 16.17% from last year. When contrasted with sales, this brings the sales-to-listings ratio down to 9.9%, also known as a “buyers market.” We know, what you’re thinking – “yay, a buyers market!” Despite the cute name, it’s not as great as you might think. Prices typically deteriorate quickly while in this range.
Generally speaking, Vancouver’s detached real estate market saw lower prices, lower sales, and more inventory. It’s a real struggle to find positive indicators in this report, but you probably could have guessed that. Did we mention it was the worst July for Vancouver real estate in 18 years. On the upside, if you’re looking to buy, there’s some nice price cuts hitting the market.
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Not news, detached homes have been losing value for almost 2 years in Vancouver. They’re down almost 50% from peak value, the board is just hiding it.
Not true, you clown. High end homes have been coming down in list price, that’s not the same. The pricing floor has been rising steadily until recently. This is also REBGV, as they mention. The suburbs are now coming down in prices, IN ADDITION to the City of Vancouver.
you lost any credibility when you called him a clown. Grow up.
Good and intelligent government policies are working. I wish this start happening in GTA too.
You’re the clown Mac, cause high end homes in Vancouver are falling fast, so fast that Vancouver has fastest falling luxury house prices in North America.
https://www.vreg.ca/vancouver-is-north-americas-worst-performing-luxury-housing-market/
Folks, the time to take your head out of the sand has passed and ostriches like Mac will only look more and more foolish as the months pass.
It’s pushing the buyers to us here in Victoria still for an even better “luxury deal” it seems. Thanks Vancouver!
Do not like people utilize real estate as a investment tool, it is so bad because it will make rich people richer, poor people poorer, which bring the prob to the country.
You guys dig so deep and twist so hard to create negative news. What exactly is this ‘news source’ other than for those shorting the market? While you sometimes have some great points, for the most part its just a ridiculously biased rag. NOTHING resembling actual journalism or objective fact sharing.
Stopped reading loong time ago but just thought I’d tell you its pretty damn obvious.
You Boomers reach so far to discredit data, and pump your bubble. That’s the CREA benchmark, calculated by REBGV. That’s the numbers with a positive spin,.
In the actual City of Vancouver there around 200 detached sales, that’s abysmal. Yes, even Realtors think this market has gone to s**t.
http://vancitycondoguide.com/vancouver-detached-prices-july/
If this is the same John I’ve done deals with, you’re doing your clients a disservice by telling them the market is fine. Only 16% of the households can afford Vancouver at these levels.
It’s just so weird that you’re apparently angry about BD. I don’t know if you’re aware, but the internet is vast. You could probably find another source more to your liking, rather than displaying your dissatisfaction.
our Boomers reach so far to discredit data, and pump your bubble. That’s the CREA benchmark, calculated by REBGV. That’s the numbers with a positive spin,.
In the actual City of Vancouver there around 200 detached sales, that’s abysmal. Yes, even Realtors think this market has gone to s**t.
John Weiss,
Its clear that you stopped reading a long time ago because in this articles case the ‘news source’ that you are trying to suggest that is coming out of no where is posted right on the article. at the bottom of every graph youll see that it says “Source: REBGV, Better Dwelling” along with the first line of the article it also mentions that the source of information comes from the Real Estate Board of Greater Vancouver.
If you stopped reading a long time ago, why are you wasting your time commenting onto this blog. Its not like you are trying to make friends with all the bears, Its clear something has gotten under your skin to keep comming back.