Vancouver Condo Prices See Lowest Price Growth Since 2015, Inventory Rises 105%

Vancouver condo price growth is coming down. Real Estate Board of Greater Vancouver (REBGV) numbers show price growth continued deceleration in October. A huge drop in sales and a larger rise in inventory is relieving a lot of the pressure on prices to move higher.

Greater Vancouver Condo Prices Are Up Over 5%

Greater Vancouver condo prices slipped for another month. REBGV reported the price of a typical condo fell to $683,500 in October, down -0.5% from the month before. The benchmark is still up 5.8% from last year. Condos in Vancouver East are performing just under at 5.7% from last year. Vancouver West however, has fallen to 0.5% higher than last year. The gains are still large, but the trend over the past few months points to giving up some more of these gains.

Greater Vancouver Condo Apartment Benchmark Price

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

Source: REBGV, Better Dwelling.

The price growth is huge, but changing very quickly. The 5.8% is down from the previous month, with growth decelerating for the 9th consecutive month. Over the past 3 months, the board has noted that prices have fallen 3.1%. Worth watching how this evolves with the dramatic change over the past quarter.

Greater Vancouver Condo Benchmark Price Change

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

Source: REBGV, Better Dwelling.

Greater Vancouver Condo Sales Fall Over 35%

Greater Vancouver condo sales are sliding lower. REBGV reported 985 sales in October, up 21.3% from the month before. Even with the increase, sales are down 35.7% when compared to the same month last year. The monthly increase was observed last year, so it was expected. The annual decline was not anticipated.

Greater Vancouver Condo Sales Vs. New Listings

The number of condo apartments sold vs new inventory in Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Condo Inventory Rises Over 105%

Greater Vancouver has a lot more new listings for sales. REBGV reported 2,313 new listings in October, down 4.3% from the month before. New listings are up 19.65% compared to the same month last year. More new listings and fewer sales continued to increase total inventory.

The total number of active condo listings in Greater Vancouver are up huuuge. There were 4,781 active condo listings in October, up 3.64% from the month before. That works out to a 105.98% increase when compared to the same month last year. Once again, the monthly change is seasonally expected. The annual change is not.

Fewer sales and higher inventory led to much softer demand than last year. The sales to active listings ratio (SALR) fell to 20.6, down 68% compared to last year. Generally speaking, the market sees falling prices when the SALR falls below 12. Higher prices are expected above 20, and between is considered balanced growth.

Greater Vancouver Condo Sales To Active Listings Ratio

The ratio of sales to active listings in Greater Vancouver. Higher ratios mean more pressure on prices to rise.

Source: REBGV, Better Dwelling.

Vancouver condo prices are seeing lower growth than recently observed, but still high. The rapid deceleration combined with higher inventory and falling sales are lower than seen in recent months. However, the gains are still very high as of right now.

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