Vancouver Condo Sellers Are Listing At The Fastest Pace In Over Half A Decade

Vancouver real estate has seen a big boost in buying activity, even condos. Real Estate Board of Greater Vancouver (REBGV) data shows sales jumped in July. The increase isn’t translating into the price gains seen in the general market though. This is due to the large number of new listings for condos, which hit the highest level  in at least half a year.

Greater Vancouver Prices See Price Growth Acceleration

The price of a typical condo, aka the benchmark, made a small increase. REBGV’s condo benchmark hit $682,500 in July, up 4.2% compared to last year. In the City, Vancouver East reached $590,300, up 4.6% over the same period. Pricier Vancouver West reached $794,200, up 5.6% compared to the same month last year. A small monthly increase deceptively translated into a much bigger price acceleration.

Greater Vancouver Condo Apartment Benchmark Price

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

Source: REBGV, Better Dwelling.

The rate of price growth accelerated, but prices are still pretty far from a boom. The 12-month growth reported in July was a higher rate than the month before. However, the board’s data shows prices are still down from 3-months ago. Prices remain 5.37% lower than the peak reached in 2018. Basically, since prices increased on the month this year, but decreased this time last year – the year over year change is emphasized.

Greater Vancouver Condo Benchmark Price Change

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

Source: REBGV, Better Dwelling.

The Median Condo Sale Price Slips

Despite climbing a couple thousand dollars on the benchmark, the median price fell. In Vancouver East, the median condo sale price fell to $609,000 in July, down 1.77% from a month before. In Vancouver East, this number fell to $735,000, down 2.00% from the month before. Somewhat noteworthy, since the benchmark climbed on the month. This divergence indicates buyers are either placing a premium for smaller spaces, or the benchmark is lagging the trend.

Greater Vancouver Condo Sales Reach Highest Level Since 2017

Greater Vancouver real estate sales are benefiting from pent up demand. REBGV reported 1,400 sales in July, up 26.69% from the same month last year. This represents an increase of 12.6% compared to the same month last year. Clearing the backlog of sales from the shutdown helped drive sales to the highest level since November 2017.

Greater Vancouver Condo July Sales

The number of detached homes sold in the month of July, across Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Sellers Hit The Market At The Fastest Pace In At Least Half A Decade

Rising sales are also being met with an increase of new listings, which hit the highest level in years. There were 2,964 new listings for condos in July, up 5.2% from the month before. This represents an increase of 35.9% compared to the same month last year. In the past 5 years of data, only the month before even comes close.

Greater Vancouver Condo Sales Vs. New Listings

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

Source: REBGV, Better Dwelling.

New listings increased much more than sales, but inventory wasn’t all that high. There were 5,669 active listings reported in July, up 9.18% from a month before. This represents an increase of just 0.28% compared to the same month last year. The total amount of inventory is still recovering from the pandemic.

Greater Vancouver real estate sales are benefiting from pent up demand from the lockdown. There’s been a surge of activity, but new listings have recently been outpacing buyers. The sudden flood of sellers is helping to offset relatively low inventory from the months before. However, they’re also helping to prevent prices from rising, with annual gains underperforming the general market.

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  • Reply
    Marc 2 years ago

    Alibaba thinks Hong Kong is coming back. The outflow is a lot smaller than people think.

  • Reply
    Josef 2 years ago

    Mortgage rates are now 1.75%. You have to be insane not to buy a house at this rate.

    • Reply
      Mortgage Guy 2 years ago

      And if the house drops 10% in price, you’ll only pay 1.75% over 25 years to pay off that $60,000 debt.

      • Reply
        Skyjack Michaels 2 years ago

        To someone keeping the place for 25 years the overall value will rise well above the 60k sunk cost. Events like this only affect leveraged speculators, not principle residence owners.

        • Reply
          Mortgage Guy 2 years ago

          If you’re keeping your home for 25 years, you likely made little to no money after interest, TMI, and selling fees.

          The reason equity guys and real estate agents always fight is because equity guys need to know the net rate of return, whereas real estate agents sometimes use a week of returns, don’t factor selling or carrying costs, assume no leverage, and then say you can’t get leverage like in real estate.

          • Gabriele Di Bernardo 2 years ago

            It truly is sad that people have been conditioned to believe that home ownership is the way to go when every study done on home ownership vs rent and invest shows that the person renting is well ahead over the long term. The fact that people will argue that fact shows that marketing from the real estate board is alive and well. Only time when this is different is if you have pay the house cash which in other places (think US midwest) is a real idea but here in the GTA almost no person can due to the manipulation of real estate prices.

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