Vancouver

Vancouver Detached Real Estate Prices Drop The Most Since The Great Recession

The bloodbath for Vancouver’s detached real estate market continues. Real Estate Board of Greater Vancouver (REBGV) numbers show a sharp decline in prices for November. The decline was largely the result of declining sales, and rising inventory.

Greater Vancouver Detached Real Estate Prices Fall Over 6%

The price of a typical detached home in Greater Vancouver is falling. REBGV reported a benchmark of $1,500,100 in November, down 1.6% from the month before. That brings prices to 6.5% lower than they were last year, or a loss of $107,900. In the city, Vancouver West saw the detached benchmark fall to $3,205,500, down 10.3% from last year. Vancouver East’s benchmark fell to $1,470,800, down 6.5% from last year. The substantial losses may not be over yet either.

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 decreases are getting larger for detached prices. Last month’s 6.5% drop is a sharp increase from the 5.1% last month. This is the largest annual decline for detached homes since July 2009.

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.

Greater Vancouver Detached Real Estate Sales Drop Over 38%

Greater Vancouver detached real estate sales are dropping fast as well. REBGV reported 516 sales in November, down 18.61% from the month before. Detached sales are now down 38.6% when compared to the same month last year. The monthly decline is seasonally expected, so completely not a big deal. The annual decline is a big deal.

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.

 

Greater Vancouver Detached Inventory Rises Over 9%

Greater Vancouver detached listings popped higher. REBGV reported 1,190 new listings in November, down 30% from the month before. Compared to the same month last year, this November is 24.44% higher than last year. The increase in new listings helped to push total inventory much higher as well.

The total number of active listings for detached real estate increased… by a lot. REBGV reported 5,797 active listings in November, down 5.81% from the month before. Even with the decline, listings are now 9.6% higher than they were last year. Once again, the monthly decline is expected while the annual increase is not.

Declining sales and rising inventory helped to push the sales to active listings ratio (SALR) deep into a buyer’s market. The SNLR fell to 8.9%, over 44% lower when compared to the same month last year. When the indicator is above 20%, it’s considered a “seller’s market,” and higher prices are expected. When it’s below 12%, it’s a “buyer’s market,” and lower prices are expected from sellers. Between those is considered “balanced,” and everything is just right. We’re currently in buyer’s territory, so don’t look for a short-term reversal of prices.

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5 Comments

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  • Reply
    george 1 month ago

    this is just to fill the always empty comments section for hongcouver….

    this is good news for the ‘honest’ chinese ceo’s and gangsters to buy cheaper properties now in the most corrupted place on earth…

    https://vancouversun.com/news/local-news/huawei-executive-arrested-at-yvr-appears-to-have-family-ties-to-vancouver-homes

  • Reply
    DB 1 month ago

    Lets face it….Foreign buyers are not going to go away, they will always be here and so what type of foreign buyer is good for Canada.
    Maybe the Gov’t has it wrong about the foreign buyers tax….by keeping it we have eliminated the honest hard working foreign investor and allowed the corrupt who scoff at the tax as nothing to be concerned about..We have just eliminated their competition for them by making it harder for the honest transparent foreign buyer to purchase here; leaving the field clear for those criminal elements where money is so abundant and needs to be hidden. Some of them make so much money it just keeps stacking up by the millions and so what is in place to prevent these criminals ( a cancer really ) from getting a foot hold here and making it harder for most of us in the long run…Please don’t tell me its the CRA or law enforcement when was the last time we saw anything in the news about a clamp down on this,,maybe once or twice recently by there are thousands here hidding money in RE keeping prices artificially high, Its close if not actually effecting the foundation of the RE structure in this country..if its only going to be boom or bust, its only good for us if its boom..but now its bust and the risk of RE collapsing is so great now it could be a security risk to our financial system or at least a possibility. The Feds have to act on this or the flip to the negative side will be so severe it will have a negative long lasting effect on everyone.
    Maybe it’s too late..is the genie is out of the bottle.

    • Reply
      Morgan Kenneth Davidson 1 month ago

      Unless you bannister All Foriegn buyers and scam corporations hiding launderers from owning in BC. Get rid of them!

  • Reply
    Bluetheimpala 1 month ago

    Phhhaaap! That’s a dead cat. Tick tock. BD4L.

  • Reply
    Beau Tanner 1 month ago

    They’re going to have to fall a lot farther than that to alleviate this housing crisis.

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