Vancouver

Vancouver Detached Real Estate Sales Fall Over 32%, Price Declines Get Larger

Thinking of selling detached Vancouver real estate? It might be a little rough right now. Real Estate Board of Greater Vancouver (REBGV) numbers show sales fell in October. The decline in sales helped to push inventory levels higher, and prices lower.

Greater Vancouver Detached Real Estate Prices Fall Over 5%

The price of a detached home across Greater Vancouver is getting cheaper. REBGV reported the price of a typical home fell to $1,524,000 in October, down 1.1% from the month before. Prices are now 5.1% lower than they were last year. The city saw even greater declines, with Vancouver East down 5.5%, and Vancouver West down 9.9% from last year.

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.

Detached price movements are getting worse. This is the 8th month we’ve seen prices growth decelate, and the 5.1% decline is the largest we’ve seen since June 2013. Nearly 3.9% of the declines for detached prices were over just the past 3 months. We haven’t seen the benchmark fall much more than this outside of a recession.

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 Fall Over 32%

Sales of detached real estate are still falling across Greater Vancouver. REBGV reported 634 sales in October, up 26.3% from the month before. Compared to the same month last year however, sales are down 32.11%. The monthly gain is seasonally appropriate, the annual decline is not. The decline in sales is really helping to push inventory levels higher.

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 Real Estate Listings Rise 10%

Fewer detached listings are being put on the market. REBGV reported 1,700 new listings in October, down 13.9% from the month before. The total number of new detached listings was down 7% compared to the same month last year. Even though fewer people added to the inventory, inventory is still swelling.

The total number of detached homes for sale in Greater Vancouver moved higher. REBGV had 6,155 active detached listings in October, down 4.35% from the month before. Compared to the same month last year, detached inventory is still 10% higher. The falling sales are pushing this number higher.\

The sales to active listings ratio (SALR) had a mixed movement. REBGV reported a SALR of 10.3% in October, up from the 7.8% reported the month before. While up from the month before, it’s down from the 16.8% we saw last year. Generally speaking, it’s a “buyers” market when the SALR is below 12%. That means prices are expected to continue lower, even though we saw a mild improvement from the month before.

Generally speaking, prices fell, sales fell, and inventory increased for detached homes. The market is getting pretty rough for sellers, but starting to look good to buyers.

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5 Comments

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  • Reply
    Dar Robbins 1 month ago

    Re: The market is getting pretty rough for sellers, but starting to look good to buyers.

    $1,524,000 is supposed to start looking good for buyer?????
    On which planet?

  • Reply
    ken 1 month ago

    Detached sales are down WAAY more than 32%, and prices are also down much, much more than 5%. Please Better Dwelling, spare us the propaganda stats from the board.

    • Reply
      Ian 1 month ago

      lol. I’m sure the abacus you’re using to track sales is way more accurate than the board.

      • Reply
        Skylar 1 month ago

        Benchmark price is always this concept that seems to favor buyers.
        if you were to make an offer on a property in West Van 30% down from its peak, the seller would be obliged to accept.

      • Reply
        olivia 1 month ago

        If people think that prices are going to continue to fall they will hold off from buying. Its all psychology. That is why many bubble markets crash so rapidly.

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