Vancouver Real Estate Climbs $12,000 In A Month, Sees Biggest Growth Since 2018

Greater Vancouver real estate took a while to notice the credit injection, but it’s making up the lost time. Real Estate Board of Greater Vancouver (REBGV) data shows home prices hit a record in November. The price of a typical home is now rising at the fastest annual rate since 2018.

A Typical Home In Vancouver Now Costs $1.2 Million

The price of a typical home in Greater Vancouver has been surging higher over the past year. The composite benchmark rose to $1,211,200 in November, up 1.0% ($12,000) from a month before. Compared to a year ago, home prices are now 16.0% ($167,000) higher. It’s a new all-time record for home prices in the region, and growth has been ramping up too. 

Greater Vancouver Composite Benchmark Price

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

Source: REBGV; Better Dwelling.

Vancouver Real Estate Prices Haven’t Grown This Fast Since 2018

The annual rate of growth has been accelerating over the past few months. The 16.0% seen in November is the highest reported since 2018. Detached housing might be getting all the attention, but its growth rate is still lower than a few months ago. Condo apartments are the real driver of this trend.

Greater Vancouver Composite Benchmark Price Change

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

Source: REBGV; Better Dwelling.

Is Vancouver Real Estate Overheating Or Just Playing Catch Up? 

Greater Vancouver real estate made a sharp move over the past year, but the two years prior were boring. REBGV data shows home prices increased 17.2% ($177,800) over the past three years. More than 94% of the gains made in the past 3 years were seen in the past 12-months. Growth would seem pretty tame if averaged out over the whole 3 years. 

Greater Vancouver real estate prices look like they’re mostly making up lost time. Prices escalated rapidly, but this follows a period of virtually no growth. Significant cuts to interest rates helped unlock more credit to help prices rise. The $1.2 million question is whether rising rates reverse any of the gains home prices made.

4 Comments

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  • Reply
    Ash 9 months ago

    That line for detached homes looks completely ridiculous. The BOC thinks this isn’t a problem? What a joke.

    • Reply
      Rob Turner 9 months ago

      LOL! All I could think about with all of these real estate ads. Bureaucrats in Ottawa who don’t know what the West looks like, just trying to assess its issues with models..

  • Reply
    Quon 9 months ago

    The city should upzone more houses. Turning a $1 million home into two $1.4 million homes has really helped with affordability in this trying time.

  • Reply
    Baron 9 months ago

    Heading for 3 mil average price.
    Median income in Vancouver? $60,000

    Totally affordable.

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