Vancouver Real Estate Prices Drop Almost $100k In Value In Less Than A Year

Greater Vancouver real estate didn’t experience that spring bounce people were expecting. Real Estate Board of Greater Vancouver (REBGV) numbers show prices are down in May. The decline in prices was largely due to a sharp decline in sales, and an increase in inventory.

Vancouver Real Estate Prices Drop Over 8%

The price of a typical, or benchmark, home is still falling across Greater Vancouver. The REBGV benchmark fell to $1,006,400 in May, down 8.9% from last year. In the City, Vancouver East saw the composite benchmark fall to $1,053,900, down 9.0% from last year. Vancouver West’s benchmark fell to $1,232,900, down 11.5% from last year. The typical loss on a home from last year is now $98,320 – ouch.

Greater Vancouver Composite Benchmark Price

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

Source: REBGV, Better Dwelling.

The annual rate of growth (or lack of in Vancouver) is falling to levels we haven’t seen in a while. The annual rate of growth has slid for 15 consecutive months as of May. The 12 month decline is also the largest seen since June 2009. Prices are now back to May 2017 levels, wiping out two years of movements.

Greater Vancouver Composite Benchmark Price Change

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

Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate Sales Drop To Lowest Level In 19 Years

Greater Vancouver real estate sales dropped to levels not seen in almost two decades. REBGV reported 2,683 sales in May, up 44.23% from the month before. This represents a 6.9% decline compared to the same month last year. A monthly increase is expected, but this one was much larger than we’ve seen over the past few years. Even with the jump, this was the weakest May for home sales in 19 years.

Greater Vancouver Composite Sales Vs. Listings

The number of homes sold vs total inventory in Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate Inventory Jumps Over 30%

Greater Vancouver real estate inventory is rising to a multi-year high – not just for the month. REBGV reported 14,685 active listings in May, up 2.28% from a month before. This represents an increase of 30.04%, when compared to the same month last year. The sales to active listings ratio is now at 18%, which technically means the market is balanced. Although those prices moves and sales aren’t particularly inspiring.

Greater Vancouver is seeing lower prices, fewer sales, and more inventory. Prices have made a large decline over the past year – bigger than a median household income. The price decline was also accompanied by fewer sales and higher inventory. Lower sales and higher inventory lead to lower prices… or lower prices lead to a decline in sales and a rise in inventory. It’s always hard to tell which one is happening in markets like Vancouver.

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  • Reply
    Trevor 5 years ago

    Yikes, that’s rough. Imagine what it would be if they used real stats, and not the board’s clunky numbers.

  • Reply
    GG 5 years ago

    Prices lagged on the way down, and they’ll lag on the recovery. If you noticed, the benchmark is just $2,000 lower than the month before, one of the smallest declines in recent months. This means it’s most likely higher this month than the benchmark, which is what’s softening the drop.

    I can see it my building. Condo buyers are much more willing to pay these prices, even though it’s not that big of a discount.

    • Reply
      Derek Brassard 5 years ago

      Can we reasonably form a conclusion on where we see the valuations on homes bottom out? Or is it simply too early? Ceiling prices are all but in the rear view mirror, but still too high for many to break into the Vancouver market.

  • Reply
    Rana 5 years ago

    Toronto prices are up vancouver will start to go up eventually

    • Reply
      Carlos 5 years ago

      Sure it will, after all there is no limit to the average persons credit. 1 million, 4 million, Canadians can afford it.

      What goes up never comes down, real estate only goes one direction

    • Reply
      Not Rana 5 years ago

      Vancouver prices are down. Toronto prices will eventually go lower, way lower.

  • Reply
    Rana 5 years ago

    I am talking about next 10yrs

  • Reply
    Rana 5 years ago

    That’s the truth but sad though

    • Reply
      Skylar Zerr 5 years ago

      We have seen housing recessions last 10 years, in the past the (one in the 80s comes to mind). We could see prices decline for the next 8 years.
      If you are planning on buying the bottom, I would actually run the numbers for what median incomes can afford, 3 years from now. That will probably be close to the bottom and safe to buy a house finally.

      • Reply
        Scott MacKinnon 5 years ago

        The market peaked in April 89′ and prices dropped just under 30% in about 3 years. Then it scraped along sideways until the end of 95′.

  • Reply
    Rana 5 years ago

    We are not in recession

    • Reply
      Boots 5 years ago

      Are you kidding me?

      Explain why Toronto graduates of advanced degrees are willing to work for free to get a foot in the door these days, as jobs are very hard to find, unless one likes to work in a factory for minimum wages, which will barely pay the rent these days.

  • Reply
    Dirtbag 5 years ago

    I’m amazed that non of you mentioned anything about Canada’s vulnerable position in a global recession. America and Canada have both entered an inverted yield curve while usa can’t even afford to cover the interest on it’s 22 trillion dollar debt. Global inflation is escalating exponentially meanwhile socialism is spreading and stifling production. Canada has one of the highest debt to gdp ratio’s on the planet and in recorded history!Being one of the most indebted nations makes it extremely vulnerable in a global recession. Short positions on canadian banks are growing and are being placed by BIG time insiders. The writing is on the wall for a financial and economic disaster. The sheep will get slaughtered like they always do.

  • Reply
    grant 5 years ago

    And investors are leaving, hell they are running out of Canada… I remember when mortgage rates for a 1 year renew was 18%…. foreclosed on thousands of people, builders walked away from the holes they had dug in sub divisions all over Canada…. High rises abandoned half built…. Yea, liberal lending, crazy historic lows for interest rates… no credit, bad credit doesn’t matter….run your credit cards up …way up over your head….and crime syndicates from around the world washing money thru our real estate making it a joke, but politicians did not care….lots of taxes….hell 12% on new houses…. Like China, where hundreds of billions of that mafia politicians crime syndicate bought up real estate trading their purchases for a few million more every two months …amongst themselves until one of us crazy Canadians jump in and pay a ridiculous amount because there’s no more land..?? (96% of Canada is empty Crown or provincial land) duhhhh….

    An investment earns you a return…..real estate is like Vegas….you can win for awhile, but get out before you lose.

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