Vancouver

Vancouver Real Estate Sales Fall To 1986 Levels, Inventory Rises Over 50%

Greater Vancouver real estate prices are dropping, but buyers aren’t interested. Real Estate Board of Greater Vancouver (REBGV) numbers show prices rolled back almost two years of gains as of March. Prices are now in free fall, as sales printed a multi-decade low and inventory popped higher.

Vancouver Real Estate Prices Drop Over 7%

The price of a typical home is falling across Greater Vancouver. REBGV reported the composite benchmark price fell to $1,011,200 in March, down 7.7% from last year. In the City, Vancouver West fell to $1,239,700, down 10.1% from last year. In Vancouver East prices fell to $1,239,700, down 8.2% from last year. Bowen Island is the only region to retain positive gains from last year.

Greater Vancouver Composite Benchmark Price

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

Source: REBGV, Better Dwelling.

The annual pace of price growth is tapering to the lowest levels in almost a decade. The 7.7% decline is larger than the month before, and is actually the biggest decline since June 2009. Greater Vancouver real estate prices rolled back nearly two years of gains as of last month. We’re not looking at the same prices seen in June 2017, and they appear to still be dropping.

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 Fall To 1986 Levels

Real estate sales fell to a level not seen since before a significant segment of our readers were born. REBGV reported 1,727 sales in March, down 16.4% from the month before. This represents a massive 31.4% decline from last year, which was already a pretty slow number. March 2019 sales were the fewest since 1986, according to the board.

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 Soars Over 50%

Greater Vancouver inventory is climbing to pre-price boom levels. REGBV reported 4,949 new listings in March, up 27.2% from the month before. That represents a 11.2% increase when compared to the same month last year. Declining sales and an increase in new listings pushed total inventory much higher.

Greater Vancouver real estate listings reached a multi-year high. REBGV reported 12,774 active listings in March, up 10.2% from the month before. The number of actives were also a whopping 52.4% higher than last year. Inventory levels were the highest for March since 2015.

Greater Vancouver real estate prices are dropping, as inventory rises and sales decline. The level of inventory may seem like a relatively normal level, but you need to factor those sales. 2015 inventory with a 1986 levels of sales mean things can get pretty sloppy, pretty fast.

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6 Comments

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  • Reply
    antonio Anania 3 months ago

    Good to see all the Asian speculators running back to Asia know that china has imposed new laws holding anyone from spending over 200k over seas with jail time..

    Hawaui CEO arrested for breaking usa sanctions program..

    Let the prices drop to a level that canadians can afford ..

    As for the failing knife , hopefully no one puts out there hands ..

  • Reply
    Rana 3 months ago

    I hope it free falls like sometimes stocks do

  • Reply
    Willy 3 months ago

    How much do you expect the prices to drop? Is there any possibility of like 60-70% drop or that would be impossible?

  • Reply
    DawnLawn 2 months ago

    Wonderful, wonderful news.

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