Greater Vancouver real estate prices only showed a mild pullback while Toronto was plummeting, but it’s making up for lost time. Real Estate Board of Greater Vancouver (REBGV) data shows the benchmark price made a sharp drop in June. After barely budging in May, prices are now falling tens of thousands per week.
Greater Vancouver Real Estate Prices Fell $25k In June
Greater Vancouver real estate suddenly took a nosedive last month. The benchmark price across REBGV fell to $1,235,900 in June, down 2.0% ($25,200). City prices dropped at a similar rate, reporting a drop of 2% in Vancouver East and 2.2% in Vancouver West. For context, this is about half the rate of decline Toronto has seen, but Vancouver also didn’t see nearly as large of a boom.
Greater Vancouver Home Prices Are Down Just 2% From Peak
Last month was the second consecutive price drop from the peak. The typical home peaked at $1,264,700 in April 2022, and prices are 2.3% ($28,800) lower as of June. Substantial, but homeowners are still sitting in a massive windfall over the past year.
Home Price Growth Is Quickly Decelerating Across The Region
The windfall is quickly disappearing as home price growth rapidly decelerates. REBGV annual price growth came in at 12.0% ($136,300) in June. Huge, but it was 14.7% ($161,600) a month prior. That’s rapid deceleration that could turn to negative growth within half a year at this pace. That’s also assuming the deceleration trend doesn’t accelerate even further.
Greater Vancouver real estate is rolling back some of its gains, although it’s doing so at a much slower rate than places like Toronto. It’s worth remembering that Vancouver’s home price boom wasn’t as big as the one recently seen in Southern Ontario. There might be less to correct in this case, though being a historically expensive market doesn’t always guarantee that will persist forever.