Greater Vancouver real estate has dodged the sharp downturn seen in cities like Toronto, but cracks are showing. Greater Vancouver Real Estate Board (GVR) data shows prices slipped again in November, hitting a new multi-year low. Sales remain soft, but the real story is inventory—now at its highest level for November in over a decade.
Vancouver Real Estate Prices Losing Their Grip?
Greater Vancouver Real Estate: The Price of a Typical Home Across GVR.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver home prices have been grinding lower, but not exactly crashing. The benchmark fell 0.3% (-$3,400) to $1,123,700 in November, down 3.9% (-$45,600) from last year and 10.8% (-$136,200) below the 2022 peak. It’s the lowest since 2023, but prices have been bouncing around this level since 2021. While substantial, it pales in comparison to cities like Toronto that have shed over 25% of their value over the same period.
Vancouver Real Estate Sales Fall, Inventory Rips To 2012 Highs
Greater Vancouver Existing Home Sales and Active Listings: November.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver real estate sales suffered a setback after two steady years of progress in recovery. There were 1,846 sales through the board last month, a drop of 15.4% from last year. It’s not particularly slow for a typical November, but at nearly half (-46.2%) the peak reported in 2021, it likely feels increasingly slow to the industry.
Despite the retreat of buyers, sellers are staying the course. New listings dipped just 1.4% over the past year to 3,674 in November. That was enough to push total inventory to 15,149 active listings, up 14.4% from last year and the highest for November since 2012. Any way the data is cut, buyers have a lot more options—part of a growing wave of inventory across the country.
Vancouver home prices may be drifting, but inventory is surging into winter—ahead of the typical busy Spring. Prices have been resilient in recent years, but buyers currently hold the most leverage in negotiations seen in years.
MOAR!
Yeah! This first 10% leg down is just a rounding error compared to what’s needed to make Greater Vancouver liveable again – the insane real estate prices here feed into the cost of everything else, making the whole of life here unaffordable.
The more people vote with their feet, and the more we encourage all levels of govt to let home prices fall, the sooner this overpriced country can return to something liveable again.
Let house prices fall, and people will start having more babies in Canada again!
Vancouver real estate isn’t like Toronto. It’s mostly owned by seniors who don’t have to pay property taxes (the gov allows them to defer in BC until they sell). Consequently, most seniors don’t even have the money to sell and go elsewhere—inventory isn’t going to crush owners in the same way.
Nuts, Vancouver is no different than Toronto. The more for sale, the bigger the fall ,its basic economics. All sellers will have to take a bath on prices. Property will be falling quiet fast by next summer due to the lack of sales in the spring market and the ballooning inventory due to everyone listing in the coming few months
Dumbos farm in Pricey BC
The United States has more than 895 million acres of farmland, which includes all rural land tied to farming operations from highly fertile Midwest cornfields to vast grazing ranges in the West as well as the undeveloped rural land