Vancouver real estate prices are diving into a second-leg correction. Greater Vancouver Realtors (GVREB) data shows home prices fell further in October. Strong inventory and weak sales are driving one of the sharpest corrections in Canada, with prices now just 3% higher than they were 9 years ago.

Vancouver Home Prices Up Just 3% Since 2017

The price of a typical home across Greater Vancouver. 

Source: GVREB; CREA; Better Dwelling. 

The price of a typical home fell 0.7% (-$7.3k) to $1.07 million in October, 5.2% (-$58.5k) lower than last year. Since the 2022 peak, they’ve plunged 14.7% (-$184.2k) to the weakest level since March 2021. While prices initially resisted a Toronto-sized correction, they’ve consistently been grinding lower. As of last month, prices were just 3.1% (+$32.5k) higher than the 2017 cycle peak. That’s pretty much 9 years of stagnation. 

Vancouver Home Sales Fall To Correction Levels

Greater Vancouver existing home sales. 

Source: GVREB; CREA; Better Dwelling. 

The demand slump continued, with the board reporting just 2,024 sales in October, 10.2% lower than last year. October sales are never high, but this scale of weakness is rare outside of market slumps. It’s a level consistent with those in 2022, 2018, and 2012—not exactly years the industry is longing to relive. 

Vancouver New Listings Slip, But Overall Inventory Remains Strong

Fewer sellers hit the market last month. There were 4,805 new listings in October, down 11.6% from last year and a 3-year low for the month. However, lower doesn’t mean low—this is a surprisingly healthy volume for the region. It’s an elevated level that’s rarely seen outside of slumps. 

Vancouver Real Estate Inventory Remains Unusually Strong

Active listings of homes for sale across Greater Vancouver. 

Source: GVREB; CREA; Better Dwelling. 

Stagnating inventory may be part of the reason no one’s in a rush to list their home for sale. There were 15,688 active listings in October, down 4.3% from last year, when the market set a 13-year high for the month. To be blunt, the drop was from a very high place, and still marked one of the highest volumes on record. The downward pressure on prices was further amplified by the fact that sales dropped at a faster rate. 

Home prices in Greater Vancouver are having a crisis of value. While the market didn’t drop to the same extent as Toronto, it also failed three attempts to move higher. Buyers in the region are resistant to higher prices, and it’s unclear how much prices need to fall to get them to jump in. Meanwhile, the market is approaching nearly 10 years of stagnation.