Greater Vancouver condo prices are cooling down in a big way. Real Estate Board of Greater Vancouver(REBGV) numbers show price appreciation has fallen to a multi-year low in November. The slowing growth was accompanied by plummeting sales, and soaring inventory.
Greater Vancouver Condo Prices Dropped Over $15k Last Month
The price of a condo apartment in Greater Vancouver is higher than last year, but made a sharp decline. REBGV reported a condo benchmark of $667,800 in November, down 2.29% from the month before. The decline brings the annual rate of growth to just 2.3% across the board. In the city, prices are doing a little worse. Vancouver East’s typical condo price reached $551,400, up 2% from last year. Vancouver West saw the typical price come in at $781,900, down 3.6% from last year. Yeah, they’re falling behind CPI at best.
Greater Vancouver Condo Apartment Benchmark Price
The price of a typical condo apartment across Greater Vancouver, in Canadian dollars.
Month
Benchmark Price
Jan 2005
248,800
Feb 2005
250,800
Mar 2005
252,600
Apr 2005
254,300
May 2005
258,800
Jun 2005
264,000
Jul 2005
268,200
Aug 2005
271,500
Sep 2005
277,200
Oct 2005
278,700
Nov 2005
280,700
Dec 2005
283,200
Jan 2006
288,100
Feb 2006
294,900
Mar 2006
300,100
Apr 2006
307,300
May 2006
314,000
Jun 2006
317,800
Jul 2006
321,000
Aug 2006
324,500
Sep 2006
327,200
Oct 2006
326,700
Nov 2006
326,700
Dec 2006
324,700
Jan 2007
330,200
Feb 2007
333,700
Mar 2007
336,900
Apr 2007
341,900
May 2007
346,400
Jun 2007
350,400
Jul 2007
354,100
Aug 2007
359,100
Sep 2007
362,000
Oct 2007
364,300
Nov 2007
366,500
Dec 2007
368,000
Jan 2008
370,000
Feb 2008
373,500
Mar 2008
375,700
Apr 2008
377,200
May 2008
377,200
Jun 2008
378,200
Jul 2008
370,500
Aug 2008
367,300
Sep 2008
363,000
Oct 2008
352,800
Nov 2008
342,400
Dec 2008
331,900
Jan 2009
330,400
Feb 2009
327,200
Mar 2009
325,200
Apr 2009
330,200
May 2009
335,900
Jun 2009
341,900
Jul 2009
347,400
Aug 2009
352,600
Sep 2009
359,100
Oct 2009
360,600
Nov 2009
364,800
Dec 2009
368,500
Jan 2010
370,300
Feb 2010
373,500
Mar 2010
375,200
Apr 2010
377,500
May 2010
375,200
Jun 2010
372,700
Jul 2010
367,800
Aug 2010
366,500
Sep 2010
365,300
Oct 2010
364,500
Nov 2010
364,300
Dec 2010
362,800
Jan 2011
363,000
Feb 2011
364,800
Mar 2011
370,500
Apr 2011
374,700
May 2011
377,200
Jun 2011
379,000
Jul 2011
378,500
Aug 2011
377,700
Sep 2011
375,200
Oct 2011
372,200
Nov 2011
372,500
Dec 2011
371,500
Jan 2012
373,000
Feb 2012
375,500
Mar 2012
378,500
Apr 2012
379,700
May 2012
382,900
Jun 2012
379,500
Jul 2012
377,200
Aug 2012
372,700
Sep 2012
370,800
Oct 2012
370,800
Nov 2012
370,000
Dec 2012
366,800
Jan 2013
364,500
Feb 2013
366,300
Mar 2013
369,000
Apr 2013
372,200
May 2013
371,500
Jun 2013
374,700
Jul 2013
374,500
Aug 2013
372,200
Sep 2013
372,700
Oct 2013
372,200
Nov 2013
374,500
Dec 2013
374,000
Jan 2014
378,000
Feb 2014
379,700
Mar 2014
382,700
Apr 2014
382,200
May 2014
384,400
Jun 2014
384,900
Jul 2014
383,400
Aug 2014
385,700
Sep 2014
385,700
Oct 2014
387,200
Nov 2014
386,700
Dec 2014
387,900
Jan 2015
387,200
Feb 2015
391,200
Mar 2015
395,400
Apr 2015
399,600
May 2015
403,100
Jun 2015
406,100
Jul 2015
406,800
Aug 2015
410,800
Sep 2015
420,500
Oct 2015
430,200
Nov 2015
438,900
Dec 2015
440,700
Jan 2016
450,100
Feb 2016
463,600
Mar 2016
471,800
Apr 2016
484,000
May 2016
494,200
Jun 2016
510,600
Jul 2016
520,300
Aug 2016
524,800
Sep 2016
522,300
Oct 2016
523,300
Nov 2016
523,300
Dec 2016
520,600
Jan 2017
522,300
Feb 2017
536,700
Mar 2017
549,700
Apr 2017
566,600
May 2017
583,800
Jun 2017
600,700
Jul 2017
616,600
Aug 2017
626,800
Sep 2017
635,800
Oct 2017
642,000
Nov 2017
648,200
Dec 2017
655,400
Jan 2018
665,400
Feb 2018
682,800
Mar 2018
693,500
Apr 2018
701,000
May 2018
701,700
Jun 2018
704,200
Jul 2018
700,500
Aug 2018
695,500
Sep 2018
687,300
Oct 2018
683,500
Nov 2018
667,800
Source: REBGV, Better Dwelling.
The sharp monthly decline and tapering annual gains are worth paying attention to. The $15,700 monthly decline is the largest single month dollar decline the condo benchmark has ever seen. The 2.3% annual gain marks the 10th consecutive month of deceleration. The annual pace of growth is also the slowest we’ve seen since December 2013.
Greater Vancouver Condo Benchmark Price Change
The annual percent change of a typical condo across Greater Vancouver.
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