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.
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.